Category: Money Management

Small Business Owners: Free Up Your Time and Boost Profits with a Virtual Assistant

The demands of running a business are endless. As a small business owner, you’re responsible for overseeing daily operations, managing employees, handling financials, filing taxes, networking, planning marketing campaigns, making growth decisions—and that’s just the start.

It’s no surprise that many entrepreneurs experience stress and overwhelm.

One proven way to lighten the load is by outsourcing tasks that either fall outside your comfort zone or don’t require your direct decision-making. A virtual assistant (VA) can be an affordable, flexible solution to help you manage your workload while allowing you to focus on growing your business.

Tasks Commonly Outsourced to Virtual Assistants

Start by identifying which responsibilities you’re comfortable handing off. Many small business owners delegate tasks in the following areas:

Marketing Tasks

  • Creating ads and promotions for traditional marketing outlets
  • Developing content for social media platforms
  • Responding to comments and messages on social media
  • Creating and maintaining a marketing calendar
  • Graphic design and video editing

Administrative & Back-Office Tasks

  • Data entry
  • Scheduling appointments and meetings
  • Replying to customer inquiries and messages
  • Invoicing and recording payments
  • Paying bills

Bookkeeping Tasks

  • Recording daily transactions
  • Payroll processing
  • Reconciling bank statements
  • Maintaining ledgers
  • Filing insurance claims

Financial Reporting Tasks

  • Filing quarterly and annual payroll reports
  • Filing monthly sales tax reports
  • Running monthly profit and loss statements
  • Developing cash flow analyses

Technical & Web Support Tasks

  • Developing and maintaining your website
  • Updating site links and plugins
  • Providing IT support
  • Overseeing cybersecurity

How to Hire a Virtual Assistant

If you’ve decided a virtual assistant might be right for you, follow these steps to get started:

1. Identify Tasks to Outsource
Make a list of the duties you’d like a virtual assistant to handle.

2. Estimate Time Requirements
Determine how many hours per week these tasks will require.

3. Research Pay Rates
Check the going rates for the type of work you need in both the U.S. and international markets.

4. Evaluate Your Budget
Decide what you can afford. If needed, prioritize only your most time-consuming or uncomfortable tasks.

5. Create a Job Description
Be clear about responsibilities and required skills—such as bookkeeping certification, social media experience, or website management. If hiring internationally, specify proficiency in English.

6. Search for Candidates
You can find virtual assistants through:

  • Freelance platforms (Fiverr, Freelancer, Upwork)
  • Virtual assistant services (Zirtual, Time etc., Belay)
  • Referrals from your professional network

7. Screen and Interview Applicants
Look for:

  • Relevant work experience
  • Strong communication skills
  • Proven reliability and time management
  • Positive references
  • Optional: assign a short test task

8. Onboard Your VA

  • Set clear expectations for tasks and deadlines
  • Use affordable project management tools like Monday.com, ClickUp, or Teamwork.com
  • Provide regular feedback and encouragement

Final Thoughts

If you find the right virtual assistant and outsource the tasks that take the most time or cause the most stress, your workload — and stress level — can be reduced significantly. More importantly, you’ll free up valuable time to focus on the aspects of your business that only you can do.

While hiring a virtual assistant does require an investment, it can pay for itself in several ways. For example:

  • A skilled virtual assistant managing your social media accounts can increase engagement and attract new clients.
  • Delegating routine administrative or bookkeeping tasks frees you to spend more time meeting with clients, networking, or developing new services.
  • An assistant handling website updates or email responses ensures customers receive timely attention, which can improve customer satisfaction and lead to repeat business.

When you use your reclaimed time to focus on revenue-generating activities, your business can become more profitable — turning your virtual assistant from an expense into an investment.

If you’ve ever hired a virtual assistant, I’d love to hear your insights and advice in the comments!

Helping Employees Build Financial Security: A Guide to Employee Emergency Savings Accounts

As a small business owner, you have an opportunity to support your employees’ financial well-being in meaningful ways — and it doesn’t have to strain your budget. One increasingly popular option is offering an Employee Emergency Savings Account (ESA).

These accounts gained attention following the passage of the SECURE 2.0 Act in 2022, which updated retirement legislation and introduced Pension-Linked Emergency Savings Accounts (PLESAs).

PLESAs are simple to implement, require no employer contributions, and give employees a practical way to save for financial emergencies without tapping into their retirement funds.

What Is a Pension-Linked Emergency Savings Account (PLESA)?

A PLESA is a savings option tied to an existing retirement plan, such as a 401(k), allowing employees to automatically set aside money for emergencies via payroll deductions.

