If Only I Had More...

The billboard brightly proclaimed $300+ Million for the Lottery Jackpot.  I passed by the same billboard on the interstate everyday for a week.  While our family doesn’t play the lottery, it still got me thinking. 

“What would I do with that kind of money?  Certainly I would be charitable with some, pay off our mortgage, buy some things we would otherwise not have…” 

All week long, my mind continued to stack up the possibilities almost as quickly as the traffic piled up around me at rush hour on I-264.  Soon enough, the exit ramp would come and as I left the interstate I also left the thoughts of being a millionaire.  After all, there were real expenses and income to balance. 

“How are we going to possibly pay for our children’s education in the future?  Where are we going to get the money for a new car in a couple of years when we need one? I may not be a millionaire, but if I only had more money…”

This is the trap I find myself in many times.  I think about the expenses we have, the family budget we have created, and my temptation is to desire more money.  But more money really isn’t the issue.  You may have read the articles about lottery winners who squander their fortunes in a matter of years or even months.  Other men and women rise to fame for a season and make a lot of money very quickly, only to return to humble living due to poor financial decisions within the span of decade.  More money is no guarantee of a better financial position.

Most often, the issue for the American household is not that we need more money.  There are some cases in which a person has lost a job, a tragic injury occurs, or some other catastrophic event happens where more money is actually necessary.  However, for the most part, more money is not the answer we should be seeking.  Instead, making a better use of the income that we have through prioritizing financial needs is a better solution.

When you are on a steady income, you should treat money like time.  There is a limited amount of time in a day so you better use the minutes you have wisely.  With our income, there is a limited amount of dollars so we need to think of the best way to spend or save them. 

So how do you prioritize your spending?  There are a number of financial gurus who have answered this question.  Our family has taken advice from men like Dave Ramsey who provide solid principles for financial priorities.  There are other men of integrity who give wise counsel about specific expenses.  Here is one way to rank a few general categories when it comes to expenses…

1.      Need to Live – The most basic of needs (housing, groceries, tithing, etc.)
2.      Debt Retirement – The faster you get rid of debt the more income you will free up in the future and the less interest you will pay.  Put something toward it each month.
3.      Future Panning – Saving ensures your future. Make sure that you are forecasting a reasonable amount needed for an emergency and your later years.
4.       Wants – Everything else.

When we choose to take care of top financial priorities first, we relieve the anxiety that comes with spending unnecessarily and coming up short in the end.  Know where your money is going and make sure that it is flowing toward your top needs first and foremost.  You may not be able to get more money, but you can certainly control the direction of the income you generate.