Chapter 61: Principles of Family Finance

Summary

Money may be a Blessing or a Curse

Everything possess two opposing sides, the advantage or disadvantage. By the

same token, money. This thing has been a temporary thing yet many people prefer to
serve. On the aspect of business, this is described as the most liquid asset and is
susceptible to fraud and theft. The effect of money may be determined by the manner in
which we use it. Utilizing it to accomplish selfish ends would immediately make it as a
curse. However, if that resource is under the supervision of God, it will be a blessing to
every person wherewith it shall pass.

Seek Security in Home Ownership

People who are planning to furnish their homes must keep in mind that the
property they dream of will be owned by them. The security they have in being the
owners of their own property elevates the self-esteem of the parents fueling their desire
for improvement and also provide an environment where they can effectively raise their
children.

Caution Regarding Selling Homes

The Lord provides for the furtherance of His mission. He calls first to those who
have the capacity to give. However if they would not heed His call then that is the time
that He will call to those who have willing hearts.

A Praiseworthy Independence

This characteristic is praiseworthy. It develops a person to be industrious and

thrifty.

Balancing the Budget

Budgeting and allocation to certain expenses is very important. It keeps the

family from having debts and unmet needs.

Keep a Record of Expenditures

Monitoring the expenses of the family is indispensable since it keeps the money
of the family secured and well distributed to meet the needs. The family is well-cared for
and acts as source of joy. Furthermore, failure to do so indicates mismanagement.
Mismanagement develops or discloses undesirable traits such as extravagant behavior
and exhaust the resources of the family.

The Evils of Spendthrift Habits

Having bad habits in dealing with money does not only affect the person now but
makes him or her bankrupt until eternity if he or she will not change it. Engaging in
extravagance spoils an individual.

A Parent Reproved for Extravagance

Parents should be an example of frugality. Children should learn to be thankful of

whatever things they receive whether great or small. The demands of the family must
be within the family income.

To a Family Living Beyond Its Means

Living outside the means leads the individual to be spoiled and that spoil
gradually makes a taint in their characters. Living within means does not mean that you
deprive yourself of things that you need but cannot afford. It means that money should
be spent carefully and that parents should teach their children these lessons through
example.

A Family Called to Self-denial

Prudence should be present in every decision-making. When money is at your

hand, worldly things should not be the topmost priority. The wants of the family must
have a limit. Self should not be the one that is pleased.

Indulgence Not an Expression of Love

Material and other things money can buy are not a source of happiness. Also, by
giving these things to your children does not necessarily indicate love.

Economy Consistent with Generosity

Constant practice of a desired trait is the best way to incorporate it in your life.

The Other Extreme--Unwise Economy

Frugality is preferred but too much is not advisable. Balance should be

maintained. The division of budget must be done with priority to the most important one
and not otherwise. Needs must be above wants.

Provide Conveniences to Lighten Wife's Labor

 The situation and condition of the household should also be considered in the
budget. The welfare of the family must also be catered so that the members will grow
pleasant. Furthermore, it will be a joy to the wife to have her dominion in good condition.

Wife's Allowance for Personal Use

Managing a family and a household is not an easy task. The wife having this job
description deserves a vent in which she can have time and take care of herself. The
husband must consider this and allot a portion of money for his wife.

Seek Comfort and Health

Matters concerning the physiological needs of the family must be considered in

making decisions. The health and comfort of the members must be prioritized. Only
matters that are important should have place in the list. Things outside of this are
considered to be subjects that will lead to unwise use of money.

Learn When to Spare and When to Spend

Resources will be utilized to the fullest if the individual who owns it knows how to
use it at the right place, time, and purpose. The person must know when to proceed or
to make limits in order to make the best of their assets which in turn as a blessing to
them and to those around them.

The Surrendered Heart will be Guided

In the effort to practice WISE Economy, submission to God is important in order

to arrive at right decisions.