The key benefits include:

  1. Reduced employee financial stress
  2. Improved financial wellness
  3. Better employee retention and engagement

Employees can access these savings when unexpected expenses arise — without penalties or complicated processes.

Key Features and Requirements

Here’s a quick overview of how PLESAs work:

  1. Eligibility: Available to employees earning less than $160,000 in 2024 (classified as non-highly compensated for 2025).
  2. Contribution Limits: Maximum annual contribution is 3% of an employee’s pay, up to $2,500 per year.Contributions are made with after-tax dollars and held in a Roth IRA within the retirement plan.
  3. Withdrawals: Can be made at any time, penalty-free.
  4. Employer Contributions: Optional. If offered, employer matches must go into the employee’s main retirement account, not the PLESA.

Appropriate Uses for PLESA Funds

While there are no legal restrictions on how PLESA funds are used, the intended purpose is to help cover genuine financial emergencies, such as:

  • Medical bills
    • Car repairs
    • Emergency home repairs
    • Temporary loss of income
    • Essential living expenses during hardship

Employees should be encouraged to avoid using these funds for vacations, investments, or routine bills that should be part of a regular budget.

How to Set Up a PLESA for Your Business

If you’re interested in offering this valuable benefit, follow these steps:

  1. Confirm your retirement plan provider supports PLESAs. Contact your plan administrator to discuss setup, automatic enrollment, sub-account creation, and tracking procedures.
  2. Implement automatic enrollment, with an opt-out option.
  3. Clearly communicate program details to employees. Explain how it works, contribution limits, withdrawal procedures, and opt-in/opt-out options.
  4. Offer financial wellness education. Provide resources and workshops to help employees build money management skills.
  5. Track contributions and withdrawals for accurate reporting.

Final Thoughts

Providing your employees with tools for financial security is one of the most meaningful ways you can care for your team. Establishing a Pension-Linked Emergency Savings Account plan takes some effort but requires no employer funding — and the benefits to employee morale, wellness, and retention are significant.

If you have the means to offer a PLESA, I encourage you to explore it. Helping your team be financially prepared for life’s unexpected challenges isn’t just good for them — it’s good for your business too.

Stewarding Well: Exercising Self-Control in Spending and Giving

The final fruit of the Spirit is self-control. When we hear that term, our minds often go straight to resisting temptation — avoiding that extra dessert, holding our tongue in a heated moment, or passing up an impulse purchase.

But self-control runs much deeper than momentary restraint. It’s about aligning our actions with godly wisdom and long-term values. In the financial realm, self-control not only guards against overspending but also ensures our generosity is Spirit-led rather than emotionally driven.

It might surprise you that even our giving requires self-control. While the world often celebrates extravagant generosity, the Bible reminds us that not all giving honors God. Some people find themselves in financial trouble, not because they’ve overspent on themselves, but because they’ve given beyond their means — motivated by guilt, pride, or the desire for approval.

True self-control helps us navigate both sides of the financial equation: when to say “no” to unnecessary spending and when to give thoughtfully, as the Holy Spirit leads.

The Dangers of Unchecked Spending and Impulsive Giving

The Bible is filled with warnings about the consequences of poor financial management:

“The rich rule over the poor, and the borrower is slave to the lender.”
Proverbs 22:7

“He who loves pleasure will be a poor man; he who loves wine and oil will not be rich.”
Proverbs 21:17

Whether it’s overspending on pleasures or giving to impress others, a lack of self-control leads to debt, stress, and missed opportunities to use our resources wisely.

Jesus cautioned against performing acts of charity for the wrong reasons:
“Take heed that you do not do your charitable deeds before men, to be seen by them. Otherwise, you have no reward from your Father in heaven.”
Matthew 6:1

Generosity should never be a tool to seek validation or soothe a guilty conscience. Spirit-led giving, balanced with financial stewardship, honors God and builds peace in our lives.

Cultivating Financial Self-Control

So how do we grow in self-control? It starts with intentional, Spirit-led living. Self-control is not self-generated discipline alone; it’s a fruit of the Spirit cultivated through prayer, wisdom, and surrender to God’s guidance.

Paul highlights this quality as essential for believers:
“For the grace of God… teaches us to say ‘No’ to ungodliness and worldly passions, and to live self-controlled, upright and godly lives in this present age.”
Titus 2:11–12

And Peter reminds us to actively pursue it:
“For this very reason, make every effort to add to your faith goodness; and to goodness, knowledge; and to knowledge, self-control…”
2 Peter 1:5–6

Here are some practical, biblical steps to develop financial self-control:

  1. Ask God to transform your perspective on money.
    “I can do all things through Christ who strengthens me.” (Philippians 4:13)
  2. Seek wisdom to establish a spending and giving plan.
    “If any of you lacks wisdom, you should ask God, who gives generously to all without finding fault.” (James 1:5)
  3. Let the Holy Spirit direct your charitable giving beyond your tithe.
    “You are to receive the offering for me from everyone whose heart prompts them to give.” (Exodus 25:2)
  4. Pause before making unplanned financial decisions. Ask yourself:
    • Why do I want to spend or give this money?
      • Am I meeting a true need or reacting impulsively?
      • What adjustments will I need to make if I use this money now?
      • Is this Spirit-led or emotionally driven?

