Bible-study-on-finances – Susan's Reflections

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:

Ask God to transform your perspective on money.
“I can do all things through Christ who strengthens me.” (Philippians 4:13)
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)
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)
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:

In what areas of your finances do you find it hardest to practice self-control? How can you invite God into those decisions?
Have you ever struggled with giving impulsively or for the wrong reasons? How can you better discern when and how to give?
What practical steps can you take this week to grow in self-control regarding your spending, saving, or giving habits?
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?
How might growing in self-control influence other areas of your life, such as your relationships, time management, or health habits?

Goodness and Money: How Practicing Goodness Can Transform Your Finances

Goodness is the next fruit of the Spirit. While it includes acts of kindness, goodness goes beyond that—it encompasses honesty, fairness, and always choosing to do the right thing.

We display goodness when we use our financial resources to demonstrate God’s goodness and direct others toward Him. To embody goodness, we must first acknowledge that only God is truly good, and that all goodness flows from Him.

God is Good, and He Provides for Us by His Goodness

God is inherently good, and He blesses His children with good things. Recognizing God’s goodness in our lives is key to understanding how we should use our finances. We must thank Him daily for His faithfulness. Psalm 34:8 reminds us:

“Oh, taste and see that the Lord is good; blessed is the man who trusts in Him!”

1 Chronicles 16:34 echoes this truth:

“Give thanks to the LORD, for He is good; His love endures forever.”

Psalm 107 starts with an invitation to give thanks for God’s goodness:

“Oh, give thanks to the Lord, for He is good! For His mercy endures forever.” (verse 1)

The chapter goes on to highlight how God demonstrates His goodness: He redeems us, protects us, provides for us, heals us, and lifts us out of distress. The psalmist concludes with the call to reflect on God’s loving deeds:

“Let the one who is wise heed these things and ponder the loving deeds of the Lord.” (Psalm 107:43)

Jeremiah 33:9 further illustrates how God’s provision is rooted in His goodness:

“Then it shall be to Me a name of joy, a praise, and an honor before all nations of the earth, who shall hear all the good that I do to them; they shall fear and tremble for all the goodness and all the prosperity that I provide for it.”

God Is Pleased When We Do Good

We honor God when we do good for others, especially by sharing the blessings He has given us. Hebrews 13:16 tells us:

“And do not forget to do good and to share with others, for with such sacrifices God is pleased.”

Demonstrating goodness points others to God’s love. 1 John 3:17-18 challenges us:

“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? My little children, let us not love in word or tongue, but in deed and in truth.”

Loving in deed means that we share what God has entrusted to us, including our finances. Failing to do so, particularly when it comes to caring for those in need, is a missed opportunity to reflect God’s love. James 4:17 says:

“Anyone who knows the good he ought to do and doesn’t do it, sins.”

Proverbs 21:13 offers a stern warning:

“Whoever shuts their ears to the cry of the poor will also cry out and not be answered.”

Being Good Points Others to God

Jesus taught His followers in Matthew 5:16:

“Let your light so shine before men, that they may see your good works and glorify your Father in heaven.”

We let our light shine when we share our resources and show goodness to others. Paul also encouraged the Galatians to persist in doing good:

“Let us not become weary in doing good, for at the proper time we will reap a harvest if we do not give up. Therefore, as we have opportunity, let us do good to all people, especially to those who belong to the family of believers.” (Galatians 6:9-10)

The harvest we reap by doing good will be souls added to God’s kingdom—a true treasure in Heaven.

Conclusion

God has been incredibly good to us, and He expects us to reflect His goodness by doing good for others, especially when it involves sharing our financial resources. By following God’s example, we can trust that He will meet all our needs.

Discussion Questions:

Recognizing God’s Goodness:
How have you experienced God’s goodness in your life recently? How does recognizing His goodness impact the way you manage your finances?
The Role of Finances in Showing Goodness:
In what ways can our financial decisions reflect God’s goodness to others? Can you think of a time when you were able to use your resources to bless someone else?
Sharing and Generosity:
1 John 3:17-18 challenges us to love in deed and truth. What are some practical ways we can demonstrate God’s love through our financial resources, particularly in times of need?
The Connection Between Goodness and Obedience:
James 4:17 tells us that failing to do the good we know we should do is a sin. How does this verse challenge you to reconsider your approach to generosity and caring for others?
God’s Provision and Trusting Him:
Jeremiah 33:9 speaks about God’s goodness leading to prosperity. How does trusting in God’s provision influence your decisions about managing money and sharing with others?
Persevering in Doing Good:
Galatians 6:9-10 encourages us to continue doing good, especially for those in the faith. How do you stay motivated to keep doing good when you feel weary or discouraged, especially when it comes to financial giving?
A Life That Points Others to God:
Matthew 5:16 says we should let our good works shine before others to glorify God. How can we intentionally use our finances to point others to Christ, both within and outside the church community?
Reflecting on Personal Action:
As you reflect on your current financial situation, how can you align your use of money more closely with God’s goodness? Is there a specific change or action God is calling you to make?

