Tip # 5

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Financial Infidelity

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“Two in Five Americans Confess to Financial Infidelity against Their Partner” according to the national endowment for financial education. Financial infidelity is when couples with combined finances lie to each other about money. Example: one spouse may hide a debt from the other spouse or one spouse makes large purchases without the input of the other.

 

Jesus said the following in relation to an inheritance: Luke 12:13-15- Someone in the crowd said to him, “Teacher, tell my brother to divide the inheritance with me.”14 Jesus replied, “Man, who appointed me a judge or an arbiter between you?” 15 Then he said to them, “Watch out! Be on your guard against all kinds of greed; life does not consist in an abundance of possessions.” I believe we can also apply this to married couples with combined money. What would cause one spouse to lie to the other about money? Does it boil down to wanting an abundance of possessions?

 

Money issues can lead to stress and divorce. Spouses should be willing to share with each other and discuss money openly. Genesis 2:24 – For this reason a man will leave his father and mother and be united to his wife, and they will become of flesh. Married people are life partners. Money does not belong to her or to him. The money belongs to them together.

 

Tips for managing money in marriage:

• Pray together for God’s guidance in handling finances

• Learn what God’s word says about handling finances

• Enroll in a personal finance class

• Compile a budget together

• Think of our spouse first before spending

 

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Tip # 4

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Debt

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James 4:13-14 “Look here, you who say, "Today or tomorrow we are going to a certain town and will stay there a year. We will do business there and make a profit. How do you know what your life will be like tomorrow? Your life is like the morning fog--it's here a little while, then it's gone.

 

Wow, what a verse! What can the future hold?

 

One of the main problems I see with debt is not knowing what the future will hold. The reason I say this is you do not know of an upcoming illness, injury, economic downturn or a job layout in advance. When you carry debt you expect to maintain status quo or better. Guess what? Things change with no advance notice! We assume the money will keep flowing to make our debt payments. When the funds stop flowing, we succumb to additional quandaries.

 

What does the bible say about debt?

 

I don’t believe it states it is a sin to borrow but it does offer warnings. As proverbs 22:7 states: just as the rich rule the poor, so the borrower is servant to the lender. If you cannot make the car payment your lender will take the car. You are obligated to the lender and your funds must continue flowing to make the payment.

 

There are times debt is unavoidable, but it should not be taken lightly.

 

The only way to get your debt or finances in order is to spend some time planning.

 

Below are a few tips to help you along your way.

 

1. Get on a budget. It is your roadmap for the future-plan. Understand your cost and see if something can be reduced while getting out of debt. A few items to consider cutting: cable, telephone land line, dining out, travel, unhealthy habits and hobbies.

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2. Start tackling the debt – especially credit card debt. Credit card debt will eat away your finances bit by bit in high interest. The rates run as high as 25%. Start with your lowest balance and pay more than the minimum payment. Once it is paid off go to the next debt.

 

3. Find a part time job or have a yard sale to bring in extra cash to pay down debt.

 

4. Consider selling the car and find one you can pay cash for rather than paying monthly debts.

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Tip # 3

 

There are two things that most of us should be doing, working and paying taxes. We were charged to work. Genesis 1:15 Then the LORD God took the man and put him
in the Garden of Eden to farm the land and to take care of it.

Oh and those taxes! Luke 20:25 He said to them, “Then give back to Caesar what is Caesar’s, and to God what is God’s.”

If you’re like me you want to reduce the amount of taxes paid. However, I always remember our taxes provide great services such as roads, school teachers and police. I do want more of my money to give, save and spend. One way of doing that is through reducing taxable income
in a good way. A way to do this is by increasing your retirement savings through an account such as a 401-K. The funds you place in your 401-K are not included in your taxable income, if you save pretax. Savings are taxed when you withdraw during retirement but many times retirees are at a lower tax bracket. Plus you may receive free money through your employer matching funds. Boost your progress toward financial security during retirement years and reduce current taxable income. Work toward saving 10% to 15% for retirement and 10% to 15% in giving.

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Tip # 2

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Our Associate Pastor's Wife and CPA offers money management tips for Christians in her weekly post. Learn Biblical–based money management techniques designed to give you practical tips.

Also look for and sign up for Financial Peace Seminars taught by Kelly and her husband Associate Pastor Dennis Bivins.  For more information on the next seminar send us an email.

 

Good Steward

There are two areas of personal finance that helps me sleep better at night. One, being aware of the state of my finances; secondly, knowing where my money is going. If you are not managing your money, it will manage you.

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Become your own money manager. Start tracking your spending and put together a financial plan that will align your Christian walk with God’s plan for your life. God cares about your finances. As Philippians 4:19 states; And my God will meet all your needs according to the riches of his glory in Christ Jesus. As a child of God know your financial supply comes from God. It all belongs to Him. You are a steward of the resources God has entrusted you with for life’s work. Are you spending, saving and giving wisely?

 

Money Tip:
 

Before you purchase an item or service stop and consider your hourly wage. Then divide the price of the purchase by the hourly rate. How many hours of work will it require for the purchase? Example; Dine out for lunch for $10.00. If you make $10.00 an hour was that hour of work worth the $10.00 in food? Our time and money are valuable.

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Tip # 1

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Necessities

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Proverbs 24:27 Do your planning and prepare your fields before building your house.

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There is so much wisdom in the book of Proverbs. If we would take some time to embrace such words as “do your planning and prepare” life may be less stressful. I believe this scripture partly speaks to having finances in order.

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We all have certain basic necessities in life: food, shelter and clothing. Just the basics can take a great amount of our earnings. Problems really set in when we add all the wants of trying to keep up with all life offers-fun stuff. Many people find themselves in so much debt they struggle to pay for the basic needs – car payment or food?

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Take some time to do some planning around your finances. Where are you spending your money? What is important to you? Can you take care of your basic necessities? Is God part of your plan?

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Ways to Save Money:

 

Cancel the fitness club membership and take your exercise to the park or neighborhood. You can also pick up inexpensive hand weights and fitness boards from Amazon. There is an added long term benefit in healthy living (both mentally and physically) – it could reduce your future medical cost. Do you physical strength planning now to prepare for your advancing age. Reduce debt and reduce stress to save money.