Getting Your Financial House in Order: Beyond Securing the Bag
- Andrea Rose-Butler
- May 7
- 5 min read
April saw us wrapping up our 8-part money series entitled Getting Your Financial House in Order; we shared that securing the bag is more than just money, it is about stability, sustainability, and stewardship. We discussed that money is a tool and not the master of our lives. A secured bag includes peace of mind, a margin of safety, and a financial plan.
What does that plan look like?
1. Auditing Your Financial House
a. Are your finances in order, or are they in chaos?
b. Do you know where your monthly money goes and how much you bring in?
c. Are you avoiding financial responsibilities out of fear or overwhelm?
d. Are you overspending as a coping method?
2. Saving with Intention
a. Do you have an emergency fund? If not, start one today. Start small and grow it as your circumstances change.
b. Automate your savings to make it consistent.
c. Setting up a “fun” account. This is an account to reward yourself and should be separate from where your household funds go, as well as the emergency fund.
3. Organize and Automate Your Finances
a. Create a budget. Using a spreadsheet, tools on your bank’s website, or an app store. Remember: A budget is not bondage but a tool for freedom. “……The borrower is a slave to the lender.” (Proverbs 22:7)
b. Use tools and apps to track your spending and categorize your expenses. (Doing this will allow you to see where your money is going each month and allow you to take control of your spending. This can be scary, but bringing you the financial freedom you deserve is worth it.)
c. If you can, automate your bills, savings, and giving. This will bring consistency and develop good habits, but it all starts with knowing how much you are bringing in and how much is going out. If needed, work with your creditors on a payment plan.
4. Debt Detox
a. Acknowledge where you are financially without shame and make a plan.
b. Pay down your debt using one of two methods, the snowball method, meaning you are paying either the one with the highest interest first, and once that is paid off, attack the next, and so forth. The Avalanche method is paying more on all debts until they are paid off. Choose the one that best suits your financial house.
c. What debt is holding you back from living in freedom?
We welcomed guest Rita Stewart of Legacy Financial Wellness in weeks two and three. Rita enjoys helping women understand and execute their financial power so that they will be set for life! She does this through workshops, speaking engagements, or one-to-one over a cup of tea! Rita shared about Getting Your Financial House in Order: Beyond Chasing the Bag. She discussed how to write your financial blueprint.
Beyond Chasing the Bag Blueprint
1. Write out your financial goals. Similar to S.M.A.R.T. goals, the plan should have a desired result and end time, whether 1-year, 3-year, or 5-year financial goals.
2. Include:
a. A savings plan- emergency savings, a Fun fund, and a future fund. Consider a high-yield savings account.
b. A debt freedom plan ( a.k.a. a budget)
c. An investing plan- Are you enrolled in your company’s 401K or other programs? If your employer does not offer one, talk to a financial advisor about opening an IRA.
d. Create a stewardship plan- Are you giving to your church or other local/international charity?
To learn more, or to book a call with Rita at www.https://legacyfinancialwellness.com/
Finally, we closed the month with Getting Your Financial House in Order: Rewriting Your Money Story—You Can Begin Again. You can begin again, no matter your past money mistakes, fears, debt, or lack. Your money story is the narrative you have internalized about what it means, how it works, and your relationship with money. The story began with your caretakers, parents, and was reinforced by friends, social media, culture, church/religion, etc. (See episode on Your Money Story on our YouTube channel)
Your money story affects many areas of your life, such as staying at a job you may hate, feelings of guilt, overworking yourself, avoiding looking at your bank account or bills, or spending to fill a need. The good news is that you can rewrite your money story. Romans 12:2 says to “be transformed by the renewing of your mind” (See episode on Your Money Mindset). How do you rewrite your story?
1. Acknowledge the old story: Write it down. a. What did you learn about money? b. What beliefs do you cling to, although they are not healthy or helpful? Which ones do you need to lean into more, and which ones should you let go of?
2. Challenge the Lies: God did not call us to live in fear or shame.
a. What about this thought is untrue about my circumstances now?
b. Does it align with God’s word and plans for me?
c. Who told me the story, and what was their intention or circumstances? (Remember, our parents gave from what they knew, often from a place of fear, and their own money story. Forgive them and rewrite your story.)
3. Tell a Different Story. Speak life over your finances. Proverbs 18:21 says, “death and life are in the power of the tongue, and those who love it will eat its fruit.”
Declaration:
a. I am a wise steward over my finances
b. I will make wise financial decisions
c. There is always more than enough, I will lack no good thing
d. I will be a lender and not a borrower.
4. My New Money Story Begins Now. Take small action steps to rewrite your story.
a. Set up a savings account if you don’t already have one
b. Make a plan to pay off debt
c. Create a “Freedom Plan” and stick to it
d. Take a free financial course or read a book
e. Talk to a financial advisor.
5. Choose Your Posse 1 Corinthians says, “Do not be misled: Bad company corrupts good character. ” Surround yourself with people who are also on this journey or have already achieved financial success. It is ok to say no to those who would derail or detour you from your financial journey.
6. Reset, Refocus, and Restart. This journey is about healing and believing that you deserve peace with money. This is your permission to start today, not tomorrow, not with your next paycheck, but TODAY!!!
Remember, don’t just chase the bag, build your house, steward it well, and Live Empowered.
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