10 Proven Money Management Tips

  • 20 May 2021
  • Angela Miccio-Harris

This article is by KCM Ministries - principles I encourage many of my clients to follow

1. Make a Plan

“Write the vision and make it plain.” –Habakkuk 2:2 (NKJV)

When you want to accomplish anything in your life, the place to start is writing it down! Getting out of debt or to seriously begin saving isn’t something that will just happen you need to make first a decision to, then make a plan to achieve it. Here’s how to start:

Write down a positive statement in your journal that says something like this: “I am debt free. I owe no man anything but to love.” By making this positive affirmation, you are already setting things in motion in your mind and spirit.
Every day pray over your vision and your plan. Thank God that it is done. A heart of thankfulness is powerful.
Create a budget either on paper & set up your bank accounts to match or by using app to track your spending as well.


2. Review Your Budget

“Let the favor of the Lord our God be upon us.” –Psalm 90:17 (ESV)

It’s easy to get stuck thinking that whatever you’re spending now is what you have to spend to survive each month, but most of the time, that simply isn’t the case.

Pause and ask God where you could reduce your spending or get a better deal on what you already have.


Shop around for better deals on your auto and home insurance; and your mobil plan and other services. Prices on these items can be negotiated, but do your homework and talk to other providers before calling your existing providers.

Also, review your current bank statement. Are there monthly charges you forgot you had? Or perhaps software, apps or memberships you rarely use? Cancel any unnecessary subscriptions.
Reduce spending in areas such as eating out or clothing purchases.

Consider refinancing your home to a lower term is this an option? look into it as it can often save you quite a bit.


3. Commit to No New Debt and set up Emergency Fund

“Don’t be in debt to anyone.” –Romans 13:8 (CEB)

To enjoy debt freedom, you have to commit to no new debt, or you’ll keep yourself stuck in the same cycle. If there is something you want, wait until you’ve saved for it. Resist the temptation to charge for purchases.

To aid in this effort, cut up your credit cards, or place it in glass water in the freezer, rather than in your wallet. Then, do as experts like Dave Ramsey recommends having an emergency fund of at least 3 months income to cover the unexpected things outside your budget.


4. Use a Debt Snowball

“Wisdom is the principal thing.” –Proverbs 4:7 (NKJV)

Experts like Dave Ramsey recommend a debt snowball, which is the strategy of paying off your smallest debts first. Rather than putting extra on every debt, you pay the minimum on everything but the smallest debt. Put everything you can into that debt until it is paid off. Then, move to the next smallest, and conquer that one, as well. It’s amazing what that sense of accomplishment will do as you move forward in your goal for total debt freedom or greater savings.


5. Generate Extra Income

“Remember the Lord your God, for it is He Who gives you power to get wealth.” –Deuteronomy 8:18 (AMPC)

If you’re waiting for a big check to drop in your lap while you’re sitting in your recliner watching cartoons, you’re in for a long wait. But…when you put feet to your faith and start doing what you can do to get out of debt (reducing spending, increasing your payments, etc.), you open the door for God to add His “super” to your “natural.”

Here are a few ideas to get you started:

  • eBay did a study and found that people have, on average, $3100 worth of unused items in their household! Consider gathering and selling unused items.
  • If you regularly receive large tax refunds, consider adjusting your payroll withholdings. This will give you extra income each month to put toward debt.
  • Use all unexpected income—bonuses, raises, etc., to accelerate your debt snowball.
  • Ask for a raise! The main reason people don’t get raises or promotions? They don’t ask!
  • Consider taking on a side gig using one of your many talents to earn extra money.

As you put feet to your faith and seek to honor God’s Word to stay out of debt, God will meet you. There are countless stories of supernatural debt cancellations AFTER people have applied themselves and worked toward changing their habits.


6. Pay Off Your Mortgage

“You shall lend to many…but you shall not borrow.” –Deuteronomy 28:12 (ESV)

Seem too big a goal? Think again!

Henry Ford once said, “If you think you can or you think you can’t, you’re right!” That lines up with Proverbs 23:7, which says, “As [a man] thinks in his heart, so is he” (NKJV).

You CAN pay off your mortgage! Or begin Saving more once your other debts are paid, it’s time to go for it. Here are some tips & options to accelerate your process:

  • Take all the money you were applying toward other debt and payments and put it all into your mortgage. Or add it to your savings account do not begin spending it or adding other expenses to your budget, that way you want miss the extra money now availabe.
  • Be sure all extra payments are being applied to PRINCIPAL ONLY.
  • You can knock seven years off your mortgage by making half payments every two weeks, rather than monthly!

7. Avoid Car Debt

“A wise man will hear and increase learning.” –Proverbs 1:5 (NKJV)
Once your cars are paid off, begin making car payments to…yourself. That’s right. The average monthly car payment is $425 per month. If you do that for 3 years, you’ll have $15,300 to put toward your next car! (USA figures used here)


8. Stay Out of Debt

“The Lord will guarantee a blessing on everything you do.” –Deuteronomy 28:8
Once your debt is paid (minus your home), increase your savings to three to six months’ living expenses. This will give you a stronger cushion for the future. And here’s the exciting part. Once you’re debt free, you can move into abundant living and extravagant giving! You open the door to more choices.

9. Put Your Faith To Work

“Have faith in God.” –Mark 11:22
Each of these principles will work for any person, but when you put your faith to work alongside them, your results will be ACCELERATED and INCREASED supernaturally. Who wouldn’t want that?!
As you put feet to your faith and take steps to achieve debt freedom, EXPECT supernatural results. That means the kind of results that the world can never see. The kind of results that are exceedingly, abundantly above all you could ask or imagine.
Part of faith for debt freedom is recognizing the biblical principle of sowing and reaping and success principles due to giving. It may seem counterintuitive, but tithing and giving are critical to your debt freedom. Obedience to God’s Word opens the door to THE BLESSING.
Find 10 Declarations for Financial Freedom - power of our words


10. Watch Debt Freedom Testimonies
“Now faith is the substance of things hoped for…” –Hebrews 11:1 (KJV)
One way to get to debt freedom FAST is to build your faith through the power of testimonies -listen to real life stories.

Trust you found this article beneficial, do feel free to share it with anyone else who you know will benefit them with their finances and current understanding to implement the points which will help them gain their own financial success and momentumn.


About Angela Miccio-Harris

Angela is Speaker& Coach. Passionate about helping busy, motivated people who wish to live their best Life Now! with changes that lasts around actions or mindsets that last. She is strategic and goal focused with a range of tools in her toolbox that she can pull from. So you get things in place gain insight and are moving ahead, creating greater joy and satisfaction instead of staying stuck or frustrated with your life, well-being, finances or work. She is a Results Certified BBC Coach from the Neuroleadership Group and a qualified member of the International Coaching Federation. Take advantage of the wealth of experience she has to offer with her Complimentary 30 minute “discovery session” at www.angelamiccio-harris.co.nz email angela@thekingdomcentre.co.nz She works with clients throughout New Zealand via Skype or face to face.

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