If the decision aligns with wisdom and biblical stewardship, adjust your budget accordingly, ensuring you’re not sacrificing long-term stability for a temporary impulse.

The Reward of Self-Control

As you consistently practice self-control in both spending and giving, it will become easier and more natural. The reward isn’t deprivation — it’s peace of mind, financial freedom, and the joy of being a faithful steward of God’s resources.

Self-control guards us against debt, stress, and the temptation to find our identity in material things or the approval of others. And it positions us to give generously in ways that truly honor God.

May we ask the Lord daily to help us exercise self-control, trusting Him to meet our needs and lead us in wise, Spirit-directed generosity.

Discussion Questions:

  1. In what areas of your finances do you find it hardest to practice self-control? How can you invite God into those decisions?
  2. Have you ever struggled with giving impulsively or for the wrong reasons? How can you better discern when and how to give?
  3. What practical steps can you take this week to grow in self-control regarding your spending, saving, or giving habits?
  4. Think of a time when practicing financial self-control brought you peace or helped someone else. How did it impact your relationship with God or others?
  5. How might growing in self-control influence other areas of your life, such as your relationships, time management, or health habits?

Retiring the Penny

My father collected coins all his life. Some of these coins were put in folders or protective pockets, but many were stored in old jars. As a child, I liked to look through his many jars of coins for ones to add to my coin folders.  My maiden name is Whitman, and it was a source of pride that we always used Whitman coin folders for our collections. 

Today, I have several jars of Dad’s coins waiting to be rolled up and deposited in the bank or saved in coin folders. This picture shows two of these jars. I likely have thousands of pennies that Dad collected, and their sentimental value is worth much more than their actual value.

I’ve been thinking about pennies since President Trump announced that he would stop the production of pennies.  Some people fear that retiring the penny will cause prices to rise as businesses round prices up.  Others point out that it costs the U.S. $192 million per year to mint pennies at a price of nearly 4 cents per penny.  I wonder if the value of pennies will increase as they become rarer, so I did a bit of research.  Here’s what I found.

  • Officially, the U.S. does not have a coin called a penny.  Our one-cent coin is called the cent. The British have pennies, so our forefathers did not want to name a coin “penny.”
  • It cost 3.69 cents to mint a one-cent coin in 2024.
  • The cent was first minted in 1793; the Lincoln cent was introduced in 1909.
  • Eleven other coins and currency have been retired, including the half-cent coin, the two-cent coin, and the twenty-cent coin.
  • The penny will not go away anytime soon, as there are approximately 250 billion in circulation.
  • Prices will not necessarily round to the nearest 5 cents.  Most payments are made by check, electronic funds transfers, and payments apps, which will still be able to accommodate rounding to two decimal places.
  • Pennies are not likely to increase much in value. So, my 2,000 (estimated) pennies will still be worth about $20.00

Do you think it’s a good idea to retire the penny? Please feel free to comment and share your thoughts.

This article was published in my quarterly newsletter, along with articles on Scriptures that help you feel secure in times of financial stress, reducing spending by making it painful, and valuable Beanie Babies. If you would like to receive my quarterly newsletter on Honoring God with Your Money, please complete the form on the Contact page or send me an email to susan.ball5@aol.com

Know Your Financial Statements—The Personal Financial Statement

The Personal Financial Statement (PFS) is an important document that every business owner should understand. Unlike other financial statements, the PFS reflects the financial health of the business owner rather than the business itself. Many business owners mistakenly believe their personal financial situation is separate from their business’s financial health. However, that is not the case.

A business owner’s personal finances play a crucial role in determining whether a lender will approve a small business loan. Lenders review the PFS to assess if the borrower:

  1. Is managing their personal finances well
  2. Has cash to inject into the business
  3. Has collateral to support the loan

Moreover, landlords and franchisors often require business owners to demonstrate financial responsibility before entering into lease or franchise agreements. Additionally, a PFS is necessary for certain SBA certifications and for securing SBA-backed loans.

Many business owners struggle with understanding how to complete the PFS. To help, I’ll guide you through the process, using the SBA’s Form 413 as the reference. While each bank may have its own version, most will accept the SBA version.

