Category: Money Management

Money, Faith, and the Fruit of the Spirit: A Christian’s Guide to Financial Wisdom

“But the fruit of the Spirit is love, joy, peace, patience, kindness, goodness, faithfulness, gentleness, self-control.” Galatians 5:22-23

As Christians, we’re called to grow closer to Jesus, allowing His life and teachings to shape every part of our lives—including how we handle money. The way we manage our finances can reflect Christ and influence those around us, especially in a world where many are struggling with financial stress.

Money is simply a tool—it helps us navigate life and conduct business—but it should never be the focus of our lives. Your worth is not determined by how much you have in the bank; it’s rooted in the truth that you were created by God, who loves you deeply. The way we handle money, however, should reflect God’s heart, shining His light in a world full of need.

In this blog, we’ll explore how the Fruit of the Spirit can guide us in our approach to money. Think of this post as an overview—a beginner’s guide or refresher on how these biblical qualities intersect with our financial lives. Over the coming weeks, I’ll dive deeper into each characteristic, offering more insights and practical tips for applying these principles in your finances. This series can serve as a personal study, a group discussion for Sunday school, or a home group study to help you grow in both your financial stewardship and your walk with Christ.

Love

When you accept Christ, God’s love fills your heart. In fact, He calls us to love Him with all that we are: “You shall love the Lord your God with all your heart, with all your soul, and with all your strength.” (Deuteronomy 6:5)

Desiring money isn’t sinful, but loving it can be. When we place too much emphasis on acquiring wealth, we risk letting it take God’s rightful place in our hearts. Jesus makes this clear in Matthew 6:24: “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.”

When we love money more than God, it can lead to destructive behaviors like theft, fraud, or worse. As 1 Timothy 6:10 warns: “For the love of money is the root of all kinds of evil.”

How Love Shapes Our Financial Choices

Joy

We all want joy, but it’s different from happiness. Happiness is based on circumstances—it’s temporary, like the joy you feel when you receive good news. Joy, on the other hand, is deeper and more lasting. It comes from knowing our sins are forgiven and that we are part of God’s eternal family.

Romans 15:13 tells us, “May the God of hope fill you with all joy and peace as you trust in Him.” This kind of joy isn’t dependent on money or possessions.

While an unexpected windfall may bring a moment of happiness, it can’t provide the lasting joy that only comes from Christ. As Jesus reminds us in Luke 6:23–24, “Rejoice in that day and leap for joy, because great is your reward in heaven. For that is how their ancestors treated the prophets. But woe to you who are rich, for you have already received your comfort.”

Joy: Embracing Contentment Through Generosity

Peace

True peace comes from knowing we are secure in Christ. As Jesus said, “In this world, you will have trouble. But take heart! I have overcome the world” (John 16:33). No amount of money can provide that kind of peace.

Even the wealthiest people often feel insecure. Studies show that even multi-millionaires regularly feel that they need even more money to feel “secure.” King Solomon understood this when he wrote in Ecclesiastes 5:10: “Whoever loves money never has enough.”

True peace comes from trusting in God, not in wealth.

Peace: Letting Go of Financial Anxiety

Patience

Patience helps us avoid rushing into poor financial decisions. It allows wealth to grow over time and teaches us to wait before making big purchases until we can afford them. Without patience, we might impulsively invest in get-rich-quick schemes or fall into debt by buying things we can’t afford.

Proverbs 13:11 teaches, “Dishonest money dwindles away, but whoever gathers money little by little makes it grow.” And Proverbs 22:7 reminds us, “The rich rules over the poor, and the borrower is a servant to the lender.” Patience and self-control in money management are key.

Patience Transforms Our Financial Journey

Kindness

Kindness means treating others as family—especially those in need. As God’s people, we’re called to show kindness by helping those less fortunate, both with our resources and our time. True kindness eases others’ burdens and points them to Christ.

Job 6:14 says, “Anyone who withholds kindness from a friend forsakes the fear of the Almighty.” Jesus also taught that when we serve the least among us, we are serving Him (Matthew 25:31-46).

