Arguments about money are by far the top predictor of divorce, says Sonya Britt, a professor at Kansas State University. “It’s not children, sex, in-laws, or anything else. It’s money—for both men and women.”
My wife and I just released a new book to address this issue – Money Problems, Marriage Solutions. In it, we detail the 7 keys every couple need to align their hearts and finances with God and one another. This book comes from our personal experience. We spent the first 21 years of our marriage on totally different pages when it came to money, and it affected the rest of our marriage.
But through God’s goodness, my wife encouraged me to join a Crown Bible study in 1999 and everything changed after that. We are now both passionate about helping other couples who find themselves where we were years ago.
Below is a list and brief description of the 7 keys that we detail in our book. I’d encourage you to get your own copy and read through it with your spouse. Peace and unity is possible in your marriage and this will lead to freedom in your finances!
If you want to experience healing, be the first to confess, and the first to say, “I’m sorry!” Think of your spouse as your teammate, locked arm-in-arm with you, fighting on the same team and for the same end goal. Quit attacking each other and instead, work together to attack your financial challenges.
Pray for peace in your marriage, and actively choose to be the peacemaker. If one of you is a peacemaker, your marriage will survive. If both of you commit to becoming peacemakers, then your marriage will thrive!
God’s plan for our prosperity includes marriage. It is not in spite of marriage. Of course God can bless those who don’t marry. But you and I should see our spouse and family as a key part to living a prosperous life.
God’s plan is not centered around bigger, better, faster, newer or nicer. It is centered around a step by step method found in Jeremiah 29:4-11.
What is the purpose of your marriage?
Most individuals, myself included, know that they want to get married and have kids, but can’t really explain the purpose behind doing so. Let me encourage you – God has a very specific purpose for your life and marriage. Regardless of your occupation, income, or social standing, God has called you and your spouse to give your utmost for His highest glory.
Unless you live with purpose, you’ll live in danger of achieving nothing of eternal value.
Whether or not you know it, both you and your spouse have a philosophy about money. You form it through your life experiences, preferences, thoughts, and personalities. Your personal philosophy is bound to be different from your spouse’s, and can cause frustration and disunity. But God’s transformational power provides an advantage for two to become one regardless of your personalities, background, or annoying habits. Develop a Biblical philosophy of money with your spouse!
PersonalityRemember that you and your spouse are on the same team. And on any team, you have to use your teammates strengths to help you win. Especially if their strengths happen to be your weaknesses.
The same goes for our marriages. I am the spender and my wife is the saver. For years we butted heads over financial decisions. But when I understood and accepted her personality, especially with money, it enabled us to begin to work together!
I don’t know what the dynamic is like in your marriage, but if you and your spouse are opposites, be encouraged! Crown’s founder, Larry Burkett, used to say, “If you’re both the same, one of you isn’t necessary.” Don’t try and change your spouse to think and feel the same way you do. Use each other’s strengths and differences to attack your financial challenges together.
Once you have worked through the first 5 P’s, you are ready to make a plan.
I think the first step you should take towards making a plan involves a budget. You can download an easy-to-use guide to making one that you and your spouse can agree upon here.
My hope is that the plan you develop won’t just help your finances, but will help you to fulfill the purpose God has for your life and marriage, will be aligned with Scripture, and will lead you to achieve your financial goals.
Now that you’re working on a plan to success, you need a process to keep your plan moving forward, even when a setback occurs.
I’ve found it’s helpful for couples to put themselves either in charge of offense – scoring the points, earning income – or defense – keeping a budget, paying the bills. It will take both your efforts to make a comprehensive process, and in some cases one spouse may be more gifted at both the offense and defense. You still need to find an effective process that works for your marriage. We have a number of recommendations in our book.
I believe that learning these 7 keys will be a blessing to your life and marriage. To learn more about them, and some practical ways to implement each step, get your copy of Money Problems, Marriage Solutions.
“Commit your work to the Lord, and your plans will be established.” [/vc_column_text][/vc_column][/vc_row]
Have you ever asked yourself that question in regard to your financial situation? Maybe you’ve reached a place where the pressure from your ever-increasing debt feels like a 3-ton truck parked on your chest. As your bank balance continues to decline, so does your hope for a brighter future.
Let’s be honest. No one starts out their adult life thinking, “Wouldn’t it be great to be a slave to Mastercard, Visa, or Sallie Mae?” Yet that’s exactly how Proverbs 22:7 describes the relationship between a borrower and their lender.
