Dear Chuck,
Should I participate in my company’s offer of a Health Savings Account? I don’t get sick often and feel it is too expensive.
Help with HSA
Dear Help with HSA,
A Health Savings Account (HSA) is a great way to manage the cost of healthcare. If you are qualified and able, I suggest that you take advantage of the opportunity; however, there are some possible downsides.
The program was established for those who elect to have high deductibles on their health insurance coverage. The idea is that high deductible coverage lowers the cost of being insured but requires more out-of-pocket cash when the insurance coverage is needed. Thus, an HSA account allows for automated savings to be used when cash is needed to cover the higher deductibles.
Imagine that you elect to have a $5,000 deductible on your health insurance policy to bring your monthly premium payments down. This means you will need to be ready to pay up to $5,000 out of pocket when you have a medical procedure. An HSA is intended to help you have this amount set aside.
How It Works
The program is an automated savings vehicle for funds that are deposited into a restricted-use account for future medical needs. You set the amount from payroll deductions. The amount is tax-exempt, which is a significant benefit over a personal savings account. Even though you may not presently use it often, the funds can be invested to grow and increase for future needs as you age.
HSAs cover certain medical expenses while helping you save money and strengthen retirement planning. The rising cost of healthcare in America warrants wise building and management of this asset.
Currently, HSAs are only available to those with a high-deductible health plan. They are so beneficial that Senator Rand Paul wants to expand the qualifications so that everyone can have access. He is sponsoring the Health Savings Accounts for All Act. I hope it passes so more people can participate.
HSA Facts
Eligibility is denied if you are:
To contribute in 2025, you must be enrolled in a high-deductible health plan of at least $1,650 for self-coverage and $3,300 for family. Total out-of-pocket costs are limited to $8,300 for self-only or $16,000 for a family.
In 2025, you can contribute $4,300 to an HSA if single or $8,550 if you have family coverage. At age 55, you can make catch-up contributions of an additional $1,000 if not enrolled in Medicare. The 2024 tax deadline for contributing to your HSA for 2024 is April 15. Contributions for 2024 are $4,150 (single) and $8,300 (family).
Prior to using your HSA, make sure you understand the eligible and ineligible expenses. Keep good records, and track your contributions to claim eligible deductions to make tax filing easier.
Some Words of Caution
Contributing to an HSA does not eliminate the need for an Emergency Savings account or setting aside money for retirement. You don’t want to make contributions to a restricted, tax-exempt account only to find you have to withdraw the money for another emergency. You will face the possibility of penalties and lose any advantages you may have initially gained.
Prioritize establishing a minimum of three months of living expenses in your Emergency Savings account before you begin contributing to your long-term retirement accounts or an HSA.
Money contributed to an HSA can remain in cash and money market accounts or be invested in mutual funds. If you invest it, know that it is at risk of decreasing in value. Your health issues and age are determining factors in planning. If you anticipate the need for funds in the near future, you may want to avoid possible loss due to market volatility and stick with cash or money market funds. Research your options because fees, interest rates, and investment options vary. I recommend seeking wise counsel from several sources. For more information, check the pros and cons at Bankrate, Wallethub, and Investopedia.
Those with high medical needs may benefit from plans with lower deductibles and copays, which would presently disqualify you from participating in an HSA. Each person must seek the route that best suits their unique needs and, ultimately, the Lord for guidance in decision-making.
With God are wisdom and might; he has counsel and understanding.
Job 12:13 ESV
This is an update to an HSA article from 2017.
For help with budgeting so that you can begin saving more, consider a Crown budget coach. He or she can work with you to develop a customized spending plan and debt-elimination strategy.
This article was originally published on The Christian Post on March 7, 2025.
Dear Chuck,
I got some crazy tattoos while in the Marine Corps when I was single. Now my wife wants me to get rid of the ones she does not like. I tell her that besides being super painful, it is a waste of our money. Any advice?
Split over Tattoos
Dear Split over Tattoos,
Your wife is certainly not alone in her position. This topic is front and center since tattoos have gone mainstream over the past decade. In the US alone, about $1.5 billion was spent on tattoos in 2024.
Tattoo Regret
The trend on social media called “tattoo regret” is leading many to consider removal. Comedian and former “Saturday Night Live” cast member, Pete Davidson, has been in the process of “burning” off most of his 200 tattoos. He describes the experience as “horrible.” Regardless, the removal market has grown exponentially due to the availability of safe options. $478 million was spent in 2019, and over $1 billion was spent in 2024. An estimated $3.57 billion is projected to be spent by 2032, according to Allied Market Research.
Reasons for tattoo removal:
Types of Removal
Since tattoos are designed to be permanent, complete removal is difficult. Skin color variation and scarring may occur regardless of the method used to eradicate the tattoo. Methods vary due to size, color, age, location, and clinician or physician’s experience. The following may be used: laser, dermabrasion, surgical excision, subcutaneous injections, chemical peels, and removal creams.
Here are some evolving removal processes:
They deliver energy pulses in trillionths of a second, breaking down ink into tiny particles that are easier for the body to naturally eliminate. Less scarring occurs, and fewer sessions are required, thus reducing costs.
