Personal Money Management Tips: How to be Accountable

Can you think of several dreaded words or a combination of dreaded words in personal finance? How about accountability or money management? Even better, how about accountability in money management? In some households, these may be curse words.


Accountability and money management don’t seem to go hand in hand. Especially if you look at the number of Americans swimming in loads of debt.


However, to be successful in managing your money, you must be accountable. Accountable to yourself, accountable to your spouse (if you are married), and most importantly, accountable to GOD.

Psalms 24:1 states, “The earth is the Lord’s, and all it contains, the world, and those who dwell.” GOD owns it all and we are called to responsibly manage the resources he has given to us.

So how do we do this? Here are 4 ways to be accountable in personal finance:

  1. Live on a written budget. This should be a reality check. Your monthly income and expenses should be written each month before the month begins. Living on a plan creates a sense of direction and accountability.
  2. Your household is like a business, so run it like one. A goal of a business is to be profitable. Successful businesses are profitable because they either increase revenue (income), cut expenses, or both. If you are employed as a manager or supervisor, you most likely have money management responsibilities. If you don’t manage your employer’s money well, you most likely will find yourself out of a job. So take the same approach with your household.
  3. Communicate with your spouse (if you are married). Couples need to communicate about money and must develop and carry out a budget together. Meet monthly with your spouse or more frequently depending on where you are at in your financial plan. Agreeing on financial goals can make a marriage stronger. If you are single, consult with an accountability partner such as a good friend or a Pastor that will not be afraid to tell you the truth about your spending habits.
  4. Be a CFO for GOD. A CFO stands for “Chief Financial Officer.” Imagine yourself as the CFO for GOD’s company or corporation. He is the chairman of the board or better yet, chairman of the kingdom. Ultimately, as stated earlier, GOD owns it all. Once you are able to grasp this concept, the way you manage money will change. It will change because you know that you are accountable to GOD for the resources he has given you to manage.

Accountability in personal money management is not easy. If it were, we would all be rich. However, being successful in personal finance requires accountability coupled with discipline.

Question: Do you feel that you are managing your personal finances effectively? If so, has accountability been a reason?

photo credit: roberthuffstutter via photopin cc

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I provide one on one financial planning, counseling, and coaching coaching services that will help you develop and implement a plan specific to your unique situation. This may include learning how to create a cash flow plan, save for emergencies and purchases, reduce debt, and build wealth. In addition, I can walk with you through a crisis, such as dealing with harassing debt collectors, bankruptcy, and foreclosure.

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