Isaiah 58:6-7 explains that true fasting is about meeting the needs of the poor and oppressed. “Is it not to share your bread with the hungry, and to bring the poor who are cast out into your house?”

The Power of Kindness

Goodness

Goodness is about using what we have to fulfill God’s purpose, especially in helping others. James 4:17 tells us, “Anyone who knows the good he ought to do and doesn’t do it, sins.” When we fail to care for others, especially the poor, we miss an opportunity to show God’s love.

1 John 3:17-18 challenges us: “If anyone has material possessions and sees a brother or sister in need but has no pity on them, how can the love of God be in that person? Dear children, let us not love with words or speech but with actions and in truth.”

Proverbs 21:13 warns that if we ignore the cries of the poor, God may not answer us in our own time of need. “Whoever shuts their ears to the cry of the poor will also cry out and not be answered.”

How Practicing Goodness Can Transform Your Finances

Faithfulness

God is faithful to provide for us, and we are called to be faithful with what He has entrusted to us. This includes being faithful to give—whether through tithing or supporting others in need. Malachi 3:8-10 reminds us that failing to tithe is like robbing God, and that He will bless those who are faithful in their giving.

Jesus also promises rewards for those who use their resources wisely. In Luke 19:17, the faithful servant is told, “Well done, good servant; because you have been faithful in a very little, you shall have authority over ten cities.”

The Reward of Faithfulness

Gentleness

Gentleness compels us to help others without making them feel ashamed. It’s easy to judge those in financial trouble, but the Bible calls us to restore them gently. Galatians 6:1 reminds us, “If someone is caught in a sin, you who live by the Spirit should restore that person gently.”

As we help others, we must remember that our fortunes can change. Today, we may be the ones in a position to give, but tomorrow, we might need help ourselves (Proverbs 23:5). We should offer assistance discreetly and with humility, following the Golden Rule: “Do to others as you would have them do to you” (Luke 6:31).

Financial Help with a Gentle Heart

Self-Control

Self-control is essential for avoiding impulse spending and debt. It also applies to giving. While it’s important to be generous, we must be careful not to give beyond what we can afford, trusting that God will meet our needs (Philippians 4:19).

Jesus warned against giving to be seen by others. “When you give to the needy, do not let your left hand know what your right hand is doing” (Matthew 6:3). Self-control in giving, just like in spending, helps us maintain balance.

Proverbs 21:17 reminds us that “He who loves pleasure will become poor; whoever loves wine and oil will never be rich.” We must practice self-control in all areas of life to manage our resources well.

Steward-well blog

A Personal Bible Study on Money and the Fruit of the Spirit

As you reflect on the principles of money and the Fruit of the Spirit, I encourage you to take a moment to think about how each characteristic applies to your own financial life. The Fruit of the Spirit isn’t just a list of qualities to admire—it’s a call to live out the very nature of Christ in every area of life, including how we handle our finances.

Would you like to make this a personal study?
Consider printing out this blog and keeping it in your Bible as a reminder. You can use it for daily reflection or as a study guide with family or friends. Allow the Holy Spirit to reveal areas in your financial life where you can grow in love, joy, peace, patience, kindness, goodness, faithfulness, gentleness, and self-control. Ask God to give you wisdom as you apply these principles, and trust that as you do, He will bless your efforts and help you reflect His character in all you do.

Know Your Financial Statements: Understanding the Balance Sheet

Many small business owners find financial statements intimidating, but they don’t have to be. Understanding your financial statements is key to managing your business’s health and growth. In this blog post, we’ll break down the balance sheet—one of the most essential financial statements you need to know.

By the end, you’ll have a clearer understanding of how your business’s assets, liabilities, and equity come together to tell the story of your company’s financial health.

What Is a Balance Sheet?

A balance sheet provides a snapshot of your business’s financial position at a specific point in time. It outlines three core components:

  • Assets: What your business owns
  • Liabilities: What your business owes
  • Equity: The owner’s stake in the business

The fundamental equation behind a balance sheet is:

Assets = Liabilities + Equity

This equation shows that all assets are financed either by the owner’s investment, debt (liabilities), or retained earnings (profits that remain in the business).