Guidelines for Completing the Personal Financial Statement

Assets:

  • Cash on Hand and in Banks: Total cash on hand and in your bank checking accounts.
  • Savings Accounts: Total of savings accounts, including CDs and money market accounts.
  • Retirement Accounts (IRAs, etc.): Total all retirement accounts. Though this money cannot be used as collateral, it’s still an important asset.
  • Accounts and Notes Receivable: Money owed to you, such as tax refunds, security deposits, or maturing CDs.
  • Life Insurance: Include only the cash surrender value of life insurance policies (the amount you’d receive if you cancel the policy, after administrative costs).
  • Stocks, Bonds, Real Estate, Automobiles, and Other Personal Property: List at current market values.
  • Other Property and Assets: Includes boats, trailers, collectibles, and jewelry.
  • Business Ownership: If you own a business, include its value, calculated by summing cash, equipment, and inventory. Enter this as “Other Assets.”

Liabilities:

  • Accounts Payable and Notes Payable: Includes unpaid bills, outstanding credit card balances, and bank loans (excluding mortgages, student loans, and auto loans).
  • Auto and Installment Loans: Include the total debt and the monthly payment for auto loans, student loans, or other installment loans.
  • Life Insurance Loans: If applicable, list any loans against life insurance policies.
  • Mortgage Liabilities: Include the total debt secured by any real estate, including first and second mortgages and home equity loans.
  • Unpaid Taxes: List any unpaid income tax, property taxes, and personal property taxes.
  • Other Liabilities: Include private loans from friends or family, legal judgments, and unpaid child support or alimony.

Net Worth: Net Worth = Total Assets – Total Liabilities

Additional Sections to Complete

Once you’ve filled in the basic table, additional details about your assets and liabilities are required in the sections below.

Section 1: Income

  • Salary: Include wages or salaries you regularly pay yourself from the business and any other employment.
  • Investment and Real Estate Income: Provide details of income from investments or properties.
  • Other Income: This might include disability income, foster care payments, and retirement income (but not alimony or child support).
  • Contingent Liabilities: Include any loans for which you co-signed, or set-aside funds for contingencies like lawsuits or IRS audits.

Section 2: Loans and Credit Cards

Provide details on all outstanding bank loans, credit card balances, student loans, auto loans, and personal loans.

Section 3: Stocks and Bonds

Provide details on stocks and bonds owned, including the number of shares and their current values.

Section 4: Real Estate

Include all properties owned—both free and clear, and those with mortgages. Use online sources like Zillow to estimate current property values.

Section 5: Other Assets

Describe the assets listed in Accounts Receivable, Other Personal Property, and Other Assets. Include the asset and its value, e.g., “2024 tax refund expected: $1,450” or “2018 fishing boat: $9,000.”

Section 6: Taxes Owed

Provide details on any unpaid taxes owed to the federal, state, or local government. If you’re on a payment plan, include the balance and payment terms.

Section 7: Other Liabilities

Provide details on any other liabilities not already covered in the previous sections.

Section 8: Life Insurance Policies

List the face value of your life insurance policies and the cash value you would receive if you cashed them out. If you’ve borrowed against any policies, include those details here as well.

Be sure to sign and date the form, and include your Social Security Number. If you are married, your spouse must also sign and date the form.

When lenders, landlords, or franchisors review your PFS, they’re evaluating whether you manage your personal finances responsibly, if you’ve taken on too much debt, and whether you can meet your financial obligations. Managing your personal finances well is critical, not only for your own peace of mind but also to demonstrate your ability to manage your business effectively.

Conclusion

The Personal Financial Statement is a key tool in securing financing for your business and demonstrating your financial responsibility to potential partners. By completing it accurately, you’ll be better prepared for any financial assessments that come your way. If you have any questions about how to complete your PFS or need further assistance, feel free to drop a comment below or email me at susan.ball5@aol.com! I’m happy to help you navigate this important aspect of your business finances.

Know Your Financial Statements—Accounts Payable

Most small businesses have a number of unpaid bills at any given time. Inventory has been delivered, but the invoice isn’t due yet. Utility bills arrive two to three weeks before the due date. Retail sales tax has been collected but not remitted to the tax department. Payroll withholding taxes are being held in escrow until it’s time to file quarterly reports. These unpaid bills are known as accounts payable.

It’s crucial to keep track of your accounts payable so you know how much is owed, to whom, and when the bills are due. Managing your accounts payable effectively offers several benefits. A statement of accounts payable will help you achieve this.

