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.

Honoring God with Your Money in 2024

The new year will arrive in two days. With a new year, comes a chance for new beginnings and fresh starts.  I encourage you to make a commitment in 2024 to follow the Lord’s leading in all that you do. Obeying the Lord in all things will result in spiritual growth, better mental and physical health, more joy, and less stress, including less financial stress.

Honoring God with Your Money

Plan now to reduce your financial stress in the coming year by honoring God with your money.  Here are some steps to help you.

  1. Acknowledge that all you have has been given to you by God. God gives you the ability to work and earn a living. ”And you shall remember the Lord your God, for it is He who gives you the power to get wealth.” Deuteronomy 8:18
  2. Tithe. God asks each of us to return ten percent of what we earn for the work of the church. God promises to bless those who are obedient to tithe. “‘Bring all the tithes into the storehouse, that there may be food in My house, and try Me now in this,’ says the Lord of hosts, ‘If I will not open for you the windows of heaven and pour out for you such blessing that there will not be room enough to receive it.'”  Malachi 3:10
  3. Live below your means. Living below your means will allow you to pay off existing debt and put some money aside for emergencies.
  4. Make a budget and do your best to stick to it.  Include your spouse and children.  Everyone needs to be committed to the budget, or you will not be able to maintain it. Set reasonable amounts of money for entertainment and recreation.
  5. Start saving, even if is only a small amount. Develop a regular habit of putting aside a little bit from each paycheck. Make it automatic by having your savings directly deposited before you get your paycheck.
  6. Designate some money to help out those less fortunate than you.  Don’t try to outgive others, but give within your means as led by the Lord. He who has a generous eye will be blessed, for he gives of his bread to the poor.” Proverbs 22:9
  7. Trust in the Lord.  Those who put their trust in money, jobs, or the government will be disappointed. Only God can meet all your needs.  “Trust in the Lord with all your heart, And lean not on your own understanding; In all your ways acknowledge Him, And He shall direct your paths.”  Proverbs 3: 5, 6
  8. Seek guidance from godly financial experts.  Completing my Bible study, Honoring God with Your Money, is a great way to start the year.  There are many other resources available from Crown Financial Ministries (crown.org) and Dave Ramsey (DaveRamsey.com).  Find tools that work for you and use them.

God’s Greatest Gift

My new novel, Revelations, continues the story of members of Riverside Christian Fellowship and focuses on Bill Clark and his daughter, Emily Clark Butler. Edna Clark, the family matriarch, is Emily’s last living grandparent. As her health fails, Bill and Emily uncover Edna’s darkest secrets. The latest book in the Restored Heart Series follows the family through an unsettling time and glimpses into their earnest efforts to convince Edna to open her heart to God before her time on Earth draws to an end. 

Cover of Revelations, Book 3 in the Restored Hearts series.

As Edna’s health is failing, she adamantly refuses to have anything to do with God despite the pleas and prayers of her family. When she is hospitalized and lapsing in and out of consciousness, they take turns sitting at her bedside while reading scriptures and praying out loud to her.

Forty years ago, my family went through a similar situation. My grandmother experienced a medical emergency. As they waited for the ambulance, my parents pleaded with my grandmother to accept Jesus as her Savior. She stubbornly refused. She survived surgery but then lapsed into a coma. My parents and sister read the Bible to her and prayed aloud for her to accept Jesus Christ as her Savior. She passed away without regaining consciousness, and we were left to wonder if she heard their prayers and received Jesus’s gift of salvation while in the coma.

Several years later, my sons attended a youth conference at which a speaker shared that he had come to salvation while in a coma. He said that he heard the prayers of his family, and he accepted Christ while comatose. This testimony gave me great hope that my grandmother may have given her heart to Christ similarly.  

My inspiration for this book, Revelations, originated from the speaker’s testimony at the youth conference. I wanted to encourage my readers with the hope that it is never too late to accept forgiveness of sins from Christ’s sacrifice on the cross. 

Many of you have prayed for loved ones to come to Christ for decades. Keep praying and believing. Hold onto hope while taking advantage of every opportunity to speak to your loved ones as the Holy Spirit leads. Pray that God will open their hearts and reveal Jesus Christ to them. Stand on God’s promise in Isaiah 55:11, “My word be that goes forth from My mouth; It shall not return to Me void, But it shall accomplish what I please, And it shall prosper in the thing for which I sent it.”