Assets: What Your Business Owns

Assets are the resources your business owns or is owed. They can be divided into two main categories: Current Assets and Fixed Assets.

Current Assets

These are assets that can be converted into cash or used within one year. They include:

  • Cash: Money in bank accounts and on-hand
  • Accounts Receivable: Money owed to the business, typically due within a year (e.g., unpaid customer invoices, credit card balances)
  • Inventory: Goods held for sale or used in production

Inventory Valuation Tip: Inventory can fluctuate in value over time. A common method is the FIFO (First In, First Out) method, where older inventory is sold first. This helps ensure the most recent purchases are valued accurately.

Fixed Assets

Fixed assets are long-term investments that have a stable value and are expected to last for more than one year. These include:

  • Furniture, fixtures, and equipment
  • Property and real estate
  • Vehicles

Depreciation: Fixed assets lose value over time due to wear and tear. Your accountant will help determine the most beneficial depreciation method for your business, as set by the IRS.

Liabilities: What Your Business Owes

Liabilities represent debts your business is obligated to pay. These are also categorized into two types: Current Liabilities and Long-Term Liabilities.

Current Liabilities

These are debts that need to be paid off within a year, including:

  • Accounts Payable: Money owed to suppliers for purchases made on credit
  • Accrued Expenses: Unpaid expenses like utilities and payroll
  • Short-Term Loans: Loans due within the next 12 months
  • Taxes Payable: Unpaid taxes, such as sales tax or payroll taxes

Long-Term Liabilities

These are debts that won’t be paid off within the next year, including:

  • Bank loans
  • Mortgages

Equity: The Owner’s Investment and Retained Earnings

Equity represents the value of the owner’s investment in the business. It shows how much of the company’s assets belong to the owner after liabilities are subtracted.

Owner Investment vs. Retained Earnings

  • Owner Investment: Money the owner invests to fund the business’s start-up or operations (also known as Owner’s Injection).
  • Retained Earnings: Profits that are kept in the business rather than taken out by the owner for personal use. These earnings are used to fuel growth and expansion.

If your business is incorporated, the value of the owner’s investment is shown through stock shares issued to the owner. For sole proprietors or LLCs, the investment is recorded directly as part of the business’s equity.

How to Create a Balance Sheet for Your Business

To create your own balance sheet, start by listing all your assets and liabilities. Here’s a simple balance sheet template you can use:

Balance Sheet 
Company Name 
  
 2025
Assets: 
  Cash 
  Account Receivable 
  Furnishing 
  Equipment 
 Net Fixed Assets 
Total Assets $                 –  
  
Liabilities and Equity: 
  Accounts Payable 
  Notes Payable 
  Long-term Debt 
Total Liabilities                    –  
  Owner’s Injection 
  Retained Earnings 
Total Equity                    –  
  
Total Liabilities + Equity  $                 –  

If you’d like a changeable balance sheet template, feel free to email me at susan.ball5@aol.com, and I’ll send it your way!

Final Thoughts: Why the Balance Sheet Matters for Your Small Business

Your balance sheet is more than just a snapshot of your business at a specific point in time. It’s a valuable tool that helps you:

  • Understand the financial health of your business
  • Track your growth and plan for future investments
  • Make informed decisions about spending, borrowing, and retaining earnings

By regularly reviewing your balance sheet, you’ll be better equipped to manage your finances and maximize your profits. Have questions about your business’s balance sheet? Or need help understanding your financial statements better? Drop your questions in the comments below, and I’ll get back to you as soon as possible.

Filing a Final Tax Return

Losing a loved one to death is one of the most challenging circumstances in life. The IRS will require the deceased person’s representative to file a final tax return to add insult to injury.

My father passed away early in the year, and I had not completed his tax return for the previous year. I had to file it for him. A year after his passing, I had to file a final return for him as he had received social security and retirement benefits in his last year of life. These were emotional experiences for me. If you are in this position this year, you have my sincerest sympathy, and I hope this information makes the experience less stressful for you.The return must be filed by your loved one’s surviving spouse or representative.

If you are the one filing, follow these steps.