Benefits of a Statement of Accounts Payable

  1. Effective Cash Flow Management
    Accounts payable should be included in your cash flow statement for the month they are due. This ensures that you’ll have enough cash on hand to cover those bills. It also helps highlight months where a shortage might occur, allowing you to arrange a line of credit to meet forecasted shortfalls.
  2. Avoidance of Late Fees and Interest
    Tax authorities impose penalties for late filing of quarterly tax payments and monthly sales tax reports. Banks, utility companies, and suppliers may also charge late fees or interest for bills that aren’t paid on time.
  3. Take Advantage of Discounts
    Many suppliers offer discounts for early payment. A statement of accounts payable lets you easily spot vendors offering discounts, so you can ensure bills are paid on time to take advantage of these savings.
  4. Maintain Good Credit and Vendor Relationships
    Timely payments are key to maintaining a strong credit score and healthy relationships with lenders and suppliers.
  5. Preparation for Loan Requests
    If you need to borrow money or establish a line of credit, lenders will often request a statement of accounts payable. This statement helps them evaluate your level of debt in relation to industry norms and your ability to cover outstanding debts if your revenue declines.

Creating a Statement of Accounts Payable

A statement of accounts payable is essentially a table that includes:

  • Name of creditor
  • Account number or invoice number
  • Invoice date
  • Due date
  • Amount owed
CreditorAcct/Invoice NumberInvoice DateDue DateAmount
Bill 1    
Bill 2    
Bill 3    
Bill 4    

Tips for Managing Accounts Payable

Managing accounts payable effectively is crucial for maintaining healthy cash flow and good vendor relationships. Here are some best practices to consider:

  • Separate Regular and Occasional Bills
    Keep distinct charts for bills that occur regularly and those that are occasional. This makes it easier to track and manage.
  • Record Monthly Bills on Your Cash Flow Statement
    Include occasional bills in the months they are due, not just the regular ones. This will help you get a clear picture of your upcoming cash flow needs.
  • Set Up Automatic Payments for Fixed Monthly Bills
    Set up automatic payments for bills like rent, loan payments, cell phone bills, and subscriptions that are predictable and have a fixed amount.
  • Estimate and Adjust for Variable Bills
    For bills that vary, like utilities or discretionary expenses (marketing, for example), use an estimated amount in your cash flow statement and adjust for seasonal variations.
  • Automate Bill Payments When Possible
    If possible, have bills go directly to your bank. This simplifies the payment process, especially if you’re using a bill-paying app.
  • Track Infrequent Bills
    For less frequent bills, like insurance payments, set up automatic payments to ensure you don’t overlook them.
  • Balance Your Checkbook Regularly
    Schedule weekly or bi-monthly checkups to balance your checkbook and confirm that all bills have been paid or are scheduled for timely payment.
  • Forecast Cash Flow in Advance
    Predict your monthly cash balances several months in advance to determine if sufficient funds will be available during slower months. If you forecast a shortage, take steps to ensure enough cash is available, like establishing a line of credit or injecting more capital into the business.

Conclusion

A statement of accounts payable is a simple but powerful tool for tracking your bills and maintaining healthy cash flow. By following the tips above, you’ll be able to manage your accounts payable effectively, avoid late fees, and maintain good credit and vendor relationships.

If you have any questions about managing your accounts payable or tips for creating your own statement, feel free to drop them in the comments below. I’d love to help you better understand this important aspect of your business finances!

The Peace of God in Our Finances: Letting Go of Financial Anxiety

The third fruit of the Spirit is peace—a deep sense of inner contentment and calm. Peace of mind stands in stark contrast to worry or stress. We experience peace when we feel safe and secure. However, in today’s world, feelings of peace can be rare and short-lived. We find ourselves worrying about our family’s safety and health, job security, political turmoil, and, of course, whether we have enough money to meet our obligations.

Money is consistently one of the top causes of stress. In fact, a recent study revealed that 70% of Americans report feeling stressed about their finances, and 90% say that thinking about money causes them anxiety. But God does not want us to live in fear or anxiety about money. He desires for us to have peace, no matter our financial situation.

True Peace Comes from God

The first step in experiencing peace is recognizing that only God can truly supply all of our needs. As Philippians 4:19 reminds us:
“And my God will meet all your needs according to the riches of his glory in Christ Jesus.”

When we bring our needs before God in prayer, He listens and responds in a way that aligns with what’s best for us. Philippians 4:6-7 encourages us:
“Do not be anxious about anything, but in every situation, by prayer and petition, with thanksgiving, present your requests to God. And the peace of God, which transcends all understanding, will guard your hearts and your minds in Christ Jesus.”

As we bring our needs to God and trust Him to guide us, we begin to experience the true sense of peace that comes from knowing Christ as our Savior and recognizing God as our ultimate provider.

