Last time we discussed why a wise woman practices stewardship. This time, we’ll take a look at some practical ways we can be cultivating those skills now so that you will be prepared.
1. Keep a record of every time you spend money. Know where your money goes, in order to stay out of debt. This can be done by using an Excel sheet to track expenses. Keep all your receipts from purchases (in store and online) and record them as soon as possible. It takes time, but is well worth the minutes.
2. Going off of that, here’s something called a “Cash Challenge” you can try. Especially in the dorms, you don’t really need to spend money on a day to day basis. You withdraw say $40 for the month in CASH and you can only spend that amount. This is helpful because it gives you a definite, tangible limit that you can physically see pass through your hands and see it diminish in your wallet.
3. Start a building up your credit by applying for a credit card (there are a lot of options out there so be careful to read the fine print before making any commitment). Be mindful of how much you use—refer to number 1. Being in debt with a credit card can lead to interest building up quickly, increasing the amount you owe.
4. It is never too early to acquire the needed financial knowledge from the right sources. Be knowledgeable about the financial choices that you have in order to make the best decision. Especially once you start earning a regular income, seek trusted professional help for your finances.
More specific things you can be practicing from day to day:
- Make a monthly budget that is reasonable. Stick to it. And if there is extra money that month, rather than use it on yourself, use it to give to missions, or something predetermined.
- Another thing you could do with your money is save and multiply it (investing and such, especially when you have an income).
- Make a grocery list before you go to the store of things you NEED and only buy those things!
- Coupons are a great old-fashioned way to save a couple dollars here and there. They do add up!
- Shop during sales and at grocery stores that are generally cheaper (i.e. Jon’s, Ranch 99, Von’s…etc)
- If you don’t need it, don’t buy it.
- Have someone keep you accountable for your finances.
- And lastly, it’s also important to think about our stewardship of time as well. We’ve all heard that “time is money” so we should be mindful of maximizing both of them and choose what is best. That might mean buying food the night before you have a midterm, or even cooking more when you are less swamped and saving the food for later!
Let’s continue to pursue holiness as we seek to excel in faithful stewardship! Our hope is that God is pleased and ultimately glorified through the way we handle our finances. So that when we see our Savior face to face, we will hear Him say, “Well done, good and faithful slave; you were faithful with a few things, I will put you in charge of many things, enter into the joy of your master.” Matthew 25:21