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.

Four Reasons to Check Your Credit Report

Most people have easy access to their credit scores. Mine is available on my credit card statements each month and from my banks. People are less likely to look at their credit report, especially if their credit score is good or excellent. However, it is a good idea to review your report occasionally. Here’s why.

Check for identity theft. If someone has gotten access to your personal information, they may have applied for a loan or credit card in your name. You need to review your report periodically for any accounts that you are unaware of. One of my credit card companies checks this for me and notifies me each month as to whether any new accounts have been open in my name. You may want to check with your credit card company to see if that service is available to you.
Check for errors. Credit card companies process more than a billion transactions each day. They are going to make some mistakes. The sooner you catch a mistake, the sooner it can be corrected and the less likely it will negatively impact your credit score. Additionally, some lenders may fail to report closed accounts or debts that have been paid in full, so you will want to check for those type of errors, as well.
Learn why your credit score is not higher. I spoke with a lady recently who told me her credit score was 580. That is on the cusp between Poor and Fair. She could not understand why it was so low, as she said she had no debt other than her home mortgage and a loan on one of her four family vehicles. We pulled her Experian credit report, which told a very different story. The woman had seven accounts that were flagged as Potentially Negative. Each of them was small debt that she had not paid and did not realize that she owed. It was immediately obvious why her score is so law.
Make a plan to improve your score. The seven debts that the lady had not paid have all been sent to collections. She needs to take care of each of these. Her plan is to (1) contact each creditor to verify that the bill is correct, and (2) pay each debt that is truly owed. In her case, one debt was for about $350 and the other 6 were approximately $100 each. She can pay off all seven bills for less than $1,000. She should see a significant increase in her credit score in 30 – 45 days.

In the case of the lady I spoke with, her credit score was quite low due to unpaid debts totaling less than $1,000. She can easily pay all of these bills, once she verifies they are accurate. In other instances, however, someone may have no debts that have gone to collection, yet still have a low credit score. This could be due to a pattern of paying bills late, opening too many new accounts in a short period of time, or having too much debt in relation to your maximum. It is difficult to assess why your score is low and make a plan to improve it without reviewing your credit report.

Everyone is entitled to a free copy of their credit report once a year from each of the three major credit rating agencies. Some financial experts recommend checking all three at the same time each year and comparing them, while other experts recommend spacing them out during the year. The lady I worked with pulled her Experian report last week. She will take care of each of the debts and allow 45 days for her records to be updated. Then she will get one from either TransUnion or Equifax to verify that the debts have been removed, and later in the year she will get the third one to ensure that she is staying on track with all of her open account.

To access your free credit report, go to annualcreditreport.com

If you need help to learn to manage your money and improve your credit, please check out some of my other blogs on Finances, Money Management, and Stewardship. My book Honoring God with Your Money is a great tool for financial money management.

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Honoring God With Our Money: Cultivating True Wealth

For the past three months, I have taught a Sunday School class entitled, ‘Honoring God With Our Money.’ In this final lesson, we looked at true wealth and how to cultivate it. Money is a necessity in our world and it serves many purposes. However, money in and of itself cannot bring true happiness, contentment, or joy. And money most certainly cannot buy eternal life.

The Bible teaches us that true wealth can only come from having a personal relationship with Jesus Christ. To enter into a personal relationship with Jesus, we must admit that we are sinners in need of a Savior, recognize that Jesus is the only one who can be our Savior, and accept His freely-offered sacrificial death as cleansing for our sins. Repentance and faith in Jesus leads to true peace on Earth and ultimately to an eternity in Heaven.

In Proverbs 22:4, King Solomon wrote that “Humility and the fear of the Lord bring wealth and honor and life.” We must come to the Lord humbly admitting that we are sinners and in fear that He will give us the just punishment our sins demand before we can truly accept His gift of salvation. In accepting Jesus as our Savior, we become children of God and joint heirs with Christ in the abundance of Heaven.