Money Cannot Give Us Peace

It’s also crucial to acknowledge that no amount of money can provide lasting peace. A 2024 study found that the average American household believes they need an annual income of $186,000 to feel financially secure. However, the most recent Census Bureau data shows that the median household income is $78,538, with only 10% of households earning $186,000 or more. This means that the vast majority of Americans feel insecure about their financial situation. It’s no wonder that many experience stress when they think about money.

Even those whose income greatly exceeds $186,000 often admit feeling financially insecure and wishing for “just a little more.” King Solomon understood this idea when he wrote in Ecclesiastes 5:10:
“Whoever loves money never has enough; whoever loves wealth is never satisfied with their income. This too is meaningless.”

True peace comes not from accumulating wealth but from trusting in God, who provides for our needs.

Money Is Fleeting

Even if you have accumulated enough money to feel financially comfortable, it’s important to remember that wealth can be lost in an instant. A stock market crash or economic downturn can wipe out fortunes overnight. Political unrest or war can destroy the wealth of entire nations. Many people have lost their wealth due to bad investments or unscrupulous financial advisors.

King Solomon described this in Proverbs 23:4-5:
“Do not wear yourself out to get rich; do not trust your own cleverness. Cast but a glance at riches, and they are gone, for they will surely sprout wings and fly off into the sky like an eagle.”

Paul also warned against putting our hope in wealth. He wrote to Timothy:
“Command those who are rich in this present world not to be arrogant nor to put their hope in wealth, which is so uncertain, but to put their hope in God, who richly provides us with everything for our enjoyment.” (1 Timothy 6:17)

We can only feel secure and at peace with our finances when we depend on the Lord to provide for our needs. Isaiah 26:3 assures us:
“You will keep him in perfect peace, whose mind is stayed on You, because he trusts in You.”

A Reflective Question for Your Heart

As you consider your relationship with money, ask yourself: Do I place my peace and security in my financial situation, or am I trusting God to provide for my needs, no matter what my bank account looks like? Take a moment to reflect on whether your financial outlook aligns with God’s call to trust Him fully or if you’re still holding on to worry and insecurity. Let this be an opportunity to invite God’s peace into your financial journey.

Joy and Money: Embracing Contentment Through Generosity

The second fruit of the Spirit listed is joy—a word often associated with gladness and delight. While joy is frequently tied to specific events, such as a parent celebrating their child’s graduation, this type of joy tends to be temporary, fading as circumstances change.

True joy, however, is different. It is internal, unshaken by life’s ups and downs, and is a gift from God. As Romans 15:13 says, “May the God of hope fill you with all joy and peace as you trust in Him, so that you may overflow with hope by the power of the Holy Spirit.”

When it comes to finances, joy plays a critical role in how we handle money. Let’s explore a few ways joy connects to our financial lives.

Joy in Knowing God Is Our Provider

Knowing that God is our provider should bring us great joy. Jesus reminded His disciples not to worry about life’s necessities, assuring them that God would meet their needs. As He said in Matthew 6:25-26, “Therefore, I say to you, do not worry about your life, what you will eat or what you will drink; nor about your body, what you will put on. Is not life more than food and the body more than clothing? Look at the birds of the air, for they neither sow nor reap nor gather into barns; yet your heavenly Father feeds them. Are you not of more value than they?”

During times of financial stress, it’s easy to let worry steal our joy. But in these moments, remembering God’s past faithfulness can restore our peace. I can personally attest to this—when my husband was laid off, and our income dramatically decreased, my first thought was that God would provide. Even in uncertainty, I felt joy and peace knowing He was in control.

When you face financial challenges, take your needs to God in prayer. Jesus promised, “Ask, and you will receive, that your joy may be full” (John 16:24).

Joy from Helping Others

There’s also joy in sharing our resources with those in need. Acts 20:35 teaches, “It is more blessed to give than to receive.” If you’ve ever helped someone less fortunate—whether providing a meal for the hungry or offering relief after a disaster—you’ve likely experienced the satisfaction and joy that comes from easing someone else’s burden.

God calls us to care for the poor and promises to bless those who obey. Deuteronomy 15:10 says, “Give generously to them and do so without a grudging heart; then because of this the Lord your God will bless you in all your work and in everything you put your hand to.” This promise should fill your heart with joy, knowing that your generosity brings blessings.

Furthermore, God delights in those who give with a cheerful heart. As 2 Corinthians 9:6-7 reminds us, “He who sows sparingly will also reap sparingly, and he who sows bountifully will also reap bountifully. So let each one give as he purposes in his heart, not grudgingly or of necessity; for God loves a cheerful giver.”

Future Joy for Faithfulness

We also look forward to the joy of future rewards in heaven for our faithfulness in giving. Jesus taught that we should store up treasures in heaven by being generous on earth. As He said in Matthew 6:19-21, “Do not store up for yourselves treasures on earth, where moths and vermin destroy, and where thieves break in and steal. But store up for yourselves treasures in heaven, where moths and vermin do not destroy, and where thieves do not break in and steal. For where your treasure is, there your heart will be also.”