When we get that first credit card or loan, we don’t plan to rack up charges we can’t pay at the end of each month. Nor do we intentionally refuse to save for emergencies. Usually it happens because of the small decisions we make each day – combined with the lack of a realistic spending plan. Before we know it, we’re drowning in a sea of debt without a lifeline.
Unfortunately, I’ve experienced that sinking feeling firsthand. When I started college, I did what many students do. I got a credit card with the intention of using it for emergencies. That worked fine at first. But a fun weekend getaway with friends quickly showed me the danger of using a credit card without the ability to pay it off each month. The high interest rate on my card – in addition to loans for my bachelor’s and master’s degrees – quickly led to financial stress in my life.
Maybe I could have avoided some of the pain by listening to people who understood the potential dangers. My mom (who worked for a credit counseling organization for decades) tried to warn me. And as the International Journal of Business and Social Science documented in 2012, the statistics were not good:
Many of us know that credit cards can be dangerous, but we use them anyway. And sometimes we make small mistakes that lead to bigger ones. The Credit Card Act of 2009 made it somewhat harder for students to obtain credit cards, but it didn’t completely eliminate the potential debt risk. Most Americans today borrow money for secondary education, which can create a recipe for disaster. In fact, graduates from the Class of 2016 finished college with an average of $37K in student loan debt.
While my future husband and I were dating, I was honest with him about the amount of money I still owed. Although my credit card debt was paid off by then, my student loans weren’t. It wasn’t the way either one of us envisioned starting our marriage, but we agreed to tackle the problem together.
Despite our commitment, it took years to finally find a way out. No, we didn’t declare bankruptcy or inherit a large sum of money. In His goodness, God offered us a lifeline through the principles in His Word.
When I joined the Career & Work department at Crown Financial Ministries, I learned from our CEO, Chuck Bentley, that the Bible includes more than 2,300 verses on money and possessions. That’s an impressive amount of wisdom! God’s Word addresses practical topics like planning, spending, debt, saving, and investing. But it also teaches us about heart issues, such as ownership, contentment, honesty, and generosity.
Before my role as a Project Manager for Crown, I didn’t realize that the Lord uses our finances as a test. The way we handle what He gives us (whether it’s a lot or a little) is an indicator of what we believe about Him. And every lesson God teaches us in this life is preparing us for the next.
Through Crown’s MoneyLife Personal Finance Study, my husband and I learned to adopt a biblical perspective on money and possessions. We started to experience peace and freedom beyond what the world has to offer. We grew closer to God and to each other. Our stress level went down and our joy increased.
We’ve become more sensitive to the needs of others, and we finally have the capacity to help when someone is struggling. Best of all, we know the legacy we’re building today will impact future generations for years to come.
The most important step my husband and I took on our journey was going through the MoneyLife Study together. With each lesson, God gave us hope that we could reach our goal of becoming debt-free. We used the practical tools in the study to build our spending plan, track our expenses, and develop an accelerated debt repayment strategy.
The course was exactly what we needed. It provides structure yet flexibility, allowing us to access the online content at a time that worked best for us. It combines timeless Biblical principles with practical assignments to help us stay on track. Plus it encourages accountability while offering a healthy measure of grace.
If you’re ready to change your financial future, now is the perfect time to take that first step. Sign up for the online MoneyLife Personal Finance Study today and join my husband and me on the journey to true financial freedom!
Do you know your credit score? Better yet, do you know what your credit score means? Or how to improve it?
In the wake of the recent security breach from Equifax, it’s even more important to understand your credit score, and how to protect your identity.
It may not all be as complicated as you think!
Equifax, TransUnion, and Experian are the three main credit reporting agencies (also referred to as “Credit Bureaus”). Each of them compile separate reports about your personal and financial information. The three reports are usually similar, but not exactly the same.
There are a few elements that make up your credit report:
Your credit report determines your credit score.
Your credit scores change (you have 3 credit scores – one from each of the 3 Credit Bureaus) all the time, depending on your available credit, balances, etc. You should check your credit score only once a year, if you’re not applying for a loan or other credit. If you haven’t checked your credit score recently, you can do so for free at AnnualCreditreport.com or NerdWallet.com. Be sure to look for any errors and fix them – quickly.
FICO stands for Fair Isaac Corporation, and is a credit scoring model used by 90% of lenders, including Equifax, TransUnion, and Experian. You can score anywhere between 300 and 850 on the FICO scale. The higher, the better, and anything above 750 is considered very good. Most of the time if you run a credit report, the score you receive will be your FICO score.
So how much does your credit really matter? It takes credit to build credit, so is it even necessary?