When the rich young ruler came to Jesus and asked what he must do to obtain eternal life, Jesus told him to obey the commandments. When pressed for what else was necessary, “Jesus answered, ‘If you want to be perfect, sell your possessions and give to the poor, and you will have treasure in heaven. The come, follow me.'” ( Matthew 19:21) The next verse tell us, “When the young man heard this, he went away sad, because he had great wealth.” (Matthew 19:22) This young man was so tied to his earthly riches that he was unwilling to give them up for the true riches of Heaven. How very sad! Our earthly possessions are fleeting, but true wealth will last forever.

Jesus further illustrated to his disciples the way to acquire true wealth by telling them the parable of the sheep and the goats, found in Matthew 25:31-46:

“When the Son of Man comes in his glory, and all the angels with him, he will sit on his glorious throne. All the nations will be gathered before him, and he will separate the people one from another as a shepherd separates the sheep from the goats. He will put the sheep on his right and the goats on his left.

“Then the King will say to those on his right, ‘Come, you who are blessed by my Father; take your inheritance, the kingdom prepared for you since the creation of the world. For I was hungry and you gave me something to eat, I was thirsty and you gave me something to drink, I was a stranger and you invited me in, I needed clothes and you clothed me, I was sick and you looked after me, I was in prison and you came to visit me.’

“Then the righteous will answer him, ‘Lord, when did we see you hungry and feed you, or thirsty and give you something to drink? When did we see you a stranger and invite you in, or needing clothes and clothe you? When did we see you sick or in prison and go to visit you?’

“The King will reply, ‘Truly I tell you, whatever you did for one of the least of these brothers and sisters of mine, you did for me.’

“Then he will say to those on his left, ‘Depart from me, you who are cursed, into the eternal fire prepared for the devil and his angels. For I was hungry and you gave me nothing to eat, I was thirsty and you gave me nothing to drink, I was a stranger and you did not invite me in, I needed clothes and you did not clothe me, I was sick and in prison and you did not look after me.’

“They also will answer, ‘Lord, when did we see you hungry or thirsty or a stranger or needing clothes or sick or in prison, and did not help you?’

“He will reply, ‘Truly I tell you, whatever you did not do for one of the least of these, you did not do for me.’

“Then they will go away to eternal punishment, but the righteous to eternal life.”

I urge you, as you read this post, to consider whether you are cultivating true wealth through your relationship with Jesus Christ and through your actions. If you are not, it’s not too late to start. For those of you who do know Jesus Christ as your Savior, I urge you to use the money God entrusts in you wisely and to honor God in all that you do.

Honoring God With Our Money: Rules of Investing

If you have created a budget and are following it, eventually you will wind up with more in savings than you need for an emergency fund. At that point, you should think and pray about investing your excess money to meet future needs. The following rules of investing are adapted from Larry Burkett’s book, Family Budgets That Work.

Rules of Investing:

Never invest money you cannot afford to lose. All investments have an element of risk and the possibility exist that you might lose all or a portion of the money you have invested. One only has to look at the variability in the stock market to see that this is true.
Never get involved with things you don’t understand. Don’t try to buy individual stocks unless you know the company well and have confidence that it is well-run.
Demand sufficient information to thoroughly evaluate the opportunity. Take the time to thoroughly research possible investments.
Seek good, non-involved Christian counsel. There are many knowledgeable Christian financial counselors who will discuss your needs and goals and help you to make wise investment decisions.
- Proverbs 19:20 Listen to advice and accept discipline, and at the end you will be counted among the wise.
Set a minimum time to pray and seek God’s direction. Don’t let anyone rush you into an investment decision. If the opportunity is only available for a limited time, it is probably an opportunity you should forgo.
Once you have God’s direction, write out an investment plan. A written plan will help you keep your goals in mind and help you make investment decisions that are consistent with your goals.
- Proverbs 20:5 The purposes of a person’s heart are deep waters, but one who has insight draws them out.
Avoid ‘get rich’ schemes. Plan for slow, steady growth. If it sounds too good to be true, then it almost always is.
- Proverbs 21:5 The plans of the diligent lead to profit as surely as haste leads to poverty.
- Proverbs 28:20 – 22 A faithful person will be richly blessed, but one eager to get rich will not go unpunished. To show partiality is not good—yet a person will do wrong for a piece of bread. The stingy are eager to get rich and are unaware that poverty awaits them.

