Tag: Susan Elizabeth Ball author

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.

Letters to Mother from College

Title of book, Letters to Mother from College, and a picture of a college dorm on a southern campus

New Book—just published 

My newest book, Letters from Mother from College, is now available on Amazon. 

Will Polly discover God’s plan for her life in a small southern college?

Letters to Mother from College was inspired by the letters my mother wrote home during her first two years of college.  Mom was the only child of a single mother, and they were very close.  At 17 years of age, Mom left her home in Pennsylvania to attend a small college in a small Southern town.  Everything was new and different, and Mom wrote about her experiences in frequent, lengthy letters.  It appears that my grandmother kept every letter my mother ever wrote to her.

We discovered the letters after my grandmother passed away.  Mom wanted to toss the letters, but I took them and kept them for “safe keeping”.  Occasionally, I considered ways to share the letters with my siblings.  I began reading them in order a few years ago, after my own mother had passed,  and they were enlightening and engaging.  The letters inspired me to write at story, and I simply needed to add some details.

The letters provided the framework for the novel.  Many of the details were added from family stories that my mother told us or were fabricated from my imagination.  However, the primary elements of the story are the actual experiences my mother had as she adjusted to college life and being away from her family for the first time.

I hope that you will enjoy this look at college life in the 1950’s.  Polly discovered that God was directing her path and had a wonderful plan for her life.  God also has a wonderful plan for your life.  I pray that you will open your heart to the Lord and allow Him to direct your footsteps.

“And we know that in all things God works for the good of those who love him, whohave been called according to his purpose.”  Romans 8:28

If you have never considered that God loves you and created you for a purpose, you may not have experienced the joy of knowing Jesus Christ as your Savior and having your sins forgiven. Please click on Basics of Salvation in the tool bar above to learn how you can invite Jesus to be your Lord and Savior.