It's Motivator Monday:
Many of us think that having an accountability partner makes us accountable. I have come to discover that most times, we are not totally truthful and open to our accountability partner.
As individuals, we have a responsibility to be faithful stewards and maintain integrity and openness in our finances.
1 Chronicles 29:14b says ' we believe that all we have comes from God and we give it out of His hands. '
Today, we will look at how we can be accountable to ourselves in our finances business and money.
What is Accountability?
Accountability is normally viewed as being responsible I.e. Giving an explanation of your actions to somebody for something.
Accountability is simply taking responsibility for both your successes and failures. It means you don't simply blame the circumstances, rather your actions within the circumstances that you would have controlled.
HOW TO BE FINANCIALLY ACCOUNTABLE
- Be honest with your spendings: Do not hide or justify your spendings and stop coming up with imaginary money.
- spend less than you earn.
- Accept responsibilities to choices made ( e.g. Your spendings, life styles and debts).
- Have a clear understanding of your total financial situation. This means knowing what is in every of your account, on every credit card, how much debt you have and where all your investments are.
- Planning for the unexpected: It means not just setting for being unprepared for events that you know will happen. E.g. Car break down.
- Understanding Consequences: Financial accountability requires you to understand the consequence of every choice you make. Building an Emergency fund for example means you should have unexpected car repairs and it doesn't impact on you financially, after your car is fixed, life move on as normal.
- Conduct a year end review of your financial portfolio and make changes to balance it out: Your financial value helps you to establish your budget, investments and spending decisions for the upcoming year.
- Resist the temptation to get indulge or buy things on impulse.
I leave you with these:
* Failure is the result of unaccountability.
* If you don't hold yourself accountable to your actions, then it's easy to build up debt, and other distractions.
* If you are facing little or no income, it's time to take a hard look at cutting back those ' extras' that is creeping into your spending habit.
* When you take 100% responsibility for holding yourself accountable, your performance will improve, relationships will flourish, your market value will soar, people's respect for you will sky rocket, you will be a good example for others to follow and your self esteem will grow.
Taiwo Idowu Ojo
On a daily basis, we feature words of financial wisdom from different Smart Stewards members and sometimes from Guest Contributors. You'd be glad reading them. Enjoy!
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