These treatments are customized based on the colors and depths of the ink. The risk of skin damage is minimized, making it safer for varied skin tones.
Unique needs are met with this data-driven approach that maximizes effective treatments and minimizes discomfort and side effects. It can analyze before-and-after images, effectiveness, and needed adjustments.
Cryogen-based and air-cooling systems are used to numb the skin before and during laser treatment. Topical anesthetics are becoming more effective and giving longer-lasting relief. Virtual reality (VR) is being researched by some clinics to distract clients from discomfort during treatments.
Cost of Removal
According to the American Society of Plastic Surgeons, the average cost of laser removal is around $700. However, additional fees must be considered: facility, surgeon, and anesthesia fees, medical tests, and prescriptions. Also, many trips are required, and healing time out of the sun is necessary, which may cut into your work hours or vacation time. Some estimate that the removal of many tattoos can spiral up to hundreds of thousands of dollars before they are all removed.
See a cost chart here: https://www.healthline.com/health/tattoo-removal-how#methods.
See a cost calculator here: https://ctrlcalculator.com/misc/tattoo-removal-cost-calculator/.
To Remove or Not to Remove?
The story of Pete Davidson is worthy of consideration. He spent more than $200,000 over a multi-year period to completely remove his tattoos. His advice is to make sure you really want to get it in the first place!
If it is just a few tattoos your wife finds offensive, consider the cost, save the money to be able to afford it, and honor her requests. The best solution is the one that brings peace to you and your spouse. Explore the data I have provided, and do your own research. Then the two of you will need to discuss, pray, and make a unified final decision. Thanks for the question.
If credit card debt is another regret, Christian Credit Counselors is a trusted partner of Crown. They are a valuable resource to help consolidate debt and get on the road to financial freedom.
Dear Chuck,
Our “Dear Leader” Elon Musk seems to have taken over the federal government. Are you concerned yet?
No Fan of DOGE
Dear No Fan of DOGE,
Today’s question is taken from an actual offline conversation I had with a friend who sarcastically used the term “Dear Leader” to refer to Elon Musk. We ended up in a polite and meaningful exchange over whether the Department of Government Efficiency (DOGE) is a blessing or a curse. I decided to provide a more thoughtful reply for the many who may be wrestling with the same concerns.
Egotistical Dictator or Heroic Innovator?
Referring to anyone as “Dear Leader” is typically used to criticize a government official or political leader, suggesting authoritarianism, excessive control, or a cult of personality. The phrase is most famously associated with Kim Jong-il, the former dictator of North Korea. His leadership was characterized by extreme propaganda, strict control over citizens, and suppression of dissent. Having studied the motivations and methods of economies ruled by authoritarian leaders, this comparison falls flat because the goals of DOGE are exactly the opposite. Elon Musk has been tasked as a non-compensated, non-employee to provide technology tools to identify fraud, waste, and abuse of government funds. He has aptly framed the challenge as an effort to empower the people (taxpayers like you and me) vs. bureaucratic engines that have operated without real accountability for the stewardship of taxpayer funds.
To better understand the man and his modus operandi, I will refer to Walter Isaacson’s 2023 authorized biography entitled Elon Musk. I read the book with great interest as soon as it was released, which was well before Elon became actively involved in President Trump’s reelection campaign. The famed journalist and best-selling biographer followed Elon for two years, interviewing his friends, family, and adversaries. I found the book surprisingly transparent and balanced.
The book chronicles Elon’s sweeping achievements through investing in or leading modern companies that disrupted the status quo in multiple industries, ranging from online payments (PayPal) to automobile manufacturing (Tesla) to tunnel boring (The Boring Company) to satellite-based internet service (Starlink) to transforming the social media platform formerly known as Twitter (X.com) to the most successful private rocket venture in history (SpaceX). While pointing to his unparalleled commercial successes (which made him presently the richest man on the planet), the book does not attempt to gloss over his immoral lifestyle and challenging personality. Elon is able to quickly identify and focus on the key challenges, solve them, and move on to the next. He is generally impervious to what others think of him and has been known to fire employees on the spot without concern for their feelings throughout his storied career.
My key takeaway from the book, which is relevant to the question at hand, is the method Elon developed to create these remarkable, powerful ventures. He suffered enormous stress while attempting to save Tesla (currently one of the most valuable automobile companies in the world) from bankruptcy and created what he now calls his “algorithm” to solve complex problems.
Things happening with DOGE will become much clearer by looking at an abbreviated format of his algorithm (quotes taken from Isaacson’s book):
Here are some ancillary thoughts and principles regarding Elon’s management approach:
Staving Off Bankruptcy for Uncle Sam
In 1994, Crown’s late founder, Larry Burkett, wrote a nationwide best-selling book titled The Coming Economic Earthquake. It warned of the dangers of an economic collapse if our federal government was unable to control its spending and borrowing. He called for better stewardship of our national assets for the benefit of every American. Saving our nation from fiscal ruin should not be a partisan issue. Musk, who happens to be the largest individual taxpayer in American history, with an estimated $11,000,000,000 (11 billion) in taxes paid, has voiced the same concerns.
