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Managing your family finances


James O. James

From my personal experience I’ve come to discover that people are poor because they lack financial intelligence. This is because financial intelligence isn’t taught in schools so we find people graduating from schools to face the realities of life. You will agree with me that there is virtually nothing you can do without money. No matter the level of your anointing, you cannot go to the market and purchase anything through prayers or speaking in tongues. You must exchange what you want with money.

The Bible says that you cannot serve God and mammon (money); this is true but you can serve God with money. In fact, without money you may not live long and you’ll not be able to serve God as you ought. So money is one key factor for your success in life and ministry.

One difference between the rich and the poor is their attitude towards money. It is not how much you earn but your ability to MAKE, MANAGE and MULTIPLY money. The story of the boxer Mike Tyson is as case in point. He is said to have earned $700 million during his boxing career but today he is worth a paltry $3 million dollars.


In every marriage, the greatest challenge and source of conflict will be money. Statistics show that money is the primary reason for divorce all over the world. Therefore, for your marriage to succeed there are things you and your spouse must agree and work together to achieve.

Making Money:
While traditionally, it’s the man’s role to be the breadwinner but the reality today is that both couples need to contribute towards the family finance. The capacity to make money depends on the skills that you possess and the problems you can solve for people. Imagine that you have the capacity to solve a problem for Dangote, you’ll definitely make good money. So the first thing to do is to develop skills that are relevant to people’s need. You need to acquire other skills aside your University Degree to make any headway today.

Managing Money:
I know someone who works in a bank and earn seven digits but is a tenant whereas drivers and security guards are landlords in Lagos. I personally don’t have anything against being a tenant but that should be a stage in life that one has to outgrow.

Money management skills can be learnt by attending seminars and reading books that deal with this subject but consider these:

• Don’t buy anything that you cannot afford. Don’t buy things on credit because doing so is eating your future today.

• Savings – The easiest and surest way to become a millionaire is by saving. I strongly advise that you save approximately 20 per cent of your monthly income (The Joseph Principle). If you cannot save 20 per cent, do 10 per cent or even five per cent. This will help you pay your house rent and children’s school fees without hassle.

• Run a monthly budget: A monthly budget is allocating money to different things in their order of priority. A typical budget will make provisions for food, fueling, utilities, car maintenance, savings, books, pocket money, etc. Budgeting eliminates impulse buying and requires discipline.

Multiplying Money:
Investment is the key to multiplying money. You can invest in a business, real estate, commodities, stocks and bonds, treasury bills among other. However, it is important to get help from the right quarters so as not to lose your investment.

For enquiries contact: El-shaddai Covenant Church, 7, Social Club Road, Off Charity Road, Abule-Egba. Tel: 08080929292; 08182281184 (Whatsapp messages only).


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