Once you build your financial strategy (e.g. income, spending, debt, savings, investing, etc.) you should determine a frequency upon which you will revisit elements of your strategy to ensure you are following it and that it is effective. This is called stewardship.

Some elements need a higher frequency than others to ensure you are on course or to identify areas you can improve your strategy and effectiveness in managing your finances.  You can decide the frequency, but it is important to come back and steward.

A great example is in spending. Once you set a budget and spending targets, which should also translate to a savings target, you need to evaluate how you are performing vs. that target and identify if you need to make further adjustments to your spending to meet the target you set out. If you consistently overspend your target and are unable to meet your savings target, you need to evaluate your spending and make changes… either to the spending or the targets.

Even revisit spending on major recurring expenses like home insurance, car insurance, phone bills, television and internet service. You may be surprised by how much you can save by shopping around and comparing providers once a year or by periodically testing if you are ready to reduce your service to a less expensive alternative. In some areas, you can even switch utility providers to save money… and the electricity or gas still comes through the same line, managed by the same company it did before… you just pay less and write a different name on the check every month!

The same is true for debt or investment. An important example with debt would be someone who has mortgage on their home. If you re-evaluate and find that the mortgage rates have decreased, you may consider re-financing and saving money by enjoying a lower rate of borrowing on your mortgage.

The concept is simple… but often missed.  Once you establish your financial strategy, you must come back and evaluate if you are following it and if it is effective. Test the major elements within your expenses, debt, and investing even if you are meeting target… you may be able to do better still! Use this stewardship to help you make adjustments to continue improving your strategy and your execution of the strategy.

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Remember that all you have belongs to God. Manage your money God’s way. Visit GrowGodsMoney.org .