After that, prioritize your expenses from most important (such as medical or insurance) to least important (unsecured debt such as credit cards) and pay them in that order.ĥ. Put your family first, and start with the “four walls” essentials: food, utilities, shelter, and transportation. Prioritize your spending. ( 1 Timothy 5:8) You can create a crisis budget using the template from Crown Financial found here or use free budgeting apps such as EveryDollar Basic or Mint.Ĥ. When you have reduced or no income, it is essential to account for every dollar you spend wisely. Create and live on a budget. ( Proverbs 24:27, Luke 14:28) Slow down and seek Godly counsel from spiritually mature people whom you trust.ģ. Perhaps the worst thing you can do in a crisis is to make a decision in the midst of emotion and turmoil. Don’t panic or make impulsive decisions. ( Proverbs 12:15, Proverbs 19:20-21) Seek out testimonies for encouragement.Ģ. Get advice from those who have successfully navigated a financial crisis by managing their money according to scripture. Here are 20 practical ways, with a basis in scripture, which I have found can help you work through a financial crisis:ġ.Seek wise, Godly advice. ( Proverbs 11:14, Proverbs 15:22) To break that cycle, I look to God’s truth in scripture for answers as 2 Timothy 3:16 says, “ All Scripture is breathed out by God and profitable for teaching, for reproof, for correction, and for training in righteousness.” Thus, I ask myself, “Is there scripture which speaks, directly or indirectly, to my situation?” and “How can I best apply it to my current circumstances?” This can become a vicious cycle that will quickly make you feel overwhelmed and powerless. To compound things, the unfortunate reality of a crisis is it can expose our weaknesses (emotionally, spiritually, relationally, and financially), causing us to struggle and lose focus, which subsequently makes us even more fearful and anxious. Similarly, many of you are facing struggles ranging from job or income loss and the numerous consequences which come with that to deal with the anxiety and fearfulness of an uncertain future. Also, although my job as a bank manager is considered essential and I am still employed, my level of stress has dramatically increased as I negotiate the challenges of managing an anxious staff and clients while being available 7-days a week at all hours by phone-the result: much less income, much more stress. Like many of you, the economic impact of the current COVID-19 pandemic has become particularly personal to my family as her company recently notified my wife that her position is being eliminated.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |