Humorist ‘Kin’ Hubbard once said, “The safest way to double your money is to fold it over and put it in your pocket.” Apparently Americans haven’t taken his advice.

It is no longer any surprise that a significant number of Americans are living paycheck to paycheck. Sadly, research reveals that Americans are burdened with nearly the same amount of debt that they had during the Great Recession.

In the third quarter of 2008, America hit the depths of the Recession.  At that time, total household debt was $ 12.7 trillion. Just one month ago, the New York Federal Reserve predicted that total household debt would one again reach that level this year.

Fewer borrowers have housing-related debt this time. Instead, we have a segment of society enslaved by auto and student loans.

Quentin Fottrell at marketwatch.com recently assembled some startling statistics.

He found a survey at MetLife with data that revealed how 49% of employees are “concerned, anxious or fearful about their current financial well-being.”

And, when the “paycheck to paycheck” people experienced a financial hardship they reportedly drew down savings, borrowed money somewhere, or both.

This is a sad situation. In order to get out of the debt cycle, one must first recognize the problem, repent and desire a lasting remedy.

And, the remedy will require work!

First, seek the Lord for help in deliverance. Face the situation head-on!

Second, get organized and plan your attack. Start with the Debt Snowball Calculator to save the most time and interest.

Thirdy, make sacrifices and don’t give in to temptation.

Fourth, choose to live according to the financial principles God gave us in His Word.

As Psalm 18:30 says “This God—his way is perfect; the word of the Lord proves true; he is a shield for all those who take refuge in him.”

Crown has an online Bible study that examines what God’s Word says about our money. The online MoneyLife Personal Finance study is grounded in Scripture and equips you with practical tools to live every day as a good steward.

Many people struggle with fear, especially when it comes to their finances. Attitudes of fear and anxiety over our money, relationships, and circumstances can be a sign of bondage.

Faith is the opposite of fear. Hebrews 11 defines faith as “the assurance of things hoped for and the conviction of things not seen.”

If we had no needs, we would have no need of faith. But, our precious Father, knew needs were essential for us to develop faith in Him.

It is vital that we view our future needs as opportunities to exercise and develop our faith. And, if we believe that God is “a rewarder of those who seek Him” then we can place our life in His hands.

How do we trust God?

First, we must diligently seek His direction for our life. We are all created in His image with a specific purpose different from others.

Second, we must make a conscious act of trusting God and remember He is in control. Knowing God’s ways are not our ways, we must keep an eternal perspective and live according to the financial principles He has revealed in the Word.

Third, pray fervently. Prayer is God’s secret weapon and the key to unlocking His blessings and power. “Do not be anxious about anything, but in everything by prayer and supplication with thanksgiving let your requests be made known to God. And the peace of God, which surpasses all understanding, will guard your hearts and your minds in Christ Jesus.”
To learn more about what God’s Word says about your finances, check out Crown’s online MoneyLife study. In 7 weeks, you walk through what God’s Word says about money and how to trust Him with every aspect of your finances.

Retirement provision is something that confuses many Christians.The “rules” about retirement have changed over the years and many Americans are realizing they didn’t save enough to maintain the lifestyle they pictured.

Almost a quarter of all retirees are worried that their savings will run out and not saving for retirement soon enough is the number one financial regret of all Americans. The options for retirement accounts alone can be overwhelming, especially if you’ve worked for several employers. As a country, we have developed a mania about retirement – how much you need, when to retire, and what your life past 65 should look like.

Not surprisingly, what Scripture says and what the world says about retirement are two very different things. The world says retirement is when we deserve to enjoy ourselves – to sit back and take it easy after working hard for 40-50 years. But the Bible is clear that work is a good thing. Our potential in the workforce and the Kingdom doesn’t stop at age 65. God gave Adam charge over the Garden of Eden before sin entered the world – work was blessing to Adam.

The Bible talks frequently about our work being a blessing to us and God blessing the work we do. Recent research also shows that working past age 65 and during retirement is beneficial for our overall health. If you are in good health, you don’t have to retire, despite what the world may tell you.