When we care for others, we are building treasure in heaven. Jesus further emphasized this in Matthew 25:31-36, explaining that when we feed the hungry, give drink to the thirsty, welcome strangers, clothe the naked, visit the sick, and care for prisoners, we are serving Him. These acts of kindness lead to eternal rewards and deepen our joy in Christ.

Finding Joy Through Generosity

As we trust God to provide for our needs and follow the Holy Spirit’s direction in giving, we experience true joy. This joy is not found in accumulating wealth, but in living out God’s call to be generous and compassionate. When we honor God with our finances, we discover contentment and peace, no matter our circumstances.

Know Your Financial Statements—The Cash Flow Statement

The cash flow statement is an essential tool for business owners and anyone considering business ownership. Unlike the balance sheet or income statement, which show what’s already happened, the cash flow statement is a forecasting tool. It projects future income and expenses over a specific period, helping you see what’s coming down the line.

A typical cash flow forecast is broken down by month and often extends for one or more years. For example, if you’re applying for a commercial loan, the lender will typically request a 24-month forecast.

A solid cash flow statement does three important things:

  1. Demonstrates the profit potential of your business
  2. Highlights the seasonal nature of your revenue
  3. Shows when you might face cash shortages

When Should You Develop a Cash Flow Forecast?

As a business owner, it’s critical to create a cash flow forecast before making major decisions like:

  • Starting a new business
  • Applying for a business loan
  • Changing locations (whether moving from a home office to a rental or expanding to a larger space)
  • Hiring additional employees
  • Opening a second location
  • Introducing new products or services

How to Develop Your Cash Flow Forecast

To create your cash flow forecast, follow these steps:

  1. Identify Your Revenue Streams:
    List out all the ways your business makes money. This could include retail sales, consulting services, wholesale accounts, etc.
  2. Estimate Monthly Revenue for Each Stream:
    • What does the “average” customer spend?
    • How often will purchases be made? Retail sales might happen daily, but consulting services could be more occasional and of a higher value.
      • How will customers pay? Retail transactions are typically paid upfront, but wholesale or service-based businesses may bill customers and expect payment within a set number of days. Make sure to include the revenue in the month you expect to receive payment.
  3. Account for Seasonality:
    Some industries see fluctuating revenue throughout the year. For example, retail tends to be slower in the first quarter and peaks in the last quarter. Be sure to include this in your forecast.
  4. Estimate Your Costs:
    • Cost of Goods Sold (COGS): How much does it cost to produce or acquire the goods/services you sell?
    • Operating Expenses: Fixed expenses (rent, salaries, insurance), Variable expenses (utilities, marketing, supplies), and Occasional expenses (licenses, subscriptions, property taxes)
    • Non-Operating Costs: These include investments in new equipment, furniture, building improvements, utility deposits, and loan payments.
  5. Include Your Owner’s Draw:
    Your own payment, called the Owner’s Draw, should be listed at the bottom of your cash flow statement to show that you’re paid after all bills are covered.

Cash Flow vs. Income Statement

The cash flow statement and income statement are different in a few key ways:

  • Loan Payments: The cash flow statement includes the entire loan payment (both principal and interest). The income statement, however, only includes the interest portion of the loan, as that’s the amount that’s tax-deductible.
  • Depreciation: While depreciation affects your income statement by reducing taxable income, it doesn’t appear on the cash flow statement because it doesn’t involve an actual cash outflow.

Why Accurate Estimates Matter

It’s essential to estimate revenues and expenses as accurately as possible. Your cash flow forecast will help you decide whether to start or expand your business, assist lenders in evaluating your loan application, and highlight any months where your revenues might fall short of covering expenses. By recognizing potential cash shortfalls ahead of time, you can make a plan to cover those gaps—whether by borrowing, saving during busier months, or investing your own funds.

Get Started with Your Own Cash Flow Statement

I’ve included a cash flow statement template to help you create your own forecast. If you’d like an editable version of the worksheet, just email me at susan.ball5@aol.com, and I’ll send you a copy.

How LOVE Shapes Our Financial Choices

Love is a word we use frequently, but often in different ways. We say “I love that!” when we talk about food, clothing, or even our favorite vacation spots. While these may reflect strong preferences, they’re far from the deeper, more self-sacrificial love we’re called to show our family, friends, and ultimately, God.

In his paper The Fruit of the Spirit: Love, James Hernando defines love as a relationship term within the context of redemption. He writes, “Love…defines our relationship to ourselves, to God, to our neighbor, and to the members of God’s body.” God’s love is self-giving, intimate, and requires personal involvement. It’s the kind of love that drives us to share our resources—especially our finances—to meet the needs of others.