Elon has openly stated many times that he believes America is on the path to bankruptcy—and quickly. If you are paying close attention, he is not exaggerating his concerns:
“America is headed for de facto bankruptcy very fast,” Musk posted to X, quoting a warning from a finance account: “The U.S. government is on pace to spend about $1.4 trillion for interest payments on the $36 trillion in debt during 2025. That will be about 28% of all government revenue going to interest payments.”
The consequences of a collapse of the US Dollar would have far more devastating and lasting consequences than the temporary pain and turmoil being caused by the painful and abrupt reduction in the largesse of our federal bureaucracy.
America has long needed to gain control of our runaway federal spending and subsequent debt and return to a place of real credibility in the “good faith and credit of Uncle Sam.” Traditional efforts to adopt a bipartisan “austerity plan” in which the federal budget is tightened, we learn to live within our means, and we collectively work toward paying down our $40,000,000,000,000 (40 trillion) of debt have failed. We have all heard it talked about, hotly debated, and even feebly attempted, but no meaningful action resulted—until now.
While unorthodox and unsettling to some, Elon’s “algorithm” is the basis of how DOGE is approaching the seemingly impossible task of steering the American government away from the cliff of national bankruptcy. It has worked for him repeatedly in business, and now he is using this approach in government—something most never expected would happen.
Elon Musk has put everything on the line to fix a massive problem. Saving the nation from bankruptcy could be the single greatest achievement of Elon Musk’s life. It may not only save America, but in the long term, it will also bless every citizen, every creditor of our nation, and every freedom-loving country that depends on us for economic prosperity and national security. If we survive and prosper, millions around the world will also survive and prosper. If this ship sinks, we are in the boat together.
He is not a perfect man nor a “Dear Leader.” He is, however, a courageous man willing to take the stress, heartache, rejection, and hatred necessary to attempt to save us from our fiscal madness. For that, we should be grateful, without placing our faith and confidence in a man, regardless of their achievements.
“Some trust in chariots and some in horses, but we trust in the name of the LORD our God.”
Psalm 20:7 ESV
Most of us can agree this fiscal exercise is necessary, but it does come with a painful human toll. Some will experience loss, grief, and career displacement. For those, we should be empathetic. Believers should demonstrate genuine compassion to those suffering job or funding loss, shock, and fear. Neither good stewardship of our national funds nor compassion for our neighbors should be a partisan issue.
Do you want more tools and tips on financial stewardship? Are you interested in receiving ministry updates from around the world? Sign up to receive the Crown Newsletter emails by using the form on the homepage at Crown.org.
This article was originally published on The Christian Post on February 21, 2025
Dear Chuck,
I’m a small business owner concerned about the decline in real friendships. My business is built on them, but most of my young staff think social media is enough. Have you ever written about friendships and business growth? If so, where?
Friends Are Priceless
Dear Friends Are Priceless,
What a great topic! I have never written about this but totally understand your concern and correlation to business. I have asked my staff to do some research on your questions.
While friendships are personal and often a challenge to realistically quantify, we are witnessing some of the harmful effects in our society of mandatory COVID isolation, remote schooling, and work-from-home situations. Plus, for some, technology has become a substitute for human relationships. As a result, many do not know what they are missing.
Friendships are a blessing from God that enriches our lives. They bring happiness, wisdom, encouragement, and laughter while stretching us to be our best. They comfort us during stressful times and bolster us with courage when fear threatens peace. They add a level of accountability and discipleship to our lives. I have always said that my true friends multiply my joy and divide my sorrow.
God said, “It is not good for man to be alone.”
God, our Creator, knew that we needed companionship. We are designed to live in fellowship with Him, our spouse, our family, and each other. These relationships are the source of our true riches, which are all the things money cannot buy.
The number of friends is less important than the quality of friends. Research shows that the average person has three to five very close friends, 10 to 15 people in their circle, and 100 to 150 acquaintances in their social network. Close friends are those you can trust with anything and vice versa. For believers, these relationships will make you a better person. They are those who willingly speak truth into your life and expect the same of you; they are those with whom you can be completely transparent without the worry that they will reject you.
Science-Backed Benefits of Quality Friendships
Make you healthier
Make you happier
Make you feel safe
Strengthen immunity
Improve mental health
Are associated with a longer life
Linked to financial strength
Expert Tips for Making Friends
Tracey Brower PhD: “Make strategic investments of your time to enhance your sense of belonging. When you reach out to initiate activities, open up and also support others, you’ll achieve terrific friendships and fulfillment—leading to experiences of closeness and wellbeing.”
Marisa G. Franco Ph.D.: “When you assume people like you, you are friendlier, and the more they really will like you. Affirm, compliment, and praise others for what you appreciate about them or something they said. It wins friends.”
Jane Story at The Gospel Coalition: “We all want to be known and loved.… Initiate and respond.… Listen and ask questions.… Move toward difficult things.… The real secret sauce of the deepest relationships is their endurance through tough things.… You’ve got to lean in… even if you have no words to say…. It’s more important to show up and feel uncertain than it is to be perfect.… It is because we are already loved and secure that we can offer friendship to others. Extend the love of Christ to those around you. Lifelong friends will appear.”