  1. Gather all tax documents for your loved one as you would prepare your tax return.
  2. All income received up to death must be included on the final tax return. If the deceased person was elderly, their income likely included: (1) retirement benefits, (2) social security, (3) IRA distributions, (4) Interest and dividends, and (5) investment Income
  3. If they were younger and still working, they will receive a W-2 or 1099 from those they worked for in the final year of life.
  4. If filing electronically, you must check the box “Taxpayer Died Before Filing.”  If filing a paper return, write “Deceased” along with the taxpayer’s name and date of death across the top of the return. You do not need to include a death certificate or other proof of death.
  5. If the deceased person was married, the surviving spouse can file Married Filing Jointly or Married Filing Separately for the year of death.
  6. All credits and deductions for the deceased person were eligible for still apply.
  7. The appointed representative must sign the return for the deceased individual. The spouse must also sign the return if the person has a surviving spouse. If no representative was appointed and the person did not have a surviving spouse, the person handling the estate should sign the return as a personal representative.
  8. A personal representative should complete Form 1310, Statement of Person Claiming Refund Due for a Deceased Taxpayer. A court-appointed representative can skip Form 1310 but should include a copy of the court order showing their appointment.
  9. If the deceased person is due a refund, the representative must agree to distribute the refund to the person’s heirs in accordance with their will. If the deceased person has a tax liability, the personal representative must pay it from the estate asset.

You can use the IRS’s Interactive Tax Assistant (ITA) to help you determine how to file for your specific situation:  https://www.irs.gov/help/ita/how-do-i-file-a-deceased-persons-tax-return

If you have not yet filed your tax return, check back next week for tips on filing your return yourself.

Gathering Your Tax Documents

You should have received all your tax documents by now. Whether you decide to file your taxes on your own or hire a professional, staying organized is crucial. I organize my necessary documents and group them together to make the process easier for my accountant.

Let’s start with what your preparer does NOT need:

  1. Utility bills
  2. Lunch receipts
  3. List of all your prescription medicines

It’s essential to include all crucial documents when filing taxes. Here are the documents you need to ensure the best tax return possible:

  1. All W-2s and 1099 statements. 1099s come in many varieties depending on whether the income is from retirement, interest, dividends, royalty payments, social security, cancellation of debt, or jury duty.
  2. Income earned from self-employment as documented by a balance sheet, income statement, and profit and loss statement. You must report self-employment of more than $400.
  3. Calculate the sum of all “Estimated Tax Payments” you made last year.
  4. Form 5498 showing contributions to IRAs
  5. Form 1098-E documenting interest paid on college loans
  6. Alimony and child support received
  7. Form W-2G documenting gambling winnings

If you plan to itemize deductions, you must provide additional documentation. They are:

  1. Summary of medical and dental expenses, if the total is more than 7.5% of adjusted gross income
  2. State and local income taxes paid
  3. State and local real estate and personal property taxes
  4. Form 1098 documenting mortgage interest and points paid
  5. Home mortgage interest and points paid to an individual. Include the individual’s name, address, and identification number.
  6. Summary of charitable donations. It is helpful to include a list, along with the organization’s address to which you donated.

After sorting your documents into categories, creating a summary of your tax information is helpful.

Here’s an example using a fictitious couple. John Doe is 66 and continues to work full-time. His wife Jane is 68 years old; she works part-time and draws social security. I have created a summary of the information that they should provide to their accountant.

Tax Payers:  John and Jane Doe
2023 Tax Summary
Income Summary:
John’s W-2 income$52,714
Jane’s W-2 income$18,000
Jane’s social security$22,177
Jane’s retirement income$25,434
Bank account interest $47
2022 state tax refund $916
Total income$119,288
Adjustments to Income:
John’s IRA contribution$23,000
Total adjustments to income$23,000
Deductible Expenses:
Mortgage interest paid$15,093
Property taxes on home$2,843
Taxes on personal property$1,794
Total taxes and interest$19,730
Charitable Donations:
Church$12,000Address
Food pantry $2,400Address
Christmas toy drive $500 Address
College alumni association $600Address
Total charitable donations$15,500
Total itemized deductions$35,230
Tax Summary Spreadsheet

If you would like a copy of my tax summary spreadsheet, please comment “Spreadsheet” or email me at susan.ball5@aol.com, and I will send it to you.