Love and Giving: A Call to Action in Christian Finances

We demonstrate love in tangible ways when we open our pocketbooks and share the financial blessings God has given us. The Bible is clear about this. In the Old Testament, God commands the Israelites to care for the poor: “For the poor will never cease from the land; therefore, I command you, saying, ‘You shall open your hand wide to your brother, to your poor and your needy, in your land.’” (Deuteronomy 15:11) Similarly, in the New Testament, John reminds us that the love of God isn’t just a feeling; it’s actionable: “But whoever has this world’s goods, and sees his brother in need, and shuts up his heart from him, how does the love of God abide in him?” (1 John 3:17)

You might be thinking, “I work hard for my money. Why should I sacrifice my earnings for others?” The answer lies in understanding the depth of God’s love for you. He loved you so much that He gave His only Son to die for you. Jesus’s love was sacrificial—it cost Him everything. Our love should reflect that same generosity, both spiritually and financially, as we strive to honor God with our money.

Intimacy in Love: A Heart Connection in Financial Stewardship

God’s love is intimate. Hernando writes, “Intimacy involves close personal interaction resulting in commitment, emotional bonding, and mutual care and concern.” Jesus modeled this intimacy with His disciples—He spent time getting to know them, understanding their needs, and responding with love.

As we grow in love, our relationships deepen, and we naturally start to care for others, not just emotionally, but practically, including financially. This was evident as the early church met daily to pray, fellowship, share meals and meet one another’s needs. “Now all who believed were together and had all things in common, and sold their possessions and goods, and divided them among all, as anyone had need.” (Acts 2:44-45) Christian stewardship means being generous with our resources to help those around us.

Avoiding the Love of Money: A Biblical Warning

As we mature in the Fruit of the Spirit, we become less attached to money and more devoted to loving God and others. Jesus warned that it’s impossible to serve both God and money: “No one can serve two masters. Either you will hate the one and love the other, or you will be devoted to the one and despise the other. You cannot serve both God and money.” (Matthew 6:24, NIV)

The love of money can harm our relationship with God and create all kinds of problems. “For the love of money is a root of all kinds of evil, for which some have strayed from the faith in their greediness, and pierced themselves through with many sorrows.” (1 Timothy 6:10) Money, when idolized, becomes a barrier to a relationship with God and others. It can even destroy relationships, as people prioritize wealth over love and well-being.

Loving money leads people away from God and into many types of sin.  “For men will be lovers of themselves, lovers of money, boasters, proud, blasphemers, disobedient to parents, unthankful, unholy.” 2 Timothy 3:2 The sins depicted in this verse are attitudes that destroy relationships with God, family members, and friends.  As these attitudes take root in a person’s heart, he or she may go to great extremes to get more money. For some this involves sacrificing their families and relationships to seek promotions and raises in order to earn larger salaries and achieve more status.  Others violate the law to gain more money.  Stealing, fraud, tax evasion, identity theft, and robbery are just a few of the ways that greedy people try to gain more money.  No matter how much money they obtain—either through hard work and ingenuity or through theft and crime—lovers of money will never be satisfied.

Despite what culture tells us, money can never fulfill our spiritual and emotional needs. “He who loves money will not be satisfied with money, nor he who loves wealth with his income; this also is vanity.” (Ecclesiastes 5:10-11, ESV) Biblical stewardship teaches us that contentment comes not from accumulating wealth, but from trusting God to provide all we need.

Loving Others: A Practical Application of Financial Stewardship

Romans 12 offers practical instructions for loving others, many of which tie directly into how we handle money. Take your Bible or open your Bible app and look up Romans 12:9-15 & 20-21. Discover how some of the instructions apply directly to our use of money:

  • Entertain strangers
  • Demonstrate hospitality
  • Feed and give drink to our enemies
  • Provide for the needy

These actions often require us to spend our resources—time, energy, and yes, money. Christian hospitality doesn’t have to be extravagant, but it does require sacrifice. We are called to share freely, not to impress others, but to genuinely care for their needs.

As you grow in your relationship with God, your heart for others will deepen. Be attentive to the Holy Spirit’s promptings, and seek opportunities to love others with your finances, just as Christ loves you. In doing so, we demonstrate biblical generosity and honor God with the resources He has entrusted to us.

Final Thoughts on Stewardship and Love

As we reflect on how love impacts our finances, we are reminded that it’s not about the amount we give, but the heart behind it. True love—God’s love—compels us to be generous, sacrificial, and intimate in our care for others. Let that love guide your financial choices today, and trust that God will bless your generosity.