If you desire to get to know someone better, invite them to:
Run errands with you.
Walk or work out.
Volunteer with you.
Attend a community event, museum, arboretum, lecture, etc.
Have coffee with the goal of getting below the surface.
Attend a small group or Sunday School class with you.
Shop and share bulk products.
Financial Benefit of Friendships
Social skills are a key determinant of wealth because they are necessary to effectively interact with people. There’s a saying, “Your network is your net worth.” Friends impact our financial health in a number of ways: when seeking employment or a career change, for counsel about handling money or running a business, and to connect to a broader network of individuals. They pray with and for us, encourage us, sharpen us, lend a helping hand, and strengthen us. You never know how a friend of a friend can help in time of need.
What the Bible Says About Friendships
One of the greatest examples of friendship we read about in the Bible is between David and Jonathan. 1 Samuel 18:1 says that “the soul of Jonathan (the son of Saul) was knit to the soul of David, and Jonathan loved him as his own soul.” (ESV, parentheses mine)
John 15:13: “Greater love has no one than this, that someone lay down his life for his friends.” (ESV)
Proverbs 17:17: “A friend loves at all times, and a brother is born for adversity.” (ESV)
Proverbs 27:9: “Oil and perfume make the heart glad, and the sweetness of a friend comes from his earnest counsel.” (ESV)
Ecclesiastes 4:9–12: “Two are better than one, because they have a good reward for their toil. For if they fall, one will lift up his fellow. But woe to him who is alone when he falls and has not another to lift him up! Again, if two lie together, they keep warm, but how can one keep warm alone? And though a man might prevail against one who is alone, two will withstand him—a threefold cord is not quickly broken.” (ESV)
Luke 6:31: “And as you wish that others would do to you, do so to them.” (ESV)
Proverbs 18:24: “A man who has friends must himself be friendly. But there is a friend who sticks closer than a brother.” (NKJ)
Proverbs 18:1: “Whoever isolates himself seeks his own desire; he breaks out against all sound judgment.” (ESV)
Proverbs 22:24–25: “Make no friendship with a man given to anger, nor go with a wrathful man, lest you learn his ways and entangle yourself in a snare.” (ESV)
Thank you for the great question. I hope you will share this with your staff too.
I’d like to invite you to join a free Crown Bible study on the YouVersion app. We have several devotionals regarding money and stewardship that will provide encouragement by bringing God’s Word into your daily life.
This article was originally published on The Christian Post on February 14, 2025.
Dear Chuck,
Valentine’s Day seems bogus to me; yet I’m feeling the pressure to do something special. Any tips for someone who is broke?
Broke on Valentine’s Day
Dear Broke on Valentine’s Day,
I feel your pain, having been exactly there a few times in my past. While the holiday may seem bogus to you, it may not be to the one you love. So many feel the pressure to go all out on gifts for Valentine’s. Bombarded with advertisements, it is easy to spend far more than one can truly afford.
Last year, total spending for Valentine’s Day approached $26 billion! The average American spent $136 on significant others and family members. Most money went toward jewelry, but candy or flowers were purchased more than anything else. Gifts were also purchased for pets, classmates, teachers, friends, and coworkers. Yet some research suggests that more than nine billion dollars of gifts were unwanted by the recipients. Ouch!
Expressing Your Love Does Not Have to Be Expensive
With a little time and thought, you can express your love in ways that won’t jeopardize your financial well-being. Be creative. Write a letter, make something, or plan an experience instead of buying gifts. Prioritize time with loved ones. Research shows that experiences are often remembered longer than gifts.
Setting a budget will free you from overspending. Giving what you can afford will prevent unnecessary stress. In fact, you can make an eternal impact this Valentine’s Day by committing yourself to be a godly steward. You will demonstrate love to God and your family that can impact generations.
Keep an Eternal Perspective
Jesus didn’t die on the cross so we could pursue what the world says is important. We were bought at a price, and by His love and grace, we are beckoned to come, serve Him, and build His Kingdom—not our own.
You become a steward when you acknowledge that you are not an owner but God’s temporary manager. And in that role, you are required to be faithful to His purposes. Regardless of whether He’s entrusted you with a little or a lot, seek Him first, and allow Him to have total control over your finances.
Paul told the Galatians: “I have been crucified with Christ. It is no longer I who live, but Christ who lives in me. And the life I now live in the flesh I live by faith in the Son of God, who loved me and gave himself for me.” (Galatians 2:20 ESV)
Our ambition should be to become rich toward God, not rich in the eyes of men. When that becomes your heart’s desire, you’re on the path to hearing, “Well done, good and faithful servant.” (Matthew 25:23)
Your self-worth isn’t tied to purchasing gifts, so why spend more than you can afford? If you’re worried about impressing someone, perhaps you need to rethink that relationship!
We love because God first loved us. So love one another free of financial stress and worldly expectations. Here are some no/low-cost ideas my wife gathered:
Loving well doesn’t have to cost a lot. Just make people feel special by showing thoughtful consideration of their importance and value to you. Devote time talking together and listening carefully, remembering that we love because He first loved us.
Crown’s course Money Dates helps spouses and engaged couples connect on the topic of money. Making financial decisions together as a unified couple will help to eliminate financial stress.