Now, I don’t think there is anything wrong with retirement planning. But, there is something wrong with living for retirement. It’s of course important to have enough put away to support your life expectancy. But remember that storing unnecessarily may add undue stress to your life and take your dependence off the Lord.

If you have been told that your usefulness begins to decline at 65 please know that many of the apostles did their greatest work after the time we would have considered them to be “old men”. Many people continue to build businesses, invent new products, create great art, and minister to others far past their 60s.

In fact, I like the thought of living like Satchel Paige who asked “How old would you be if you didn’t know how old you was?”
Crown’s online MoneyLife Personal Finance Study walks you through what God’s Word says about every area of your finances. You’ll apply God’s timeless wisdom and practical principles to saving, giving, and planning. Learn more and sign up today!

Columnist Earl Wilson once said, “Today, there are three kinds of people:  the have’s, the have-not’s, and the have-not paid-for-what-they-have’s.”  Who are you?

There were some shocking statistics recently reported, regarding debt carried by deceased Americans.

The credit bureau Experian’s database consists of 220 million consumers, roughly 90% of the adult population in the U.S.

And 73% of their consumers had outstanding debt of $61,000 at death!

The highest percentage was credit card debt, then mortgage debt, auto loans, personal loans, and student loans. If you dont count home loans, the average unpaid balances totaled nearly $13,000.

So, what happens when people die owing money? If they carried life insurance, traditionally purchased to care for beneficiaries, money will go to the estate to pay off any debt. But, repayment can get messy if the deceased co-signed any notes, or had a student loan through a private company.

So, what’s the lesson for you?

• Have a will. Crown has some great resources to get you started in the right direction.
• Carry some term life insurance. The amount you need will depend on your net worth, dependents and age. A close friend of my wife lost her husband suddenly and discovered he had failed to renew a life insurance policy. She suffered the shock of losing her spouse and the lack of financial care. You can use this worksheet to find your insurance needs.
• Remember Romans 8 to “Owe no one anything, except to love each other, for the one who loves another has fulfilled the law.” If you love your family, get your house in order, pay off your debt as quickly as you can, and leave the company of the have-not-paid-for-what-they-haves.

A great way to start getting your house in order is with Crown’s online MoneyLife Personal Finance Study. It can help you apply God’s timeless wisdom and practical principles to your finances!

It’s been said student debt is a product that has been sold to us with such repetition and intensity that most people believe they can’t live without.

My 19-year-old son attends community college, drives a 15-year-old car, and lives at home. He could have attended a number of universities. But, as Andrew Josuweit at Forbes.com says, “skipping community college can be a $20,000 mistake.”

According to the College Board, “of all students who completed a degree at a four-year institution in 2013-14 had enrolled at a two-year institution at some point in the previous 10 years.” The variety of tracks are appealing.

Vocational degrees grant skills and credentials for high-paying careers. From electrical work to graphic design, video technology, and culinary arts, debt can be minimal if not totally avoided.

Associate’s degrees can be earned in 2 years, allowing graduates to begin working in their field. Georgetown University’s Center on Education and the Workforce reported that 28% of those with associate’s degrees earn more than graduates with bachelor’s degrees.

The 2 plus 2 plan enables students to complete core requirements then transfer to another institution. If they earn high GPAs, they can apply to 4-year schools they may not have qualified for previously with an opportunity for academic scholarships.

We now have 44.2 million Americans with student loan debt totaling $1.31 trillion.

The average monthly student loan payment for borrowers between 20 and 30 is $351. It’s debilitating for many.

Gaining knowledge at the cost of big debt must be weighed on the scale of reality.  One should not borrow more than he can expect to earn the first year out of school.

Debt limits flexibility and makes the borrower servant to the lender. Our partners at Christian Credit Counselors work to get you OUT of credit card debt and no longer servant to your credit card or lender.

