Sometimes we make hasty spending decisions that we later regret (see last week’s post). In the moment when we need to decide whether to buy or not, we forget how much effort and time (work) we put into earning the money we’re about to quickly blow away. We need to stop, think and make a quick assessment before we spend that cash or swipe that card (often the credit card) before we decide.
- Do All the Planting First
This may sound weird but plant first, then eat or consume after. Most people as soon as they have money (salary or gift receipt or other income stream) think of how they can spend it. We need to reverse our thinking: How can we invest it? In my book, I recommend you start where I have always started – tithe i.e. give to God what is His, then do save and invest some it and pay your obligations including feeding yourself and your family. Then you spend a little on yourself. Shift your priority from spending (eating seed) to giving, saving and investing (planting seed for your future).
- Question the Timing of Your Purchase
I know that there may be something on your wish list and you been thinking of having it for a long time; but is now the right time to buy it? Can you wait a little longer for a better price or save towards it if you really think it is worth having? Are there more immediate matters to consider or a bigger goal (like a buying house) that need priority?
- Question the Value of Your Purchase
At times we don’t even give thought to the items – more clothes, the latest electronics, the dine-outs, etc. – that we want to buy. Stop yourself in your tracks. Do you really need to spend money in that area? Can you live without it or consider it at a later date?
- Delay the Purchase, Even For a Little While
Don’t get me wrong. We are blessed with what we have for our enjoyment (2 Peter 1:3) but sometimes it is necessary to delay the gratification. Walking away from that store, and giving yourself 24 hours to think about it could be the best decision you make for that day. Often times you will not go back to buy the item because you’d realize that you don’t need it.
The Benefits of Not Eating Our Seed
Not eating your seed equates to my simple advice that was featured in The 2014 Woman’s Advantage Calendar, “Buy only what you need.” Doing this will save you not only money and help secure your financial future but you will have peace of mind. You will avoid the unnecessary stress of paying the extra amount on your credit card.
If you did not pay with your credit card, you’ll avoid having limited cash available in your account because of that unplanned purchase. Your cash resources would be “freed up” and available to invest in opportunities that are of interest to you – personal development or educational course, money for a long sought-after and much-needed vacation, investment into a new business venture and a new career path.
As in my case, I spent money that I could be used for more promotion and advertising to get the message out about Financial Empowerment. When you and I spend where we shouldn’t we are negatively impacting our future. We are reducing our spending power and our ability to take care for ourselves and family in the years ahead. But if we use our money well, we would have enough for:
- Our current needs – food, housing, clothing, education
- The unexpected event – medical care, car repairs, household big-ticket purchases
- The future – life insurance, health insurance, retirement fund and other investment that would give us the ability to take care of ourselves and to leave an inheritance for future generations
So when we eat our seed we are not like wise farmers. We are destroying our future. Like a farmer, we plant our seed (work) and the harvest (income) comes, we should eat (consume) some of it, store away (save) a part and then we should sell (generate income) or replant (invest) the rest. Why? If we eat all our seed (our money) we would have nothing left for our future needs. Some when you plant the seed and have received a return, consider carefully what you will do with it. You can 1) consume by spending and borrowing; 2) sell or invest to generate more income; 3) invest in others by giving or lending or 3) save to keep for short-term and long-term needs.
It is a disservice to ourselves when we eat our seed that God provided. We don’t experience the joy of giving, the return on investing, and the rest in knowing that there is something set aside to aid in the future. Like the P31 woman, we should be smiling at our future (Proverbs 31:25) because we have used our seed well to take care of the present and beyond.
Since God is the One who gives the seed and the food, we should try to plant and nurture it since He is able to increase it (2 Cor. 9:10; Is. 55:10). Use your seed well.
Living Success Minute: This week, make a list of what you do with your money. What did you spend it on? Was it worth it? Was it necessary or just a buy on the whim? How can you make better money choices next time? Take note of your answers as you make a conscious decision to use your money well.