If you never apply for a credit card or a loan, and pay cash for everything, then you’ll never have a credit score. This can make some things, like buying a house, more difficult and complicated, but not impossible. Some employers check your credit score during the interview process, but again, it’s not completely necessary to have a credit score.
In fact, it would be much more beneficial to not have a credit score than to have an overwhelming mountain of debt.
That being said, most people will have a credit score. If you ever open a credit card, or apply for a loan of any kind (including a mortgage, student loan, and car loan), you will have a credit score. And it’s very important to have a good one.
A good credit score can get you a better interest rate on a mortgage, a higher credit card limit, and possibly even better employment opportunities. We don’t advocate you ever max out your credit card, or even carry a balance on it, so it’s important to steward your credit well, even with a perfect score.
If you don’t have a good credit score, there are many things you can do to improve it. It may take 30-60 days for your improvements to show up on your report, but the effort is definitely worth your time and attention.
First, don’t listen to companies that say they can fix your credit quickly. Never pay someone else to improve your credit. If it sounds too good to be true, it probably is.
Second, pay your bills on time. Automate them so you don’t forget, and be careful to not max out your credit limits. Aim for a balance of 30% or less of your limit. If you currently have a high balance, make payments twice a month.
Third, negotiate if necessary. Late payments will negatively impact your score, so negotiate them if you have a legitimate excuse. Prove your case with previous good history and seek a goodwill adjustment or the removal of a debt.
Fourth, don’t close your cards. This is assuming you’re not in overwhelming debt. Consider a debt consolidation loan if you can get a better rate than your credit cards.
Last but not least, contact Christian Credit Counselors. If you’re dealing with overwhelming credit card debt, they can help. You’ll start with a free debt analysis and develop a plan to living a debt-free life. You can also download their free ebook, with more information and advice on how to improve your credit score!
Remember that your stewardship score is infinitely more important than your credit score, because it has an eternal impact. Guard your heart from the grip of materialism, and order your finances according to Scripture. [/vc_column_text][/vc_column][/vc_row]
Are you living paycheck to paycheck? A recent report from CareerBuilder found that 78% of full-time workers live paycheck to paycheck, and 71% of full-time workers are in debt.
Of these full-time workers, almost 10% of them make over a hundred thousand dollars a year, and they’re still living paycheck to paycheck every month.
This kind of financial strain is not the way God created us to live. When you are counting down the days until your next payday, anxious every time you buy groceries or pay your water bill, you’re letting your money control you.
Instead, you need to switch your mindset and recognize yourself as a manager, not an owner, of all you have.
Think of it like this: if you had to hire someone to manage your finances, what would you look for? What kind of habits or characteristics would you seek out? This person will be solely responsible for every cent you spend – what questions would you ask them in an interview?
Now ask yourself – would you hire someone else to handle your money the way you’re handling it now? I don’t know about you, but I’d be pretty frustrated if the person I hired to manage my money couldn’t make it last every month. If they had to depend on my credit card for daily living, I think I’d find a new manager!
This is how we should see ourselves every day – managers, hired by God Himself, responsible for the time, talent, and treasure He gives us. Our resources here on earth are not for us to squander away or use for our own benefit. Yes, we are to take care of our needs and support our families, but we won’t get to take our house, clothes, or car with us to heaven. So instead of building those things upon earth, God said to view your money as a resource to build the Kingdom while you’re on earth. Use your money for things of eternal, not earthly, value.
Regardless, commit to getting your priorities in order. Remember to give to God first (tithe), pay yourself second (save), and pay everyone else third (spend).
That may mean getting into the habit of saving so you can quit relying on your credit card. Perhaps you should start investing to grow your resources and give more. God may be prompting you to form a habit of giving sacrificially.
Whether you make $100,000 or $10,000 a year doesn’t matter to God – what matters is how faithfully you are managing what you do have.
I know finances can be stressful, but you can experience true freedom with the strength of Christ! His Word is full of wisdom. Following His principles, you, and your spouse can learn to handle money well and break the paycheck to paycheck cycle.
If you and your spouse aren’t on the same page about money, I want to invite you to read my new book. My wife Ann and I wrote it together to encourage other couples with some of the difficult, and life-changing, lessons we’ve learned throughout our 38 years of marriage. But please hear me – we aren’t perfect. In fact, we struggled for 21 of those years and God’s principles have so radically changed our marriage that we want to help others! You can get your copy of Money Problems, Marriage Solutions here.