Make sure to tune in next week for my next blog post on determining whether it’s worthwhile for you to itemize your deductions. I will help you make informed decisions and potentially save you money. Take advantage of this valuable information – sign up for an email subscription and be notified when my next blog is posted.  

Are You Stressed about Your Finances?

Many Americans ended 2023 feeling more stressed about their finances than they did at the beginning of the year. Perhaps you are one of them.

According to a survey conducted in mid-December by Allianz Life Insurance Company, Americans cited concerns about rising interest rates, lingering inflation, and debt repayment such as student loans. They listed as their primary financial resolutions for 2024:

  • Creating an emergency fund
  • Paying down credit card debt
  • Increasing deposits to their retirement account

Many Americans reported receiving pay raises in 2023 that did not keep up with inflation. To combat the increased costs of living, one-fourth of all Americans took second jobs or sought other ways to bring in additional income. At the same time, one-third reported cutting their spending to keep financially afloat. For many people, cutting back on spending meant dining out less and doing more meal planning.

Tightening one’s budget and reducing dining out are appropriate responses to financial stress. Seeking additional sources of income is also an appropriate response. The resolutions listed above will not be an option for people in these situations. You can only create an emergency fund, pay down debt, and save for retirement if you can live below your means. If you are in the minority of Americans who feel you ended 2023 in a better financial situation than you began the year, you should prioritize these resolutions. However, if you feel stressed financially, you must take constructive steps to improve your situation.

Your first step should be to examine all your expenses to see what cuts you can make. Reduce all your costs as much as possible without compromising your family’s health and well-being.  Here are some ideas to consider:

  1. Cut gym memberships. Many gym memberships go unused. Even if you use your gym membership, you may want to take a break from it until your budget balances. 
  2. Examine subscriptions, including magazines, tv channels, streaming services, music subscriptions, and personal improvement programs. If they do not truly add value, permanently eliminate them. Otherwise, cut them off temporarily and re-evaluate when your finances improve.
  3. Reduce dining out. You can save significant money if you eat at home and pack lunches for school or work. Planning menus and shopping with a list are the best ways to discourage eating out for convenience. Many social media accounts walk you through plans and menus to help you organize. 
  4. Buy store brands rather than name brands. You may find that you prefer some store brands and stick with them.
  5. Put a moratorium on buying anything new unless it is essential. If you make a purchase, research the best deal and consider purchasing the item second-hand.
  6. Sell unneeded clothing and other items. Many apps allow you to dispose of unneeded items and get immediate cash.
  7. Eliminate unnecessary insurance coverages. Review your insurance policies to ensure you are not paying for coverages that no longer apply to your situation.
  8. Avoid paying others to do tasks that you can do yourself. Can you mow your lawn yourself? Can you drop off your garbage at a convenience site rather than paying for trash pickup? 
  9. Lower utilities bills. Reduce your electric bill by turning off lights in rooms you are not in and adjusting your thermostat so the heat or AC is not running as much. Cut your water bill by taking shorter showers and only running the dishwasher when it is full. Open curtains in the winter to warm up your space and close them in the summer to cool off your house.
  10. Reduce communication bills. Cell phones and the internet consume a significant portion of most families’ budgets. Examine your plans and determine if you are paying for more time and speed than you need. If you work from home and need higher service levels to do your job, ask your boss to cover some of those expenses.

Your second step is to find ways to increase your income. For many, this has meant taking on a second job or joining the gig economy. I know several people delivering groceries, meals, or products to make ends meet. Many opportunities are available through companies such as DoorDash, UberEats, Instacart, and Amazon Flex, allowing you to earn a bit of extra money in your free time.

Whatever steps you take to help put your family in a better financial position, remember that you need to create a budget, and everyone in your family needs to have input into developing your budget. Also, be sure to go to God with your problems. Ask God to help you make wise financial decisions to provide for your family. God cares for you and wants you to take care of your family. Jesus illustrated God’s care for you in the Sermon on the Mount. “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? Which of you by worrying can add one cubit to his stature?’ Matthew 6: 25 – 27 

If you have other suggestions for reducing expenses, please share them in the comment section.