This article was originally published on The Christian Post on February 7, 2025.
Dear Chuck,
I am a recent widow. I have been advised to move my investments out of foreign stocks due to possible economic turmoil under our new administration. My advisor is not a Christian; what Biblical principles can guide me?
Worried Investor
Dear Worried Investor,
That is very interesting advice from your investment advisor and seems to me like a bit of a knee-jerk reaction. Possibly, he is reacting to the rhetoric about tariffs or promises of “the golden age of America” coming from President Trump. The world is a very big place, and there are many great companies outside of the United States that may or may not perform very well in the long run. It concerns me that he is advising you to make changes with blanket statements apparently based on more of a hunch than a careful analysis of each company or asset in your portfolio.
I have written in the past that the United States stock market tends to perform about the same under a Democratic or Republican President, so it is always best to be measured and steady.
I do not give investment advice, and certainly, your advisor may turn out to be correct. However, you requested that I point you to the Biblical principles that can guide you as you interact with your professional advisor. Here is a framework that will help you make a better decision.
Biblical Investment Principles
First, invest only in those things which you understand. Proverbs 27:23 (NIV) says, “Be sure you know the condition of your flocks, give careful attention to your herds.” Imagine having your investments in sheep and depending on someone to make all the decisions for you. It is far better to know for yourself what is going on with your sheep. In fact, we are instructed to “pay careful attention” to any investment that we have made.
Recommendation: Ask your advisor for an analysis of the stocks, funds, or individual companies that may be impacted by this decision before you agree with his recommendation. Look at each one in detail if possible, and determine if some or all should be terminated.
Second, diversification is safer than concentration. Solomon advised in Ecclesiastes 11:2 (NIV): “Invest in seven ventures, yes, in eight; you do not know what disaster may come upon the land.” If you do the math, we are instructed to limit our investments to no more than 12–15% in any single asset class. I am often asked by nervous, security-conscious investors if they should “put everything into gold”—not according to the Bible. Diversification is suggested based on the reality that no man knows the future. We can use our minds, do an analysis, and avoid making foolish mistakes, which is what I am suggesting in this case.
Recommendation: Determine the percentage of your total investment funds that are currently in “foreign stocks.” If it is small and the companies are excellent, you may want to leave it there. If you are “overweighted,” meaning you have too large of a percentage in foreign stocks, you should make appropriate adjustments.
Third, never get in a hurry. Proverbs 21:5 (TLB) says, “Steady plodding brings prosperity; hasty speculation brings poverty.” Trying to guess where the market is going is a recipe for disaster. Warren Buffett was once asked if he looked at the stock market changes every day. He famously replied that if anyone needs to look at the market price of their stock every day, they should not be investing. His point is that it takes time for an investment to grow.
Recommendation: Think of your investments like planting a tree versus buying a ticket on a racehorse. If you are elderly, that will have an impact on how long you keep the tree planted versus harvesting the fruit.
Finally, get multiple advisors. Proverbs 15:22 (ESV) says, “Without counsel plans fail, but with many advisers they succeed.” You are taking a great step by asking for other opinions. Please consider me one of many advisors you may ask about this decision.
Recommendation: Gather the information that I have suggested above, and meet with two or three trusted friends who have nothing to gain from advising you. Ask if they agree with the recommendation based on the data that you present. This will give you peace of mind and likely a far better result.
Expert Perspectives
Doing your own research will help you have a better perspective. Here are some sources from experts, along with their economic outlook and expectations:
“While we fully expect Trump to enact tariffs and continue using tough rhetoric, the results may not be as dramatic as some may think. . . . We enter 2025 with a reminder: Successful investing requires a long-term perspective and balanced philosophy centered on reaching your goals.”
“An effective goals-based investment approach assumes unexpected twists and turns in the market are inevitable and can provide investors with the ability and confidence they need to ride out volatility,” says Glenmede’s Chief of Investment Strategy and Research, Jason Pride, and VP of Investment Strategy, Mike Reynolds.
Many professionals see the first six months of 2025 as a time of ups and downs. Investors should seek to create a portfolio that is “market-neutral” so that it performs well regardless of how the market moves day to day.
Some analysts claim that President Trump’s proposals to cut taxes, enact tariffs, and reduce regulations should create a market euphoria. Others believe that a major correction is coming and that extreme volatility could spur a crash. Keep a healthy amount of cash on the side, and invest it when certain sectors are temporarily down.
Tariff proposals are fueling volatility and uncertainty for investors. Some sectors may benefit, but the overall economic impact is unpredictable.
To Reduce Your Worry
Renew your mind on God’s Word. Keep an eternal perspective regardless of what happens with your investments, the US economy, or President Trump’s next term in office. Our God knows your needs, and He will take care of you.
“Some trust in chariots and some in horses, but we trust in the name of the Lord our God.”
Psalm 20:7 (ESV)
“Thus says the Lord, ‘Let not the wise man boast in his wisdom, let not the mighty man boast in his might, let not the rich man boast in his riches, but let him who boasts boast in this, that he understands and knows me, that I am the Lord who practices steadfast love, justice, and righteousness in the earth. For in these things I delight, declares the Lord.’”