Are you living paycheck to paycheck? A recent report from CareerBuilder found that 78% of full-time workers live paycheck to paycheck, and 71% of full-time workers are in debt.
Of these full-time workers, almost 10% of them make over a hundred thousand dollars a year, and they’re still living paycheck to paycheck every month.
This kind of financial strain is not the way God created us to live. When you are counting down the days until your next payday, anxious every time you buy groceries or pay your water bill, you’re letting your money control you.
Instead, you need to switch your mindset and recognize yourself as a manager, not an owner, of all you have.
Think of it like this: if you had to hire someone to manage your finances, what would you look for? What kind of habits or characteristics would you seek out? This person will be solely responsible for every cent you spend – what questions would you ask them in an interview?
Now ask yourself – would you hire someone else to handle your money the way you’re handling it now? I don’t know about you, but I’d be pretty frustrated if the person I hired to manage my money couldn’t make it last every month. If they had to depend on my credit card for daily living, I think I’d find a new manager!
This is how we should see ourselves every day – managers, hired by God Himself, responsible for the time, talent, and treasure He gives us.
Our resources here on earth are not for us to squander away or use for our own benefit. We won’t get to take our house, clothes, or car with us to heaven – so instead of building those things up on earth, think of your money as a resource to build the Kingdom while you’re on earth. Use your money for things of eternal, not earthly, value.
That may mean getting into the habit of saving so you can quit relying on your credit card. Perhaps you should start investing to grow your resources and give more. God may be prompting you to form a habit of giving sacrificially.
Regardless, commit to get your priorities in order. Remember to give to God first (tithe), pay yourself second (save), and pay everyone else third (spend).
Whether you make $100,000 or $10,000 a year doesn’t matter to God – what matters is how faithfully you are managing what you do have.
I know finances can be stressful, but you can experience true freedom with the strength of Christ! His Word is full of wisdom. Following His principles, you, and your spouse, can learn to handle money well together and break the paycheck to paycheck cycle.
If you and your spouse aren’t on the same page about money, I want to invite you to read my new book. My wife Ann and I wrote it together to encourage other couples with some of the difficult, and life changing, lessons we’ve learned throughout our 38 years of marriage. But please hear me – we aren’t perfect. In fact, we struggled for 21 of those years and God’s principles have so radically changed our marriage that we want to help others! You can get your copy of Money Problems, Marriage Solutions by making a donation of any amount to Crown Financial Ministries this month.
Does God want us to prosper?
Is it in His will for every Christian to have worldly wealth? Or does He ask every Christian to give up the things of the world and live a life of poverty?
These questions of faith and money are not new, and are not unique to our modern culture. During his 3-year ministry on earth, Jesus spoke of money frequently. In fact, there are over 2,300 verses on money in the Bible (more than those on heaven and hell combined). So clearly, God cares about our finances. He cares how we use our money, but He also cares how we feel about it – what our heart’s condition toward finances is.
Sadly, the desire for riches on earth is something that divides and destroys many individuals and their marriages.
I was guilty of this in my own marriage for 21 years – I wanted more, bigger, better because I was focused on the money. I was discontent, and my wife was content. When we finally got on the same page about money, everything changed. Our relationship improved and we experienced a freedom like never before.
We’re so passionate about helping other couples experience the same, so we wrote a book together. Money Problems, Marriage Solutions just hit shelves yesterday and you can order your copy now.
To answer the question of prosperity, we must look at it from more than one angle.
The Prosperity GospelOne major school of thought in the Christian realm is what’s known as the Prosperity Gospel.
This philosophy teaches that riches are a sign of God’s blessing, and that you can “command” God to bless you financially. When you receive these large financial blessings from the Lord, you can also spend it however you like – extravagantly and carefree.
This teaching is false and contradicts all Scriptural warnings against sins like greed, coveting, idolatry, selfishness, and the love of money.
On the other end of the spectrum is the Poverty Gospel.
Also false, this teaching suggests that all Christians should give up worldly wealth and commit to a life of poverty. They believe that money and possessions are evil, that rich people are greedy and sinful, that being poor makes you more righteous in God’s eyes, and that spending brings guilt and condemnation.
Neither are true and neither are constructive.
The Bible does not condemn wealth and neither should we. The Bible does not uphold poverty as the pathway to righteousness, nor should we.
Scripture is filled with heroes of the faith who come from all financial backgrounds. God used them all according to their unique calling and purpose – not according to their balance at the bank. “Rich and poor have this in common: The LORD is the Maker of them all,” notes Proverbs 22:2.