Please read my other blog posts for more ways to manage your money and reduce stress. My book, Honoring God with Your Money, is another valuable resource to help you manage your money.

Reduce Stress By Planning Your Holiday Spending

Researchers estimate that 80% of consumers have started shopping for the holiday season. I shop for eight grandchildren, and I like to spread my spending over several months, so I am part of the 80%. Many people are shopping early to take advantage of promotions. Others are spreading out their spending to avoid hefty credit card balances in the coming year.

Economic forecasters predict that 95% of Americans will celebrate the holidays. The average consumer will spend $1,652 on gifts, food, decorations, clothing, and furnishings. This number is 14% more than last year, even though incomes increased by only about 5%.  

As parents and grandparents, we desire to make the holidays special for our children. We encourage them to make lists, and we try our best to fill their lists. But sometimes our budgets do not allow us to indulge our children as we would like. It’s easy to get caught up in the frenzy and spend more than we can afford. 

Before you overspend on Christmas purchases, take a hard look at your income and regular bills. Plan a time to sit down and calculate how much you can afford. Find a quiet space and clear your mind from the running to-do list constantly filling your head. Commit to not spending more than you can afford. The following ideas can help you to stay within your budget.

Prioritize. If you are a parent, buying gifts for your children should be first on your holiday shopping list. Beyond the children, you will want to purchase gifts for your spouse, parents, and spouse’s parents. Extended family, co-workers, and friends should be further down the list and may require you to cut if your budget does not allow them. 

Set Expectations. If you plan to spend less than usual this year, let your children know they may not find as many gifts under the tree. Be upfront with friends and colleagues with whom you will not be able to exchange gifts this year; they will appreciate your honesty and may be relieved to be purchasing fewer gifts themselves.

Ask for help. If your child has his heart set on a gift that does not fit your budget, ask the grandparents to chip in. They will likely be happy to contribute for the pleasure of knowing their grandchild is getting this special gift.

Start early. Research now for the best prices for the gifts you want to buy. Be alert for sales and promotions. Place online orders early enough not to have to pay for express shipping.

Cut back. Carefully consider all of your spending for your typical holiday celebration. Decide which purchases you can cut out without diminishing your celebration. Reuse gift bags and decorations rather than buying new ones. Design and send e-cards rather than spending money and postage on store-bought cards. Give some homemade gifts. Make most of your desserts and side dishes from scratch.

The spirit of Christmas is giving. As God gave His Son to redeem mankind, we give gifts to those we love. Remember that the amount of money you spend does not reflect your love for someone. Instead, it is the thoughtfulness of the gifts that demonstrates your love to your family members. It is more loving and thoughtful to stay within your budget on holiday spending than to go overboard and deal with financial stress in the new year.

For more information on reducing your financial stress, please read my other blogs on financial management and stewardship. My book Honoring God with Your Money is another excellent resource. You may also want to sign up for my free quarterly newsletter.

Buying A Car in 2023: Read This First 

When I bought my car 12 years ago, it was a gently used vehicle with about 18,000 miles. My commute to work is short, and I only put about 6,000 miles on it a year. It has low mileage and is in excellent condition for its age, and I may hold onto my car for another year or two. Yet, car shopping has been on my mind lately.

Car shopping has always been challenging. It is even more so in the current economy. Let’s examine what a buyer in today’s economy is facing. The inventory of car dealerships is lower than usual, interest rates are high, and the prices of new and used cars are higher than before the pandemic. According to Experian, the average cost for a new car is $48,000, and the average monthly payment for a new car is currently $729. If you are considering a low-mileage used car, the average price is $27,000, and the average monthly payment is $528. Car ownership costs are estimated at $300 per month, based on current gasoline prices and driving an estimated 15,000 miles per year.

Before starting the search for a new car, it is crucial to plan ahead.

First, you must review your budget and determine how much you can afford to pay for your next car. Include the total costs of owning your car in your budget, including insurance, property taxes, fuel, and repairs. Edmunds Car Affordability Calculator is a great tool to help you determine the price of the vehicle within your budget based on the payment you can afford.   Generally, your car payment and insurance should consume no more than 10% of your gross income, and your total car costs should be no more than 12%.  