Originally posted on the Christian Post on April 7

To learn Biblical answers to your financial questions, you can #AskChuck @AskCrown your questions by clicking here. Questions used may be lightly edited for length or clarity.

Dear Chuck,

Recently, Vice President Mike Pence has come under fire after aWashington Post profile of his wife Karen reported that the Vice President does not go out to dinner alone with any women, other than his wife, and that he does not go to events with alcohol without his wife along as well. I know that that cost of divorce can be high, but do you think this is necessary, in this day and age?

Just Curious

Dear Curious,

It is hard to imagine that some found Vice President Pence’s practice offensive and juvenile; however, his critics found a way!

Not only do I believe that the Vice President is doing the right thing for his marriage, imagine how much lower the divorce rate might be if more men followed his example, by protecting their own reputations and their wives’ feelings with deliberate care. He is living out a practice that I myself embrace, to honor our spouse and protect our marriage by being careful to establish appropriate boundaries.

It’s not about being unable to control oneself around a woman as that particular article puts forth, it is about setting mutually agreed upon guidelines and respecting your marriage. In my personal case, I am able to offer a few additional suggestions for the Vice President! I don’t travel alone (in a car, bus, plane, etc.) with just another female. If I have a meeting with another female in my office, I invite a third party to be present or keep my door open so both parties are in full view by others. When staying on the road, I prefer to spend the night with a family in their home or have a male business partner in an adjoining room.

There is also the issue of public perception. Vice President Pence is very wise to be concerned about his reputation and that of another female. As Christians, we should guard our own reputations as closely. In this day, we cannot be too careful.

By putting the needs and interests of our own marriage first among our personal relationships, we build protections for all of those we meet. Philippians 2:4 says, “Let each of you look not only to his own interests, but also to the interests of others.” And all of us benefit when marriages are strong and boundaries respected.

Protecting Marriage Saves Money:

The breakup of a marriage is devastating emotionally and the statistics on the economic impact are staggering. Divorce brings a wrecking ball to your family’s finances, and the financial impact is felt quickly and forcefully. Forbes reports that a couple ending their marriage should expect to pay no less than $20,000. But that is only the beginning. Divorce can often lead to poverty, and single parents experience much lower income and higher poverty rates than married parents. Sadly, women and children generally suffer the most from the financial devastation, often losing health insurance, homes and support.

But another long-term cost comes with the terrible impact that divorce has on children. Children from broken homes are more likely to experiment with drugs and alcohol, engage in sexual activity, perform poorly in school, and never go to college. In fact, there is “a great deal of evidence that children from single parent homes have worse outcomes on both academic and economic measures than children from two parent homes.”

The devastation of divorce reaches into our schools, our workplaces, and our homes, and as much as it depends on us, we should help those whose marriages are struggling, even if that simply means setting a good example.

Protecting Marriage Protects Hearts:

But money isn’t everything, and one of the harshest realities of broken marriages are broken hearts. Picking up the pieces can be agony.

My wife Ann and I are writing a book right now on building strong marriages because we have seen first hand the destruction of broken homes and broken hearts.

Remember, God created the institution of marriage and His word provides wisdom for creating strong marriages. Here are some marriage-strengthening tips and verses to keep in mind:

1. Speak respectfully of marriage and your spouse always. Hebrews 13:3 commands, “Marriage should be honored by all.”
2. Love each other sacrificially as Christ loved the church. Ephesians 5:25, “Husbands, love your wives, just as Christ loved the church and gave himself up for her.”
3. Be considerate of each other’s needs and perspectives. 1 Peter 3:7 recommends, “Husbands, in the same way be considerate as you live with your wives, and treat them with respect as the weaker partner and as heirs with you of the gracious gift of life, so that nothing will hinder your prayers.”
4. Apply God’s counsel to your marriage. 1 Corinthians 7:4 says, “The wife does not have authority over her own body but yields it to her husband. In the same way, the husband does not have authority over his own body but yields it to his wife.”

Vice President Pence’s decision to go the extra mile to preserve his marriage and protect his relationship should inspire all of us to ask what we can do to be more careful about our own marriages. I commend him for his example.