The issue here is not being rich or poor, but the heart attitude towards money that concerns the Lord. Regardless of our net worth, we all are responsible to be good and faithful stewards of all that God gives us.
For many, materialism can be identified as the desire created by “more, bigger, better, faster, newer”. It is an attitude of discontentment and a greedy drive to have more stuff.
Jesus revealed the heart issue underlying the desires for more, bigger, better, faster, newer in this one word: greed. He warns us to not fall into this trap of materialism, because when money grips our heart, it affects everything else.
Materialism can also be rooted out of a fear or insecurity. The need to accumulate and hold tightly to earthly possessions may be an outward symptom of a fearful and distrusting heart. Relinquishing control of your own things and allowing God to be the rightful owner will be met with a great spiritual, emotional, and mental relief. Freedom only comes when we no longer see ourselves as the owner of all we have.
Most think that materialism is only a struggle for those who can afford to be materialistic – the rich. But materialism can take root in the heart of anyone, regardless their economic standing.
But 1 Timothy 6:9 says that “those who want to get rich” can fall prey to all kinds of grievous sin. According to Scripture, truly prosperous lives are built upon stable foundations.
Embracing God’s definition of prosperity must include advocates for growing healthy families who view themselves as stewards to manage and expand the resources they have been given.
This includes helping others prosper, and seeking a win/win in our endeavors. Those we are serving should have the priority of the first win – think about the way Christ modeled His life: “just as the Son of Man did not come to be served, but to serve, and to give his life as a ransom for many.” (Matthew 20:28)
This is counterintuitive and countercultural. But most commands in Scripture are. God’s true desire is for us to trust Him with our needs, and to be obedient to His plan for our lives. Jeremiah 29:11 reminds us that He has a good plan to prosper us.
Live out your trust in God by serving the needs of others.
Serving is one of the greatest ways to eliminate an attitude of greed or selfishness. If you find yourself struggling with these earthly desires, commit to serving others at least once a week on a regular basis. It will do wonders for your heart and finances.
If you want to start this journey to financial freedom with your spouse, I’d encourage you to get a copy of my new book, Money Problems, Marriage Solutions. My wife, Ann, and I wrote it together and devoted an entire chapter to what prosperity in marriage looks like. You’ll find a lot of other encouragement in our book, with some extremely practical suggestions on how to get on the same page and unite your marriage.
In today’s culture, fewer people are getting married. With divorce rates still high and cohabitation on the rise, many decide to never get married at all.
One of the main reasons Americans are delaying marriage, or putting it off altogether, is due to a lack of financial stability – 34% of never-married individuals aged 25-34 list it as their main concern for not getting married.
Money is also consistently cited as a reason couples get divorced, and seems to be at the root of so many arguments in marriage.
But did you know marriage is not the cause of your financial problems? In fact, it is the very best solution!
Contrary to what you’ve heard, seen, or been told in the media today, the benefits of marriage FAR outweigh all other forms of living arrangements, in all areas.
In fact, studies have shown that marriage makes you happier , increases your net worth, and helps you save more money. While increasing your likelihood of affluence, it also decreases your mortality risk. Married women by in large experience less poverty, and married dads earn more income than single dads.
There are some scary statistics about divorce, but they tend to be exaggerated and rarely touch on the benefits and joy of marriage.
So what’s the secret to having a lasting marriage, and a financial plan that actually works?
Just like anything of great importance, you need a plan if you’re going to succeed. Your financial plan must be grounded in Scripture and agreed upon together. One spouse making a budget and trying to force the other to follow is not sustainable or unifying.
“Be completely humble and gentle; be patient, bearing with one another in love. Make every effort to keep the unity of the Spirit through the bond of peace.” – Ephesians 4:2-3
When two people submit to God and His Truth, character traits like flexibility, forgiveness, kindness, and support will flow from each other. Think about Matthew 6:21 – “For where your treasure is, there will your heart be also.”
If you and your spouse’s hearts are aligned, then your finances will be as well. It takes effort, and you don’t magically give up your preferences or habits overnight. But when your hearts and finances are aligned, rooted in God’s Word, you’ll find unity with your spouse.
In order to truly unite financially, you must seek peace in your relationship. At least one of you must become a Peacemaker.
If you want to experience healing, be the first to confess, the first to say, “I’m sorry!” Ask the Lord for the strength to unify your marriage, and to give you humility to take the first step.
There’s a saying we like to remember in our marriage: “The first to apologize is the bravest. The first to forgive is the strongest. The first to forget is the happiest.”
Even if you have a well-thought-out financial plan, are totally unified with your spouse, and are the first to apologize, you’ll still mess up along the way. Both of you will make mistakes and have to adjust.
When this happens, be understanding, full of compassion, and quick to forgive. As Paul taught the Ephesians, “Be kind to one another, tenderhearted, forgiving one another, as God in Christ forgave you.”
Now it’s time to get to work! You will have to make sacrifices in order to make progress. Inviting God into your plan is the most important step – ask Him for the strength, patience, and diligence to follow through.
“Commit your work to the Lord, and your plans will be established.” He is the one “…who teaches you what is best for you, who directs you in the way you should go.”
Your plan will force you to give up some of your preferences, comfort, or expectations.
But God’s transformational power provides an advantage for two to become one regardless of your personalities, background, or annoying habits. The spiritual condition of you and your spouse impacts everything.
What we believe about God impacts our view of ourselves and thus our marriage, children, and finances.
Please hear me – marriage does not mean you won’t experience hardship or heartache. Maybe you and your spouse are not on the same page financially. If you feel like giving up, DON’T! There’s hope and help.
So, commit your marriage to Christ.
Unless you live with purpose you’ll live in danger of achieving nothing of eternal value.
Work at your plan! Protect your marriage! It’s worth it!
I wasn’t on the same page as my wife for 21 of the 38 years we have been married. It caused a lot of strife in our marriage, but when we finally got on the same page, everything changed. So we decided to write a book about it. You can read more about our experience, and the lessons we’ve learned along the way, in our just released book – Money Problems, Marriage Solutions. You can receive your copy by making a donation of any amount to Crown Financial Ministries.
About 43% of the entire adult American population has a car loan (that’s about 107 million people). What’s even more shocking is that 6 million of those people are 90 or more days late on their car payments.
They’re essentially taking out loans for an item they can’t afford, but still can’t afford to make payments on their loans. This creates a cycle of debt, stress, and bondage.
Sadly, after the Great Recession, mortgages became more difficult to acquire and car loans (and credit cards) became easier. This means high interest rates, loans, and debt are being sold with little concern for the long-term effects on individuals or the economy. If you’re feeling overwhelmed by your credit card debt, get in touch with Christian Credit Counselors. They’ll get you started with a free debt analysis and help you develop a debt-payoff plan.
So what’s the right way to buy a car? What does stewardship look like when it comes to a Jetta vs. a Jaguar?
First, let’s set the framework for the car-buying process.
The second you drive it off the lot, it goes down in value. You just need something functional, reliable, and affordable.
If you save money by purchasing a reliable eye-sore, instead of a sports car, you can later upgrade to a better car when you have the cash on hand.
You need to also consider maintenance, gas, repairs, etc. when purchasing a car. A great deal on a Land Rover may be met by astronomical repair costs down the road (literally). Do your research before purchasing any car.
This could save you thousands in the long run and help your car last longer.
$2.1 billion is wasted every year on people filling up with the wrong kind of gas. Only certain engines are designed for premium gas, so check your manual and save at the pump.
The first question to ask when it comes to actually getting a car is to buy or lease?
I think leasing is a bad idea for most people, and here’s why:
Most advertisements make it seem like you can have the nicest, fastest cars for next to nothing by leasing them. Millennials especially favor leasing over buying for the simple reason that you can get more car than you could afford otherwise. But that’s not entirely true.
When you lease a car, you’re paying for the depreciation of a car that you don’t own and must give back, compared to buying a car outright in which you pay for the entire value of the car.
Most people would also point towards lower monthly payments as another benefit to leasing over buying. While your monthly payments on a lease will be lower, it’s not by much. The average monthly car payment on a car loan is $493. For a leased car, it’s $412.
Before you lease, ask yourself whether you are trying to get into something you can’t truly afford just to keep up appearances.
Galatians 6:4 advises, “Each of us should test our own actions. Then they can take pride in themselves alone, without comparing themselves to someone else.”
I would recommend you work to save up to pay cash for a reliable car and drive it as long as possible. Regardless of a good trade-in value, not having a car payment is always cheaper than having one.
Now that I’ve hopefully made a case for buying instead of renting, it’s time to decide if you’ll be going to the used or new car lot.
As I mentioned before, the second you drive a car off the lot, it loses value (about 11%, in fact). You lose the nearly 25% of the car’s value in the first year you own it. Therefore, I’d rather buy a car while it’s still in good condition but won’t lose the most value – about 2-4 years old.
Always use caution when buying used cars, and spend a little extra money up front to make sure you’re getting what you pay for. My son was recently car shopping and decided to spend $100 to have a mechanic inspect the used car he was considering. It looked like it was in great shape, but the mechanic came back with a laundry list of issues, which would have cost up to $2,500 in repairs and maintenance in the long run.
I was recently asked a great question about balancing the value of saving gas on a hybrid car with the expensive repairs and maintenance they often require.
Ultimately, I’d give the same advice I would about any other kind of car – do your research and understand the long-term costs involved with the kind of car you’re considering. Everyone in my family drives a Toyota, and has for 15+ years (this is no way an endorsement of Toyota. We’ve just found cars that work for us, and stick with them). We should keep them in excellent condition, know the costs associated with them, and save to be able to pay cash for repairs and maintenance.
The same goes for hybrid cars. If your Prius battery needs to be replaced, be ready to drop about $2,300. But if you’re saving $100 in gas every month, the car battery will pay for itself in less than 2 years.
Now it’s time for the fun part! Car shopping and purchasing the right car.
I always recommend buying a car with cash. Don’t consider a car until you have enough cash on hand to pay for it, and all the fees that come with it, upfront. For most people, this probably means following a budget and setting some savings goals.
If you need to make a budget and start saving for your next vehicle, check out Crown’s Easy Guide to a Budget You Love. It’s a simple, step-by-step guide that will help you create a budget that actually works for you. You can also use the Savings Goal Calculator to know how much you’ll need to set aside each month to purchase the car you want.
Finding the right car at the right price can be a long and arduous task. What are some of your car-buying tips?
Do you ever feel like you worship your work, work at your play, and play at your worship?
Most people either see work as somewhat of a “necessary evil” to pay the bills and get by in life, or as their entire identity, the sole factor in determining their worth and value as an individual.
With all the distractions in life competing for our attention, we have largely lost our ability to “play” well. Instead of being active and lighthearted with others, we are isolated, competitive, and discontent behind screens.
And the message of a “cheap” Gospel preached on Sunday mornings across the world has contributed to an apathetic attitude towards Christ and His sacrifice on the cross. “Worship” has become centered around how an individual feels in a moment, not spiritual humility and thankfulness of our Savior.
Work was created by God to supply our physical needs, and should be a blessing to us. God charged Adam with work to take care of the earth and reign over the animals in Genesis, before sin had ever entered the world.
Work is a daily opportunity for us to exercise our God-given gifts and put spiritual principles to practice.
It’s where we look to the Lord, not man, for rewards.
Worship has been defined this way … “to honor with extravagant love and extreme submission.” So if God created us to work, and desires for us to honor Him in our work, how does that definition apply to our 9am-5pm grind? How do you worship God at work if you hate your job?
Work becomes worship when it’s done as an offering to God, not for our own benefit. When our hearts are so intertwined with His, then our place of work is His place, where we live out our faith in word and deed.
Os Guinness says gifts are not for ourselves but for God. We are just stewards, managers, of all he has given us, including our time, talent, and money. That means we should use our resources for the benefit of others to glorify Christ.
Colossians 3:17 reminds us plainly, “Whatever you do, whether in word or deed, do it all in the name of the Lord Jesus, giving thanks to God the Father through him.” Every project, task, and conversation you have at work should be done in the name of Jesus, to honor Him.
If you’re frustrated at work, remember that you’re not working for man, but for God. Be diligent and thorough with every task you’re given. It may be time for you to consider a career change, so you can use the gifts and talents God has given you more fully. The Career Direct assessment can help you understand what you are designed to do, and how God created you to work.
First Samuel says that to obey is better than to sacrifice. God cares about your work and has a good plan for your life. Obey God no matter the circumstances and trust that He sees you, your needs, and your desires. He has a purpose for your work, and it will require obedience and humility. Whatever you’re doing, be the best you can be at it. Have a great attitude about doing the things that are asked of you, and go above and beyond expectations.
Steward your work well – allow God to be the owner of your work, and see yourself as faithful manager. Worship while you’re at work. Worship while you play. And worship while you worship.
Your work is worship because God uniquely created you with special talents, interests, and personality. When you can connect your unique design to an actual career, it makes worshiping in your work all the better. If you’re struggling to know what your calling is, or are curious if you’re in the right job, I want you to take the Career Direct Assessment. It looks at all aspects of your personality to help you understand your God-given design and purpose.
Christmas may still seem far away – for most, school is back in session, the leaves haven’t started changing yet, and it’s still so hot outside, just the thought of a fireplace and hot chocolate makes you sweat.