Honoring God With Our Money: Savings Plan

Most financial experts recommend that everyone should make a regular habit of saving 5% of their income. A goal for savings should be to accumulate enough savings to cover 3 -6 months of living expenses as a cushion for periods of unemployment due to layoffs and extended illness.

For those who are struggling financially and are unable to meet current expenses, savings is not an option at present. Everyone else should make a goal to save at least a small amount out of each paycheck and to increase that amount as circumstances allow.

Getting into the savings habit can be difficult, so I offer the following steps to assist in getting started on a regular, steady savings plan.

Tips for Developing a Savings Plan

1) Acknowledge that God’s word tells us that it is wise to save in the good times for lean times.

Proverbs 6:6-8 Go to the ant, you sluggard; consider its ways and be wise! It has no commander, no overseer or ruler, yet it stores its provisions in summer and gathers its food at harvest.

Proverbs 21:20 The wise store up choice food and olive oil, but fools gulp theirs down.

Story of Joseph in Egypt: Genesis 41: 29 – 36

Seven years of great abundance are coming throughout the land of Egypt, but seven years of famine will follow them. Then all the abundance in Egypt will be forgotten, and the famine will ravage the land. The abundance in the land will not be remembered, because the famine that follows it will be so severe. The reason the dream was given to Pharaoh in two forms is that the matter has been firmly decided by God, and God will do it soon.

And now let Pharaoh look for a discerning and wise man and put him in charge of the land of Egypt. Let Pharaoh appoint commissioners over the land to take a fifth of the harvest of Egypt during the seven years of abundance. They should collect all the food of these good years that are coming and store up the grain under the authority of Pharaoh, to be kept in the cities for food. This food should be held in reserve for the country, to be used during the seven years of famine that will come upon Egypt, so that the country may not be ruined by the famine.”

2) Develop a system for putting money directly into savings.

a. Use a company payroll automatic savings deposit, if possible. This puts the money directly into savings before you receive it.

b. Set up an automatic bank transfer from your checking account to your savings account.

c. Write your savings account a check just as if it were a creditor.

3) When an existing debt is paid off, allocate any extra money toward the next largest debt. When all consumer debt is paid off, then reallocate that money to savings.

4) Set goals for which you are saving, such as a new couch or a vacation. Having a goal for savings will keep you focused and less likely to fritter money away on things that are not truly needed. This money should be in addition to your long-term savings for ’emergencies.’

5) Use the money savings tips provided in an early blog to reduce expenses and have more money to put into savings.

Honoring God With Our Money: Maintaining Good Credit

This week lesson in our series on honoring God with our money covers way to deal with debt and to build credit. Today we will look at ways to maintain good credit and improve poor credit.

A good credit score is important to maintaining a good reputation.

Proverbs 22:1 A good name is more desirable than great riches; to be esteemed is better than silver or gold.

It is easier to maintain good credit than it is to rebuild a poor credit rating. A credit score of about 680 or higher is generally considered to be good or excellent. If your credit score is not good, you should take steps beginning today to rebuild your credit.

A good credit score:

1) Improves your chances of being approved for a loan.

2) Allows you to get better interest rates on loans and credit cards

3) Lowers your car insurance premiums.

4) Helps you to rent an apartment.

To maintain a good credit score or improve your credit score,

1) Always pay bills on time.

2) If you missed a payment, get current and stay current.

3) Never take on more debt than you can repay on your current income.

4) Keep credit card charges to 30 – 40% or less of your credit limit.

5) Don’t close old accounts as they contribute to a longer credit history.

6) Review your credit report annually to check for errors, identity theft, and issues that are pulling your credit score down. Checking your credit report and/or score does not hurt your score.

7) Minimize the number of credit cards you have. Opening new accounts lowers your score.

8) Have different types of credit, such as a mortgage or lease, education loan, car loan, and credit cards.

9) If you have never had credit, you will have no credit history. This can make it difficult to be approved for a mortgage or lease.

10) When shopping for a new car, do so in a short period of time, so it is viewed as a single inquiry rather than multiple. Multiple inquiries in a short time period will lower your score.