Jeremiah 9:23–24 (ESV)
“Trust in the Lord with all your heart, and do not lean on your own understanding. In all your ways acknowledge him, and he will make straight your paths.”
Proverbs 3:5–6 (ESV)
Do you want more tools and tips on financial stewardship? Are you interested in receiving ministry updates from around the world? Sign up to receive the Crown Newsletter emails by using the form on the homepage at Crown.org.
This article was originally published on The Christian Post on January 31, 2025.
Dear Chuck,
I want to help my elderly parents who live on a fixed income. I don’t want them to get penalized with taxable income. Can you advise me?
Helping My Elderly Parents
Dear Helping My Elderly Parents,
This is certainly not uncommon. Since I don’t have many specifics about you or your parents’ financial picture, my advice will apply to a broader audience than just your situation.
In 2025, you can give $19,000 to any number of people without penalty. If married, you and your spouse can give double that amount per recipient. You can pay medical bills directly to a healthcare provider on behalf of someone, and those payments (after insurance reimbursement) are not subject to gift tax.
In 2020, AARP reported that 32% of adults ages 40 to 64 provided financial assistance to their parents. 42% anticipated they would be doing so in future years. A survey at Caring.com revealed that over half of Americans ages 25 or older are claiming senior parents as dependents on their taxes in 2024.
If married, make sure you are united in the decision to help your parents. Secondly, do not compromise your own financial stability in the praiseworthy effort of assisting them. Even though they are on a fixed income, there may be underlying issues that need attention.
Ways to Discuss
Approach your parents before obvious help is needed. Express honest concern about their finances and well-being. Listen carefully without revealing shock, anger, or disappointment if poor financial decisions have been made. Seek clarity, but avoid making them uncomfortable. Once trust is gained, ask if they would be willing to assemble their financial records for you.
Meredith Stoddard, VP of Life Events Planning at Fidelity, suggests explaining why you’re interested in their money in the following manner: “I’d like to become involved now, so that if the time comes for me to take over, your voice will be in my head. I’ll know how to do things and what your wishes are.” For conversation starters, read the article here.
Ways to Help
Instead of giving money, sort out their income, assets, and liabilities to get an overview of their financial status. Learn what debts require immediate attention. You may be able to settle medical bills and reduce others. Help them create a budget that includes a debt repayment schedule.
Request access to credit cards and bank accounts to track income and expenses and verify that bills are being paid on time. If financial stress is evident, seek a solution. Are they spending irresponsibly? If so, do not offer money or pay their bills. First, find ways to cut costs and ways to protect their investments/assets for future needs.
Should they move? Discuss the benefits of downsizing or a move to lower property taxes. Can they move in with you or a sibling or occupy a guest house on your property?
Do they have significant debt? See if creditors are willing to reduce payments based on their income. If they have credit card debt, reach out to Christian Credit Counselors. If they are responsible with money, explore a second mortgage. Interest rates are far less than what credit cards charge.
If they will follow a budget, computer coaching and security practices may be all that’s currently needed. However, it may be time to discuss and exercise your power of attorney. The challenge lies in honoring their wishes while helping them retain dignity. If it is decided that you will manage the finances, use a specific credit card or checking account to foster transparency for siblings.
Learn where documents are stored along with passwords, codes, keys to safes, and lockboxes. Record everything carefully. Is there an estate plan, long-term care, or life insurance? You and your parents may need to meet with their lawyer, banker, financial adviser, or accountant. If they have not used one, a professional may be needed to help with decision-making. Or seek wise counsel from trusted friends or family members.
Some people qualify for government and private program assistance that provides food, housing, utilities, and healthcare. Look into Supplemental Security Income (SSI).
Otherwise, you and others may want to help with the following:
Ways to be Wise
The Bible instructs us in Exodus 20:12 to “honor your father and mother.” This is the first commandment with a promise. I am grateful you are doing exactly that and will be experiencing His blessings.
For help with budgeting, consider a Crown budget coach. He or she can work with you and your parents to develop a customized spending plan and debt-elimination strategy.
This article was originally published on The Christian Post on January 24, 2025.
Dear Chuck,
My wife talked me into “Dry January” as a way to save money. Can you give me some better ideas? I agreed to do this, but it seems like a gimmick.
Focused on Saving
Dear Focused on Saving,
I had not heard of Dry January until you referenced it. It is a campaign in which millions of people participate by giving up all alcohol for the month. Your wife is a wise woman. Congratulations on taking on the challenge! The benefits are so great that you should consider continuing this abstinence year-round.
Small Decision, Big Results
Many people do not realize how much money one drink, one bottle of wine, or one case of beer adds up month after month. Casey McGuire Davidson stopped drinking in 2016. The first month, she saved $500. So she continued to deny herself. In eight years, she estimates that she saved more than $48,000!