However, when it comes to your budget, Christmas is closer than you think. In 3 short months, the colorful, twinkly store displays will make their annual appearance, signaling Americans to venture out in droves and launch the biggest shopping season of the year.
Sadly, the day meant to celebrate the birth of our Savior has been turned into a day focused on ourselves. Spending, eating, and celebrating in extravagance, without regard or reverence for who we are celebrating.
I’m not suggesting you become a Scrooge. I’m encouraging each of us to practice discipline now so we can focus on what really matters then.
By saving and planning now, not only will you save yourself time and money in a few months, it will free you up to focus on Christ and His gift to each of us! Remember that we are stewards – managers, not owners, of all we have. The online MoneyLife Personal Finance Study takes an in-depth look at what this really means and how to apply it in your life. You can enroll in the self-paced course to learn how God desires for you to use the time, talent, and money He’s given you.
Maybe that’s your entire gift budget for everyone on your list. Maybe God is prompting you to use that money to buy Christmas dinners or gifts for others in need. Maybe there is a missions trip you can fund as a gift to someone else, or you can use it to pay off debt headed into the new year. Whatever you decide to use that money for, start saving now and experience the joy that comes with having the cash in hand for Christmas.
And it may not be as difficult as you think – there are 117 days between now and Christmas. To save $1,000 in 117 days, you need to save $8.55 a day from now until then. Here are some ways to reach your goal:
There are many different coupon apps and websites now that will help you save easily. Many stores and grocers now have their own apps to help you save on their products. You can also explore rebate apps to earn some money back on purchases you make. Without putting much time into it, you can save at least $5 with coupons and/or rebates for every grocery trip you make. (The more time you spend looking for coupons and planning, the more you can save.) If you go to the grocery store once a week between now and Christmas, you can contribute $80 to your goal.
Eating out during the week can cost you a LOT of money. The average meal out is about $12, compared to an average lunch from home about $5. That’s a savings of $7 a day. Assuming you replace 3 meals out a week with a sack lunch from home, you’ll save $21 each week – adding almost $350 to your goal.
Plan ahead and decide to go one full week without spending a CENT (unless of course, you have bills due that week – that kind of spending is acceptable). Make sure you have enough groceries to get you through a full 7 days of eating at home, make your own coffee, and fill your car up with gas before the week begins. Save $300.
Try catching a ride to and from work during your no-spending week. Find friends to drive you to church, or make the most of the last of summer and walk or ride your bike to and fro. About half of all workers spend $25-50 each week driving to and from work alone. Add in trips to the store, church, etc. and you’re looking at a savings of about $75.
The average American household spends $850 every year on soda ($16 a week), and $1,100 every year on coffee ($21 a week). Ignoring any money spent on alcoholic drinks, or other beverages, drinking only water between now and Christmas would save you over $610.
The average cable bill can run anywhere from $20 to $180, but the average family spends somewhere around $70 a month for cable. Cut it out for the next 3 months, and you’ll easily add $210 to your goal.
A Netflix subscription currently costs $8-12 a month, but is expected to increase over the next few quarters. If you cut Netflix for the next 3 months, you could add $24-$36 to your goal.
Crown CEO, Chuck Bentley, says “creativity blossoms when economy demands”. If you’re trying to save, it may be time to use gifts and talents or learn how to do some new things. A simple haircut for a woman costs $43, and $28 for a man. Learn to cut your spouse’s and/or children’s hair once a month at home, and save $84-$129 over the next 3 months.
Just like you can save money on haircuts at home, you can also save a lot of money by exercising at home. The average gym membership costs $58 per month, but only 33% of people with memberships actually use them. Cancel your membership, find some free videos online or pick up running, and save an extra $174.
Meal planning and prepping will save you money at the grocery store and at home. It can help you cut down on food waste, the number of trips to the grocery store, uneaten leftovers, ordering in or going out, and make better use out of ingredients you’re already buying. You can find some great meal plans with shopping lists on Pinterest and money-saving blogs. A little bit of time planning can save you $50 a week – a whopping $800 between now and Christmas!
All these ideas combined will save you $2,707 on the low end – almost tripling your goal of $1,000. With time on your side, you can enter the holiday season stress-free and financially prepared. Best of all, you’ll be ready to celebrate the miracle of Christ with a thankful heart.
Making little changes like these can have a big impact not only on your budget, but your heart as well. It’s all part of becoming a steward from the inside out. If you want to take the next step and learn more about what stewardship means, enroll in Crown’s online MoneyLife Personal Finance study. [/vc_column_text][/vc_column][/vc_row]
