The plans of the diligent lead to profit as surely as haste leads to poverty- Proverbs 21:5
A few years ago, Gallup released a poll that said one in three Americans prepare a detailed household budget. When you compare that with a similar stat that says that 70% of us are living paycheck to paycheck it is painfully obvious that most of us are flying blind. Is it any surprise that the financial stress in our culture is palatable?
One of the key components of being well managed in your finances is to have a written working budget. We say that not just because we like budget (though we do like budgets), but because year after year we sit down with families who are working through the consequence of not having a firm handle of where their money is going? Consequences like
Every day, we have clients start a new financial journey where they are trying to sharpen their money skills so that they can reach the goals that they have set in front of themselves. Sad is the day when you are unable to make progress towards the life that you feel God has for you. Coincidentally, the area that holds many of us back is our personal finances. Some of us are really good at managing our money and others of us stink. Quick evaluation- on a scale from 1-10 how do you manage your money.
I lift up my eyes to the mountains— where does my help come from? My help comes from the Lord, the Maker of heaven and earth.
I made a $500 mistake in my checkbook. Not good. At Christmas. Really not good.
I have spent the morning trying to figure out what I did and unfortunately, I found it. I screwed up. Just didn’t write a couple of expenses down in my checkbook. Mistakes like this can put the screws to what is looking like a tight Christmas to begin with. I have to admit, my gut reaction is to panic. But then I remember- this is not the first time that God has gotten me out of a tight jam. This is definitely not my first rodeo, nor will it be my last.
We have created a short online class to talk through some key ideas about managing your personal finances. The class is FREE. Click here to register for the class and get more information.
Class Description– Gallup recently release a poll say that only 1 in 3 families have a working budget. Having coached families for 10 years now we have seen first hand the pressure that the lack of a plan brings. With so many people living paycheck to paycheck (70-80 percent). It is time to add some structure to the chaos. That is what this course is about. We will give a quick overview of key areas that will help you evaluate the way you manage your finances. And along the way help you become a generous manager.
The course is free but you can also sign up for a coaching session to talk through your Simple Budget for $100. Enter this code for $50 off the coaching session- TSB50
Crisis come in all shapes and sizes. As I write this, the whole world is experiencing the Coronavirus Pandemic. We are all huddled at home watching the news trying to figure out when the government is going to give us the all clear. In this particular crisis we are all struggling with the vulnerability of our health and our finances.
If you happen upon this article at a later time- the crisis you may be experiencing may not be as life altering as a pandemic, but a crisis is a crisis no matter the cause.
I assume that the reason that you are checking out this booklet is that you or someone you know is experiencing some kind of financial challenge. The content contained here is very basic and is meant to be a quick reminder of how to manage your finances in a crisis.
Our ministry has coached hundreds of families through many difficult situations. From sudden job loss, divorce, medical emergencies, transitions and the like. We find that there are few basic things that you need to be working through and evaluating. That is the purpose and content of this study. We want to help you work through 7 Financial Ideas for Weathering a Crisis.
We don’t know what kind of problem you are going through. But we are sorry you are where you are, and we do hope that this exercise will be helpful. If you would like to talk to a Freedom 5:one Financial Coach go to our website (www.freedom5one.com) and contact us. We would love to help.
Click here to download this on our Financial Hotline.
It happens every year. I see the pristine Christmas scene and the doting husband who takes his unsuspecting wife outside with her hands over her eyes and surprises her with a new car. You know the one with the big red bow on top. And I daydream about replacing my wife’s 2007 Corolla and she thinks that I am the most wonderful husband ever. Until this year… Continue reading “How Much Car Can You Afford?”→
I wasn’t sure if he was going to have a nervous breakdown right there at my desk or not. He kept saying over and over, “But they said that I could afford it.” His wife looked at me with pleading eyes to comfort him as she went in the other room to tend to their children. Finally, I mustered the courage to tell him what the numbers said. As gently as I could, I told him, “Buddy, I don’t care what they told you. Your housing expenses are a 42% of your income and the reason you are in my office today is YOU HAVE TOO MUCH HOUSE.” He left shortly thereafter and I never saw him again. He had gained the missing piece of the puzzle. Continue reading “How Much is Too Much House?”→
My (Tim) wife and I have been married for over 30 years. And despite all her great strengths (which are many by the way) she struggles in the area of staying on budget in our household budget- or so it would seem. A few years ago, she returned from the grocery store and I could tell as she walked in the house that she was overbudget yet again. For 20 years we have had the same issue- she buys groceries, she overspends, I get frustrated, she feels bad, I look at that pretty girl who serves our family so faithfully and I overlook the overspending and we move on. Until that fateful Saturday. Continue reading “Winning the Battle at the Grocery Store”→