The birth of Jesus Christ, His sinless life, His sacrificial death on the cross, and His victorious resurrection are the true reasons for Christmas. They are the basis for our hope of forgiveness of our sins and a future in Heaven with God. It is the greatest gift imaginable. For those who know the joy of salvation, it is hard to understand why many people reject this gift.

As we look forward to Christmas in a few weeks, we focus on finding the perfect gifts for those closest to us. Yet, the best gift is always available to us and is free. During this season, pray that God provides you with opportunities to share His love with others and that He will reveal Jesus Christ to many. 

“Beloved, now we are children of God; and it has not yet been revealed what we shall be, but we know that when He is revealed, we shall be like Him, for we shall see Him as He is.” 1 John 1:2

May your Christmas season be blessed with the knowledge that the greatest gift the world has ever known is yours for free if you will only accept it.

Revelations and the other books in the Restored Hearts series, Restorations and Reconciliations, are available for purchase on Amazon: https://www.amazon.com/stores/Susan-Elizabeth-Ball/author/B0047P60V2?ref=ap_rdr&store_ref=ap_rdr&isDramIntegrated=true&shoppingPortalEnabled=true

Make Holidays Memorable Without Breaking Your Budget

Have you noticed that celebrating the holidays is expensive? Presents consume a significant portion of most families’ budgets. We go all out on fancy food for the Thanksgiving and Christmas feasts. Then there are decorations, Christmas cards, postage, and holiday attire. It is easy to get caught up in the spending frenzy. Over half of all Americans (52%) began 2023 with debts from their Christmas spending last year. As recently as the end of September, one-third reported they were still paying off their credit card balances.

Hopefully, you have planned for your spending for 2023. If you have been reading my blog all year, you may have established a spending budget early in the year and are in good financial shape for this Christmas. If not, starting a budget now for next year is never too early. I hope you have a blessed Christmas and can celebrate the birth of our Savior without creating financial stress for yourself in the coming year.

With that in mind, my purpose today is to suggest that there are many activities that you can do with your spouse, children, grandchildren, and friends that will create beautiful memories without breaking your budget. Here’s a list of the ones I have thought of to get you started.

1. Bake cookies with your friends and family or for your friends and family. You can make several batches of cookies while drinking cocoa and catching up.

2. Host a cookie exchange party. The women’s ministries group at my church does this each year. Every woman brings three dozen cookies of one kind and goes home with a mixture of three dozen cookies made by the other women. It’s fun to get new recipes and taste everyone’s favorites.

3. Decorate Christmas cookies. If you do not enjoy baking sugar cookies, you can purchase them at the supermarket and decorate them with the younger family members. My grandchildren love to frost cookies and sprinkle them with sugar crystals. It’s a bit of a mess, and it creates wonderful memories.

4. Decorate your tree and home. I have always enjoyed decorating the Christmas tree; however, it is much more fun now that I have grandchildren. They also like to help Gramma decorate the house. Their ideas will differ from mine, and sometimes they are much better.

5. Drive around and look at the holiday lights. It helps to plan and know what neighborhoods have many decorated houses. Community Facebook pages are a good source of information on where to find the best lights.

6. Attend nativity programs at your church and others in your town. You will likely be surprised by the variety of methods of telling the Christmas story. Some churches put on outdoor living nativities, while other productions are more traditional.

7. Go to the Christmas parade. Children especially love Christmas parades, and in our community, we have several hosted by different localities within a thirty-minute drive of our house.

8. Go Christmas caroling. This has long been one of my favorite activities. For many years, our girls’ program at church has visited a local assisted living center and sang for the residents. The residents love it and join in the fun. One year, a 94-year-old resident accompanied us on the piano. We hand out some gifts that help the children interact with the older people. I always leave feeling happy and blessed.

9. Donate some canned goods to your local food pantry. Food pantries rely on donations year-round. The needs are even greater during the holidays, as many families seek extra help to enjoy their holiday feasts. Check with your local pantry to find out their biggest needs, and pick up a few items while shopping. You don’t have to spend a lot—look for items on sale. This is one instance in which many small donations can add up to a large amount of food to be distributed to others in your community.

10. Make simple homemade gifts. If your budget will not allow you to purchase gifts for everyone on your list, roll up your sleeves and make some inexpensive gifts. Pinterest is full of ideas and patterns, which you can download for free. The recipients will likely appreciate your homemade gift more than a store-bought one and will cherish it much longer.

11. Make homemade decorations. Rather than spending a lot of money on new decorations, reuse your old ones and make some new ones to give your tree and home a fresh look. Again, Pinterest is my go-to resource for creating inexpensive and fun decorations. You will have more fun and memories if you recruit friends or family to help make decorations.

12. Watch holiday movies. Pop a large bowl of popcorn or make your favorite holiday treat and settle in with loved ones to watch your favorite holiday movies. We have many beloved Christmas movies that we watch each year with our grandkids or extended family. My mother’s favorite was Those Calloways. I have many fond memories of the family watching it on Christmas night after we unwrapped all the presents, ate the Christmas meal, and cleaned up. We often ate turkey sandwiches while we watched.

13. Hang the stockings. Hand-knit Christmas stockings are a tradition handed down to me by my grandmother. My grandchildren love to help hang the stockings on the railing of our staircase. They love to come up with different arrangements each year. A few years ago, one of them decided we should hang fairy lights between the stockings. It was a beautiful way to highlight the stockings. They also take turns helping Gramma to stuff the stockings. The two eight-year-olds will have their turns this year and are already excited about it.

14. Read the nativity story to the younger members of the family. Plan a quiet time, perhaps after decorating the tree, to read Christ’s birth story. Have cocoa and Christmas cookies while reading or after reading.

15. Attend the church Christmas dinner. Our church family gathers together in early December for the annual Christmas dinner. It is always a great time of fellowship; everyone brings a dish or two to share. This is another excellent way to create memories and share family favorite recipes with your friends.

I am sure you have other activities for your family’s Christmas celebration. Please comment and share your ideas.

Thankful for God’s Blessings

I hope you have much to be thankful for as we celebrate Thanksgiving this year. We typically host our children and grandchildren. Our celebrations are usually loud and energetic, with three sons, two daughters-in-law, and eight grandchildren. This year’s Thanksgiving will be much different since my husband is recovering from his second surgery within six months. We will celebrate quietly by ourselves and focus on thanking God for the many blessings He has poured out of us.

Our greatest blessing is that God has called us to be His children. I am very grateful that God opened our hearts many years ago to receive Jesus Christ as our Lord and Savior. We live by God’s word, which provides a solid foundation for us when we encounter difficulties in life. We all endure challenges,  but we know God walks with us no matter what we face. 

We are thankful for the wonderful family God has blessed us with. We have close relationships with all of our sons, and we are very grateful that they live near us. We get to spend time regularly with our grandchildren, and they are the delight of our lives.

I genuinely enjoy my job and feel blessed to work there. God placed me in a position that provides excellent job satisfaction and allows me to contribute to the success of small businesses in our region. I can contribute financially to our family and provide the blessings of excellent health insurance.

I am thankful for a wonderful church family filled with prayer warriors. We commit to praying for one another’s needs, knowing the Lord answers our prayers.  

I am thankful for a large extended family and the opportunities I have had to spend time with most of them this year.

I am particularly thankful for doctors, nurses, and all those in the healthcare industry. While surgery is no fun, my husband’s two surgeries corrected problems that were diagnosed early. He will fully recover, and I am very, very grateful.

As we have officially entered the ranks of senior citizens, I am grateful for social security and retirement plans. I am thankful that God has given us the wisdom to manage our money for our retirement years.

I am grateful for God’s word and the wisdom it imparts to those who read it prayerfully.  

I am thankful for the opportunities that God provides for us to give to the building of His kingdom through tithes and offerings. As we give, we are building true wealth in Heaven and are helping to share the gospel of Jesus Christ with others. No gift can compare with the promise of salvation and eternal life. 

Psalm 95: 1, 2, “Oh come, let us sing to the Lord! Let us shout joyfully to the Rock of our salvation. Let us come before His presence with thanksgiving; Let us shout joyfully to Him with psalms.” 

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.