Once you know how much you can afford to pay for your next car, you can use these steps to help you find the right one.

  • Research affordable options before you leave your house. Have a good idea of the models of vehicles you can afford and plan to test drive.
  • Cast a wide net. Check with multiple dealers, as well as online. Be willing to spend more time than you usually would to search for the right vehicle.
  • Buy a reliable vehicle. Take any used vehicle to your mechanic to be inspected before purchasing.
  • Be willing to compromise on features that you might like but are unnecessary. Know which features are essential and which you can live without to stay within your budget.
  • Minimize your monthly payment by saving up to make a significant down payment.
  • Pre-arrange financing with your bank or credit union.  Check with your lending institute to determine the best rate they will offer you. Knowing the interest rate will allow you to accurately calculate your expected payment based on the price of the car you seek. When you invest the time and research in advance, you can confidently accept or reject the dealer’s rate.

A crucial element in making sound financial decisions is to plan. If your car is older, now is the time to set aside money for a future down payment. You will lower your monthly payments with this one step. When your car leaves you stranded, and the repair price is overwhelming, you will feel pressured to buy a car. The temptation to quickly buy a car without researching can lead to regret.

Making wise financial decisions helps you live within your budget and reduce stress. My book Honoring God with Your Money is a great resource to help you better manage your money. Sign up for my quarterly newsletter for even more tips.

Preparing for Retirement?

Did you know that more than 10,000 Americans turn 65 every day? Once you reach that age milestone, you become eligible for Medicare. The retirement decision becomes more feasible when Medicare kicks in. In the next few months, my husband and I will join the ranks of those 65 or older. So, we discuss this topic often. 

Older husband and wife; tips for preparing for retirement

Many factors can influence your decision about when to retire. A few of those factors include your current job satisfaction and savings decisions you made earlier in your career. It is never too early to plan for retirement. Many people are nervous about diving into this overwhelming subject. Keep reading for practical questions to ask yourself about this important yet often scary decision. 

  • How much money will you need to maintain your standard of living? The cost of
    living varies significantly from state to state, community to community and person to person.
    o If you are living well below your means, you can retire early.
    o On the other hand, if you spend everything you make, you will likely have
    to keep working well past full retirement age.
    o Several years before you plan to retire, you need to take a hard look at
    your budget and make changes to live on less. Most retirees find that their
    expenses decline by 20 – 25% after retiring, and your income may
    decrease by more than that.
  • Health insurance. Medical expenses can be high as we age, and individual
    health insurance plans can be costly.
    o If you retire before age 65, you will be responsible for your healthcare
    expenses until you become Medicare-eligible.
    o For my husband and I, the high cost of private health insurance was a
    prime factor in delaying retirement until we were Medicare-eligible.
  • Job satisfaction and leisure activities. Those workers whose jobs provide a high
    degree of satisfaction may find that working past full retirement age is a positive.
    Ask yourself:
    o Do you enjoy your work?
    o Do you get enough time off to satisfy your needs?
    o What will you do to fill your time in retirement?
    o Can you retire from full-time employment but work part-time?

The question of when to retire is an individual decision. What is right for you will not be suitable for someone else. You should consider these questions and pray about your retirement decisions. God will direct you to make the decision that is right for you. Now is the time to act. You can take the suggestions above and learn the keys to successfully managing your retirement. 

For more ideas about how to manage your money and live without financial stress, sign up for my quarterly newsletter. My book Honoring God with Your Money is another great resource.

5 Steps to Prepare Your Child for Financial Success

Teaching financial responsibility falls into the lengthy job description of a parent. The topic of money intimidates many people. Parents feel at a loss about where to start. An excellent place to begin is with their allowance. You can then introduce the idea of saving for items they want to buy. As they age, begin to teach your kids how to balance a checkbook and explain basic financial information.


A recent study found that young adults are most stressed about paying off college debt and lack financial literacy. They are also concerned about their lack of investment knowledge or when to take a risk. These young people believe they will never achieve what their parents did, such as owning a home or the ability to retire at the average retirement age.