One simple step is to consider doing a daily devotional with your spouse to align your hearts and minds. You can receive practical principles and daily encouragement from God’s Word in the God is Faithful devotional, sent straight to your inbox to consider what God has to say about our daily life.

There are some alarming statistics about how much it costs to raise a child from birth to adulthood. Most of these numbers land somewhere in the $235,000 range, but that can be somewhat misleading.

Nevertheless, ask any parent if having a baby is cheap, and they’ll probably give you a nervous, exhausted laugh. Babies are expensive! On average, it costs $60 a month for baby clothes(with your first child). The average child will use somewhere around 3,360 disposable diapers in their first year of life alone, adding up to over $800 annually.

Beyond clothes and diapers, other major expenses include strollers and car seats, dirty-diaper-disposers, diaper bags, and a plethora of other baby gear. While there are some costs that you probably can’t avoid (doctor visits, bottles, etc.), Americans do tend to overspend when it comes to our kids.

Here are some helpful and practical ways you can save on baby items for your own family, and give useful gifts to friend or relatives.

1. Check Craigslist. Since baby items can’t be used for very long, many people are willing and eager to sell their minimally-used items like strollers, car seats, and cribs for a great price. But be picky! Especially since it’s for your baby, be sure to check all safety ratings, cleanliness, and functionality before making a purchase. And always put your safety first! You can also check Facebook or other local online trading groups.
2. Consign. You can save a lot of money on gently used clothing and baby gear by researching consignment sales. If your children have outgrown clothes, shoes, carseats, or strollers bring them to sell, too. Churches in your area may help host a consignment sale like this so ask around and do some research.
3. Use Hand-Me-Downs. If your friends or family have slightly older children, ask if they’re looking to get rid of any baby items. You may be able to take some baby items off their hands for free.
4. Potty-Train Early. A wonderful option for saving on diaper costs is to eliminate the need for diapers altogether! It may not work for every family, but potty-training your kids early could save you thousands of dollars.
5. Diaper Fund. Especially for your first baby, you may have friends and relatives wanting to buy you gifts and throw you showers. Instead of registering for a long list of baby gadgets, ask for them to start a diaper fund, and register for a few of the “big ticket” items you didn’t find on Craigslist.
6. Ask, Then Buy. Talk to some friends or family members about items they loved when they had their children. Your mom or grandmother may have some great ideas and tips for you to cut down on the excess. Make a list of what people recommend splurging on and what didn’t work well. Verified reviews can save you from making unwise purchases.
7. Build a Budget. No matter what, start saving and budgeting early. If your family is transitioning to one income, start saving as much as possible and be disciplined to keep a budget. Build a category in your budget for your baby and use it as a savings fund before the baby arrives.

Before you invest in baby gear, pray, agree as husband and wife, and remember to steward wisely the money God provides for you.
Psalm 127:3 – Children are a heritage from the Lord,  offspring a reward from him.

Did you know Americans waste billions of dollars each year thinking they will improve fuel economy?

The AAA Premium Fuel Omnibus Survey estimates that 2.1 billion
dollars are wasted each year by drivers buying premium gas for cars designed to run on regular. My own wife bought into the premium myth for years!

Triple A (AAA) reports that premium gas is used in high-performance engines that are designed to operate on 93 octane fuel. Vehicles engineered to run on regular gas of 87 octane, cannot take advantage of the higher octane rating to produce more horsepower.

So, unless your vehicle has a high–performance engine you are wasting money. Check your owner’s manual to know if premium is required or just recommended.

Now, cheap gas is another issue. TopTierGas.com lists retailers who sell high standard gasoline that produces a cleaner, greener fuel.  About 1/3 of the gas stations in America meet the standards. A few extra cents may insure you are filling your vehicle with gasoline that gives optimum performance and fuel economy.

