Proverbs 29:18 KJV — Where there is no vision, the people perish: But he that keepeth the law, happy is he.
The Bible says where there is no vision the people perish because they cast off restraint. We must have clear financial plans and goals for the year; and to help you set the right goals you must ask three questions:
- Where am I financial? You must be able to determine whether you are able to pay all all due payments, mandatory bills and have some for savings. If your money is unable to pay all due amounts, then your current ratios indicate that you must either increase income or reduce expenditure.
- What is the picture I have for the future? This gives you an idea of what to do. This will help you to set the right finance goal. Where you see yourself in the future define and clarify your vision, then you set goals along that path. Helpful hints to set financial goals are to decide to:
- Finance all mandatory bills
- Repay all debt
- Save enough to create at least 6 months emergency fund
- Invest adequately
- The third question to answer is what is the way to get there. This is the strategy. Once you are able to answer these three questions, you are good to go. You can proceed to draw a personal financial plan.
Stay blessed
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