In January 2011, the founder of the Dry January campaign, Emily Robinson, stopped drinking so she could train more effectively for a half marathon she was running in February. She lost weight, slept better, and had more energy. The benefits since that day have been noted by many. Dry January has given birth to Dry February and Sober October. Many people are able to quit drinking altogether after observing a month without it. Here are some benefits of going without alcohol:
Heavy drinkers can experience withdrawal symptoms that range from sweating, headaches, and anxiety to vomiting, shaking, hallucinations, and seizures. They may need to seek medical advice before going cold turkey or gradually cut back until able to do a full month. They may refuse to drink again after experiencing the benefits.
Success can be attained by:
Besides the money saved by not purchasing alcohol, reckless and impulsive spending will be reduced. Plus, health-related expenses can drop when positive physical benefits are gained.
There are many ways to save money besides giving up only one item. I personally am giving up sugary drinks, desserts, cookies, and sweet snacks for the entire year. It is unpleasant because I like sugar, but the sacrifice is worth the benefits.
Going to a cash envelope system for controlling spending is very effective. I have written extensively about ways to save money in previous articles. Also, Crown has many resources to help you.
We are stewards of our bodies, our families, and the money God provides. May this challenge make you mindful of that responsibility as you rely on Him for strength, motivation, and self-control.
“I can do all things through him who strengthens me.”
Philippians 4:13
I’d like to invite you to join a free Crown Bible study on the YouVersion app. We have several devotionals regarding money and stewardship that will provide encouragement by bringing God’s Word into your daily life.
This article was originally published on The Christian Post on January 17, 2025.
Dear Chuck,
I need to save some money this year, but I feel like a failure every time I try. What does the Bible offer that will help me achieve my goal?
Struggling to Save Money
Dear Struggling to Save Money,
You are not a failure; you are just delayed in reaching your goal. All those past efforts have likely taught you some valuable lessons. Nothing is wasted in God’s economy. Plus, you’ve taken a great first step by facing reality and asking for help! Let’s look at the big picture and then get into some helpful tips from Scripture that will guide you in reaching this important financial goal.
Americans Want to Save More This Year
Statista released findings of the most popular New Year’s resolutions in the U.S. this year.
The majority of those surveyed want to save more money:
Bankrate shows similar findings. More than half of Americans who are working in some capacity feel behind in their retirement savings. 48% of people with a specific retirement goal do not think they will be able to save that much due to high interest rates, a weakening job market, and the high cost of day-to-day essentials. A Bankrate survey in May of 2024 revealed that 59% are uncomfortable with their emergency savings.
A Biblical Framework for Saving More Money
Pray
To develop a radical saving habit, you’re going to need the power of God acting on your behalf. Proverbs 16:9 states, “The heart of man plans his way, but the Lord establishes his steps.” Get Crown’s daily email devotional for encouraging biblical principles and financial advice, straight to your inbox every morning!
Ask Chuck Majority Of Americans Want To Save More Money
Write Down Your Goal
Jesus noted that big plans without careful planning are doomed to fail. In Luke 14:28–29, we read: “Suppose one of you wants to build a tower. Won’t you first sit down and estimate the cost to see if you have enough money to complete it? For if you lay the foundation and are not able to finish it, everyone who sees it will ridicule you.”
Be specific. How much do you want to save? What kind of saving? Emergency? Down payment for a house? Paying cash for a car? Retirement? Write it down, and post it where you will see it regularly. Put a copy in your wallet, in your car, and on your bathroom mirror. Record your progress in a notebook or on a spreadsheet to keep you motivated.
Here is an example: With the Lord’s help and a disciplined budget, I will put $400/month in an emergency savings account until I reach my goal of $5,000.
Make Your Plan
Proverbs 29:18 observes, “Where there is no vision, the people perish.” In this case, a vision is an expression of a better future. Stay motivated by focusing on the benefits of achieving your goal. I can name a few benefits to consider: lower stress, greater freedom, more generosity, and the joy of knowing your finances are getting healthier.
Example: With the Lord’s help and a disciplined budget, I will have $5,000 in an emergency savings account by December 31, which will reduce my worry and increase my ability to be more generous.
Get Practical
Do you need to open a new bank account? Established automated deposits? These can prevent excess spending and cause you to become more saving-conscious.
What to Look for in a Savings Account:
Track your income and expenses so you can create a workable budget. The sooner you eliminate high-interest debt (like credit cards), the more you will be able to save. You can simultaneously build an emergency fund to avoid adding debt when unexpected expenses arise.
Where can you cut expenses? Learn to recognize the difference between needs and wants. Then deposit excess money into your savings accounts.
If you struggle with budgeting or planning, this guide may be helpful.
Recruit a Friend or Group of Friends
Proverbs 15:22 says, “Plans fail for lack of counsel, but with many advisers they succeed.” Going it alone won’t work for most significant accomplishments. As it says in Ecclesiastes 4:9–10: “Two are better than one because they have a good reward for their efforts. For if either falls, his companion can lift him up; but pity the one who falls without another to lift him up.” Find someone to “lift you up” or encourage you when you stumble toward your goal… and do the same for someone else. Maybe a relative, close friend, or small group will want to join you in this effort.
Celebrate Achievements
Recognize small victories on your journey, and thank God and friends for help in your progress.
As Christians, we press on in hope, knowing that we are more than conquerors through Christ who loves us. Don’t allow any past failures to alter your certainty that nothing is impossible with God. Make a God-directed resolution, be faithful, and persevere to victory.