And, some final tips to get the best mileage:

• Do your routine maintenance (it’s cheaper to maintain than to fix big problems!)
• Lighten your load – only carry the essentials
• Keep your tires properly inflated
• Replace a worn or damaged gas cap
• Avoid idling for periods of time.
• Drive like a chauffeur – make smooth starts and stops, keep your speed steady and don’t slam on the brakes.
• Avoid unnecessary driving, plan your route, and ride-share!

You know, stewarding well requires us to do our part. A little research can help us better manage that which God has given us so that we can use the excess to give to others.

If you are working towards becoming free from credit card debt, get in touch with our friends at Christian Credit Counselors. They’ll get you started with a free debt analysis.

Originally posted on the Christian Post on April 7

To learn Biblical answers to your financial questions, you can #AskChuck @AskCrown your questions by clicking here. Questions used may be lightly edited for length or clarity.

Dear Chuck,

Once again, tax day is almost here, and even though it’s a little later than usual, on Tuesday, April 18, I’m still not ready. Any tips for me to avoid mistakes and make this as painless as possible?

Tense about Taxes

Dear Tense,

With three extra days to file beyond the traditional April 15th deadline this year, let’s be sure we don’t make careless mistakes. Beyond the 5 steps I’ll explain below, my wife and I use these 8 tips to keep our filing is simple and stress-free every year. They can help you get ready, even if you’re running behind schedule.

1. Be honest
2. Be organized
3. Be prepared
4. Be informed
5. Be safe
6. Be wise
7. Be thorough
8. Be consistent

As Christians, we know that Jesus said, “give back to Caesar what is Caesar’s, and to God what is God’s.” But it does take some work to follow through and avoid the typical problems with an incorrect return.

Step One: Organize all your documents. One favor you can do for yourself is to keep all the necessary papers together throughout the year, so that hide and seek is not the first step of your preparations. Things that you need to keep track of include:

• W-2 from employers or 1099s for contract work
• Records of charitable giving
• Expenses related to job hunting or business expenses that were not reimbursed by a client or employer
• Costs of a move
• Income earned through investments like real estate or stocks

The IRS has a handy checklist of documents you might need, depending on your work and resources.

Step Two: Review your work. With all your records in hand, do a first draft of your returns, and then take a break. The most common errors on tax returns are simple math mistakes, followed by computation errors, mistakes made when taxpayers miscalculate taxable income, withholding or other sums. Another common mistake on taxes is misspelled names or incorrect Social Security numbers. Be sure to go through your returns for accuracy of all the details. The IRS has a checklist for common errors and often missing forms – review it before sending in your returns. “Close enough” doesn’t cut it for the IRS! Always double, and even triple check before submitting!

Step Three: Get wise counsel. Especially if you have complicated finances, getting help can be a wise investment. Yes, this service can cost money, but it is possible to reduce that cost if you work through your taxes first and then let someone check your math and assumptions. Proverbs 15:22 advises, “Without counsel plans fail, but with many advisers they succeed.” Mistakes can cost you time and money. If the IRS believes you are in error, you’ll receive a letter to begin a review, and if you are owed money you may wait up to a year to see the check. Considering that the average tax refund is $3,120, accuracy and timeliness are worth the effort to do it right the first time.

Step Four: Cut out the middleman. If possible, file electronically. The IRS notes, “Submitting your tax return electronically ensures greater accuracy than mailing your return. The e-file system often detects common errors and rejects your tax return, sending it back to you for correction. This could save you delays in processing your tax return. “The IRS has approved a number of companies, including 1040.com, Turbotax.com, H&R Block, even IRS.gov/freefile. If you are unsure about filing yourself, then go to IRS.gov, do your research, or hire someone to do it for you.” Filing electronically also saves you from sitting in the line of cars at the Post Office on filing day, as people wait to get that date stamp on their returns.

Step Five: Hold onto your cash. If you get a refund, don’t be in a hurry to go shopping. Everyone needs to have at least $1,000 in savings for emergencies, a goal that many people can meet by setting aside their tax return. You can also learn more about how to manage your finances with Crown’s Money Map.