At this time of year, many people all around the world commemorate Easter, when they focus on the death and resurrection of Jesus Christ. In the Christian faith, Jesus’ ultimate sacrifice of His life brought salvation to a weary and sinful world.

The word sacrifice may conjure up images of pain and deprivation, and many persons would prefer to avoid the distress associated with making a sacrifice. However, while a sacrifice often involves difficulty, it can also be a beneficial action which brings positive results in your life.

When you make a sacrifice, you usually give up something pleasurable for something that may lead to severe discomfort, or you carry out an unselfish deed to benefit others instead of yourself. Most people are motivated to make a sacrifice when they are working for a greater good.

While it may not be your calling to make drastic life sacrifices, when it comes to your money, there are times in which sacrificial decisions will be required. Let’s look at some of the ways in which making sacrifices may help you to become financially successful.

Sacrifice your spending

One way to make meaningful sacrifices with money is in your everyday spending. If most of your income goes towards monthly bills or meeting personal desires, then you will need to cut back on expenses in order to find money for more critical objectives such as saving.

Use a detailed budget to itemise all the things you expect to spend money on over the course of a year. You can download a personal budget at www.financiallysmart.org. After evaluating all your costs, look creatively for ways to channel more money into your own savings instead of just paying bills.

If you’re heavily indebted, then making spending sacrifices will be a key part of your debt reduction strategy. You will have to commit to making drastic cuts in food, transportation and utility bills, as well as eliminating discretionary spending, to find extra money to pay down your debt faster.

Sacrifice your time

You will also have to forfeit your leisure time if you want to achieve more financially. As we say in Jamaica, “If you want good yuh nose haffi run,” and if you wish to realise your financial dreams, you must be prepared to face some discomfort.

Goals such as owning a home or saving for retirement may be difficult to accomplish on your regular salary alone. You must be willing to look for ways to earn part-time income or to increase your economic value, to generate the additional funds required to fulfil your money objectives.

Too many people say they want more out of life, but are not prepared to do what it takes to succeed. Don’t waste precious time with TV or social media if you have goals that you want to achieve; use your hours more productively by learning how to earn more and working hard on your plans.

Sacrifice for charity

When you decide to sacrifice your money or time, you will often see a direct benefit for yourself or your family when you achieve your goals. While it’s smart to make self-serving sacrificial choices, there is an even higher purpose that involves making financial sacrifices for charitable reasons.

To give sacrificially, you don’t have to be wealthy tycoons like Bill Gates or Warren Buffet, who donated sizeable portions of their fortunes to charity. Look for an institution that serves the less fortunate, or a neighbour in financial distress, and provide support in cash and/or kind.

In some cases, the charitable sacrifice you make may actually lead to financial benefits, as you are blessed with good fortune or profitable opportunities. However, most people will report that they get a greater emotional reward, which comes from knowing they are making a difference in the world.

Are there unwise financial sacrifices?

Although sacrifices are usually commendable, there are some instances in which sacrificial actions may not be recommended. One example is spending all of your time slaving away in work or school pursuits, at the expense of your physical and mental wellbeing.

Parents will often make sacrifices to give their children the best in life. While they work long hours to earn enough money to provide them with nice clothing or send them to a good school, they may fail to give their children what is more important to them – quality time and attention.

Giving your children the finest education is admirable, but not at the risk of your own financial security. Very often, parents save for a college fund but neglect to contribute towards their own retirement, or take out loans for their children’s tuition without having the means to make the monthly payments.

So, before making a financial sacrifice, you need to carefully consider both the costs and the benefits of your decisions. Ensure that the situation really warrants you giving up something important, or that it will lead to a greater good; if not, your sacrifice may just end up being in vain.

Copyright © 2014 Cherryl Hanson Simpson. No reproduction without written consent.

Originally published in The Daily Observer, April 17, 2014

DON’T MISS MY NEXT ARTICLE! CLICK BELOW TO RECEIVE IT IN YOUR EMAIL:

Cherryl is a money coach and business mentor, and founder of Financially S.M.A.R.T. Services. See more of her work at www.entrepreneursinjamaica.com and www.financiallysmart.org. Contact Cherryl