If overspending and debt are holding you back from saving, a trusted partner of Crown is Christian Credit Counselors. They are a valuable resource to help consolidate debt and get on the road to financial freedom.
This article was originally published on The Christian Post on January 10, 2025.
Dear Chuck,
We are tired of living on the edge. We want to get our financial house in order in the New Year. Can you give me a framework that my husband and I can rally around to finally get focused and make real progress?
Financial Resolution in 2025
Dear Financial Resolution in 2025,
Happy New Year! Yes, I am excited to give advice to help you and your husband. I think resolutions are a great way to get focused on a unifying goal. The framework I propose will help you make spiritual and financial progress. In essence, it will define what it means to be a faithful steward of your resources.
Switch From an Owner to a Steward
First and foremost, remember that you are a steward entrusted with what God provides. Everything is His; we simply manage it for a short time on Earth. The goal of a steward is to be faithful to the Lord with all that He provides. Meditate on these two verses at least once a week in the coming year.
“Yours, O Lord, is the greatness and the power and the glory and the victory and the majesty,
for all that is in the heavens and in the earth is yours.
Yours is the kingdom, O Lord, and you are exalted as head above all.
Both riches and honor come from you, and you rule over all…”
1 Chronicles 29:11–12a ESV
“The earth is the Lord’s, and everything in it, the world, and all who live in it.”
Psalm 24:1a NIV
Control Your Spending
Establish a budget to eliminate the fear and anxiety of wondering if bills can be paid. Debt can set you back months, years, and even decades, with interest payments and missed opportunities to save and invest. A budget prevents you from spending more than you earn. A variety of good methods to budget are available. Each will take some time to prepare, but the benefits are countless.
WalletHub compared 17 different budgeting apps. Several are free and don’t require linking your bank accounts. Read online reviews before deciding on one. Spreadsheet programs like Microsoft Excel, Google Sheets, or OpenOffice Calc are also beneficial tools for budgeting. For additional help, go to Crown.org.
Establish Emergency Savings
Start by setting a goal of $1,000 with automatic transfers to an account that you refuse to touch except for true emergencies. Try to end the year with one to three months of your current expenses in this fund. Money set aside for this purpose will prevent you from having to use a credit card when the unexpected hits—which it will! You might as well learn to expect the unexpected! An emergency fund grants you financial protection and lowers your stress.
Pay Off Credit Cards
Assuming you have a credit card or two, resolve to never carry a balance. Paying 25% or more for this kind of debt is financial suicide. Set a goal to pay off balances as quickly as possible. Use the avalanche or snowball methods and possibly a balance transfer. Crown offers online courses, and we recommend Christian Credit Counselors when needed.
Carry Adequate Insurance
Life is unpredictable, and insurance provides protection from unforeseen losses and contingencies. I have provided links to the five types of insurance that will help you avoid a catastrophic loss:
Manage Your Health
Be proactive in taking care of your mental and physical health. Eat healthy food, work out, take time off, spend time with friends, get outdoors more often, get more sleep, and guard against worry.
The financial savings add up when you consider protection from long-term disease, fewer doctor visits, lower absenteeism at work, and a reduced incidence of catastrophic injury or death. Ask the Lord to break the strongholds of unhealthy addictions. Seek accountability, then fervently pray for self-discipline and the motivation to glorify God in your body—the temple of the Holy Spirit.
Learn to Be Content
Ignore the world’s pull to stretch your finances with bigger and better things. A bigger house and newer car come with hidden costs that can threaten your financial well-being years from now. Recognize that this life is temporary. Spending less creates the ability to increase giving, saving, and investing. Now is the time to prepare for the future both here and into eternity. In practice, say no to things you want today so you can say yes to what you need for tomorrow.
Be Slow and Steady
It is easy to fall for “get rich quick” schemes or to look for shortcuts to accelerate your progress. I have found all of those gimmicks to be financial traps. Beware of “once in a lifetime” opportunities. Urgency, exaggerated language, guaranteed income, or the requirement to recruit people to earn more money are red flags. When profit-making details are missing or cloudy, question the deal. Flee job opportunities that require money upfront or guaranteed results with no skill or experience required. Think the lottery is harmless? For most people, the return is only the paper on which the tickets are printed. That goes for any kind of gambling. Don’t do it.
“Steady plodding brings prosperity; hasty speculation brings poverty.”
Proverbs 21:5 TLB
Keep an Eternal Perspective
You will make great progress uniting around this framework. Set practical goals, and don’t give up or turn back. I also want you to think about your eternal future. Operating as God’s faithful steward reaps true riches and lasting treasures in Heaven. I can’t think of any greater aspiration.
“Keep your life free from love of money, and be content with what you have, for he has said, ‘I will never leave you nor forsake you.’”
Hebrews 13:5 ESV
This verse implies money will leave us—but Jesus won’t! That is great news for the New Year and for all eternity!
To jumpstart your financial framework, consider a Crown budget coach. Your coach will work with you to develop a customized spending plan and debt-elimination strategy to put you on the road to financial freedom!
This article was originally published on The Christian Post on January 3, 2025.