Financial education should be a regular part of family discussions. I have created a few beginning steps to help you encourage your child to feel more financially knowledgeable and understand how to manage money early on.

1. Open a bank account for them. You can use the bank statement to show your child the principle of interest and how their balance will grow by their deposits and interest. Set up a small regular deposit and demonstrate how even a tiny recurring deposit will grow to a much more significant amount over the next 5 – 10 years.
2. Ask your young child to select a toy or desired item, then research the price online. Calculate how long it will take to accumulate the money to buy the item if the child saves $1 a week, $5 a week, and $10 a week. This exercise can demonstrate savings accumulation as well as the value of money.
3. Have your teen start saving for their first car. Discuss the total costs of owning a car: car payments, gasoline, insurance, property taxes, maintenance, and repairs. Assist them in determining how much money they need to save each month to afford a car over the next few years.
4. If your child is a teen or young adult, use similar examples to demonstrate how saving a small amount of money each month beginning at age 22 will yield a large sum when they retire.
5. When making a significant purchase for your family, such as buying a new appliance or car, involve your child in the decision-making process. Share with your child what your budget is for the purchase. Let the child help research options within your budget. Discuss how you will pay for the purchase. Have you saved up the money needed? Will you use a “buy now, pay later” plan to purchase furniture or an appliance? Will you take out a loan? If you will borrow money to buy a car, share with your child how you decided whether to borrow from your bank or through dealer financing.


These 5 steps will encourage discussions that will help your child understand the value of money, the power of compound interest, and the cost of borrowing. Instill in your child the value of living beneath your means, long-term savings strategies, and the importance of minimizing debt except for mortgages and other investment opportunities.

For more ideas on how to manage your finance and train your children to use money wisely, my book Honoring God with Your Money is a great resource.

Falling Behind on Your Bills?

If you notice that it is harder to pay your bills lately, you are not alone. The prices of goods and services purchased by the average family have risen by more than $709 a month over the past two years, according to Moody’s Analytics. The higher cost of living stresses family budgets, especially since incomes have not kept up. The Census Bureau announced this week that inflation-adjusted wages fell in 2022 for the third year in a row. As prices are rising, your spending power is declining.

Are you falling behind on your bills? These tips will help you stretch your dollar.

As a financial adviser, now is a good time to re-evaluate your budget and change your discretionary spending before you end up in debt or fall deeper into debt. 

The Washington Post reported last month that the delinquency rate for credit card payments has risen to the highest rate in over a decade. Over the past few years, consumers’ credit card usage has increased significantly. Since 2019, more than 70 million new credit card accounts have been opened, and total credit card debt has topped $1 trillion for the first time.

If you need ideas on making your dollar stretch further, here are some tips to help you manage your money in these tough economic times. 

  • Be intentional with your spending and giving. Adjust your budget for your current spending levels for food, utilities, and other necessities. Then, plan giving and discretionary spending to fit within your budget.
  • Consider cutting back on retirement savings and investments until you are better financially.
  • Look for “extra” sources of cash.  If you got a large tax refund this year, you can access that money now by reducing your payroll withholdings.  
  • Evaluate your car insurance plan and see if you can cut out some coverages or find a less expensive plan; for example, you might have duplicate benefits if you have a medical insurance plan.
  • Reduce your cable bill by eliminating one or more premium channels.
  • Fast one purchase category for a month, such as specialty coffee beverages, massages, new shoes, clothes, or lunches out. Each month, forgo a different spending category. This system allows you to save money without giving up “luxuries” for an extended time.
  • Earn some extra money on Fiverr, Freelance, or Upwork. These freelance job sites provide a way for you to use your talents to earn money when you have a bit of free time.

It is never fun to tighten one’s belt; however, making necessary changes is preferable to running up large credit card balances and feeling stressed due to the inability to meet your obligations.  

As you consider these options, ask God for guidance. He promises wisdom to those who ask Him. “If any of you lacks wisdom, let him ask of God, who gives to all liberally and without reproach, and it will be given to him.”  James 1:5

My book Honoring God with Your Money offers guidance to help you manage your money according to biblical principles.