You are entitled to a free copy of your credit report each year from each of the three major credit reporting agencies: Experian, Equifax, and Transunion. To request your free credit report, go to

www.annualcreditreport.com

Honoring God With Our Money: Dealing With Debt

This week lesson in our series on honoring God with our money covers way to deal with debt and to build credit. Today we will look at steps to pay off debts and ensure that debt does not entrap.

Steps to Dealing with Debt

1) Determine in your heart to repay all your debts, as the Lord enables you.

Psalm 37:21 The wicked borrow and do not repay, but the righteous give generously.

2) Establish a payment schedule that includes all creditors.

Make a list of all debts from smallest to largest and/or according to interest rate.
Determine to first pay off either (1) the smallest debt or (2) the debt with the highest rate of interest.
Make minimum payments on all debts but the one to be paid off first.
Allocate as much money as possible each month to paying off the debt being retired first.
When one debt is paid off, concentrate efforts on the next debt to be paid off.

3) Contact creditors and asks for a lower interest rate. Many lenders will lower the interest rate to avoid default.

4) Contact all creditors, honestly relate your problems, and arrange an equitable repayment plan.

5) Buy on a cash basis, and sacrifice your wants and desires until you are current. Allow God to meet your needs without taking on more debt.

Psalm 37:7 Be still before the Lord and wait patiently for him

6) Do not cosign for another person unless you are able and willing to pay off the debt if he/she cannot do so.

Proverbs 22:26-27 Do not be one who shakes hands in pledge or puts up security for debts; if you lack the means to pay, your very bed will be snatched from under you.

7) Do not count on future raises to pay for today’s expenses.

James 4:13-15 Now listen, you who say, “Today or tomorrow we will go to this or that city, spend a year there, carry on business and make money.” Why, you do not even know what will happen tomorrow. What is your life? You are a mist that appears for a little while and then vanishes. Instead, you ought to say, “If it is the Lord’s will, we will live and do this or that.”

If you are dealing with overwhelming debt, you may need to seek assistance from a debt counselor. Also seek help from the One who supplies all of our needs. God wants to help you and is waiting for you to bring your burdens to Him. Psalm 55:22, “Cast your cares on the Lord and he will sustain you; he will never let the righteous be shaken.”

Please feel free your tips for dealing with debt.

Honoring God With Our Money: Practical Money-Management Tips (Part 3)

This week’s lesson on honoring God with money focused on practical money-management tips. These ideas have been culled from books, magazine articles, and internet sites, including Crown Financial Ministries and Christian Financial Concepts.

Today’s tips focus on ways to save on vacations and recreation, gift-giving, as well as general savings tips.

Saving on Vacations and Recreation:

Take a stay-cation. Take days trips to sites of interest in your general locale, go on picnics, visit museums, etc.
Consider a camping vacation to avoid motel and food expenses. Christian friends can pool the expenses of camping items.
Use Netflix or Redbox instead of going to the movies. Also, saves on popcorn and soda.
Have family games nights.
To reduce expenses and increase fellowship, consider taking vacation trips with two or more families
If flying, use the least expensive coach fare (i.e., late night or early morning usually saves 10 percent to 20 percent).
Check out books and movies from the library.

Ways to Save on Gift-Giving:

Shop ahead for birthdays and anniversaries. Look for sales.
Make gifts. Learn new skills, such as sewing and knitting.
If your family is large, draw names. Or only buy Christmas gifts for young children and immediate family members.
Help children earn money to shop for gifts.
Consider sending cards rather than gifts.

General:

Look for things you need on Craigslist.
Take unwanted items to consignment stores.
Have ‘planned’ leftovers for lunches and dinners on busy nights.
Use your curtains and/or blinds to hold in heat in the winter and keep out heat in the summer.
Wash clothes in cool or cold water. Washing in cold water rather than hot water saves 60 cents per load.
Don’t buy bottled water or $3 cups of coffee.
Hang clothes out to dry.
Cut out or reduce cable expenses.
Reduce cell phone expenses. Consider eliminating your land line.
Down pay for music downloads—burn CDs at the library
Eliminate magazine subscriptions and look for articles online.
Dishwashers save more water than hand washing dishes.
Take reusable bags when you go shopping.
Reduce, reuse, and recycle.
Frame your own photos and art work to hang on the wall.
When ordering online, look for free shipping.
Don’t spend change. Put it in a jar and cash it in at the end of the year.
Put half of birthday money/gifts in savings.

Will your family be taking a ‘stay-cation’ this year? What fun activities do you have planned?

What other tips do you have for saving money?

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