Have you spent your tax refund yet? If not, you need to hear this story!

Fox5 Atlanta recently reported that Christina Knaack, a single mother of two little girls, received a large tax refund and prepaid her rent for the year. A photo of the receipt from her landlord has gone viral on Facebook.

She has been clean from drug addiction for 3 years, and shared her post hoping that a recovering addict would see it and believe that life off the streets is possible. WOW!

Although many landlords will not allow prepayments, it is worth exploring. If you have established a good reputation, your landlord may even grant a discount for paying in advance. It is a great way to secure a roof over your head and give some flexibility in the budget.

If you have a mortgage, consider using your tax refund to make an extra payment that will save you lots of dollars down the road.

Reed Karaim at Interest.com says, “A $200,000 30-year home loan with an interest rate of 5% would cost $186,512 in interest with the traditional 12 payments a year. Make the equivalent of 13 monthly payments every year, and the loan will be retired in 26 years and you will pay only $153,813 in interest — a savings of $32,699.” And, you shave 4 years off your home loan!

If you are not sure how to use your refund, pray. If you are married, be unified in the decision.  Ask the Lord to grant you wisdom to use your refund wisely in a way that will bring Him glory.

The good news about filing taxes is that this year they’re not due until April 18th. You get 3 extra days!

If you want to avoid paying unnecessary taxes you’ll have to do some planning.

1. Keep track of qualified tax credit options – they boost refunds better than deductions. For each credit dollar, your taxes go down a dollar! Yet, 20% of eligible Americans don’t even claim the earned income tax credit. There is also an option for low- to moderate-income tax payers who are saving for retirement. The Savers Credit gives a tax break to these individuals and families, but only 12% of them know about it!

2. Maximize your traditional IRA to increase your Tax Refund. This year you have until April 18th to open a traditional IRA for 2016. Contributions reduce your taxable income and can be claimed this year. If you’re at least 50 years old, consider the catch-up provision. Roth IRAs provide no tax break for contributions, but earnings and withdrawals are generally tax-free.

3. File on time or file for an extension. Filing on time is always the best option, but if you are unable to, be sure to file for an extension. You can gain some time with an extension but must file at the end of that time to avoid penalties. You may be eligible for an installment payment plan but expect to pay interest fees.

4. Aim for a zero tax refund. The average tax return in 2015 was $3,120. That amounts to $260 a month of YOUR money that the government used interest free! Adjust the withholding from your paycheck or if you are self-employed, adjust your quarterly estimated payments.

5. Directly depost the refund you receive. It is easy, secure and the fastest way to get your tax refund. Nine out of 10 refunds are issued within 21 days or less, compared to six to eight weeks for paper-filed tax returns.

Above all, continue to steward the resources, time, and knowledge God has given you!

According to J. Paul Getty, “If you get up early, work late, and pay your taxes, you will get ahead — if you strike oil.”

Few of us will strike oil, but most of us file tax returns. To make your tax experience less painful, more productive and hopefully rewarding, I’ve assembled a few tips for you.

1. Be Honest. NEVER give false information or numbers you cannot support with documentation. Honesty allows you to file without fear and sleep well at night.

2. Organize your documents. Have your W-2s from employers or 1099s from contract work all in one place. Your vehicle registration fees, charitable contributions, medical expenses, sales tax receipts and other documentation from things like a move or job search expenses should be assembled. Avoid the cost of time and money by spending a little time getting your paperwork together.

3. File online (if you can). Filing online is faster, safer, and secure but isn’t right for everyone. 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. It is better to be right than sorry.

4. Don’t rush. One of the top mistakes taxpayers make when trying to meet the deadline is recording incorrect Social Security numbers for their children and spouses. These numbers are required to get valuable deductions, credits and exemptions. Slow down, review your work and ask someone else to double-check it for you.

This year you have an extra 3 days to file, but don’t procrastinate! As Jesus tells us in Matthew 22, “give back to Caesar what is Caesar’s and to God what is God’s”.

If you aren’t already there, you will someday face retirement. Want to know a secret shared by the happiest retirees?

Author Wes Moss, at TheBalance.com documents the results he found among retirees. When their mortgages are paid off, their happiness levels rise. Quote: “All the successful retirees I know who are living out their dreams are those who have eliminated or drastically reduced their mortgage payments before retirement.”

Since you no longer have to pay the bank, you can save the money you were applying to your mortgage. It gives you margin in your budget to allow for you to impact the Kingdom in countless ways.

Paying off the mortgage may seem like an insurmountable challenge. If you do not have any high-interest debt that needs to be eliminated, then you may benefit from these tips:

1. Keep your payment below 25% of your gross monthly income.
2. Check out our Mortgage Pre-Payment Calculator. This is an easy tool that allows you to see how increasing your monthly payments from as little as $50 a month to as high as you want can impact the interest you will save over time.
3. Make bi-weekly mortgage payments. Rather than paying $2,000 a month, you pay $1,000 every two weeks. This enables you to make an extra mortgage payment every year.
4. Consider the 1/3 rule. Some financial planners suggest this if you can pay off your mortgage using NO more than 1/3 of your NON-retirement savings.

Remember to do your own research, pray about the decision, and consult several wise people.

Being financially free is not just about getting on a budget and living debt-free. I always say that if that’s all we have helped you accomplish then we have failed. True financial freedom begins with a transformation of the heart and we believe that God’s principles change everything!

Originally posted on the Christian Post on March 23

Dear Chuck,

I’m in the market for a car, and I’m trying to decide between owning and leasing. I’m just out of college and want to keep my obligations low, and I’ve heard that leasing can be really cost effective. There are lots of great deals and promotions advertised for leases in every car commercial, making it seem like it’s worth a try. What do you think?

Looking at Leasing

Dear Looking,

I think leasing is a bad idea for most folks. Let me explain why and and provide a better option.

The constant stream of beautiful advertisements telling Americans that a new car can easily and cheaply be yours is one of the reasons that car loan debt has grown every quarter since 2011. With car debt in the billions and defaults on car loans on the rise, it’s clear that too many people let their passions drive their purchasing.

Step one before deciding about a car is this: Turn off the television!

Step two is taking a look at your budget. At Crown we remind people to consider that the cost of a car includes maintenance, payments, repairs, gas, tags, taxes, and insurance – and that shouldn’t exceed 15 percent of your net spendable income. When deciding whether to purchase a new car, purchase an older car, or lease, consider the costs of each.

Let’s weigh the pros and cons, keeping in mind this truth: a car is an expense. No matter your choice, money will come out of your pocket in exchange for transportation. The question is how much and what other benefits are you buying.

COSTS OF LEASING: Young people just entering adulthood are most intrigued by leasing. “Millennial car buyers are more likely to lease a car than Generation X and baby boomers,” according to CNBC, and often Millennials choose to lease luxury vehicles. One of the reasons is when leasing, it’s possible to “afford” more car than you can when you buy. You are 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.

US News explains it like this:

“Say your dream car is a new SUV that costs $30,000, you’re able to put 10 percent down ($3,000), and don’t have a trade-in. You’ll need to finance $27,000. With any lease, there will be a predetermined residual value. Let’s say, for our example, that it’s 55 percent, or $16,500. That means you’ll only make payments on the $13,500 worth of use that you’re expected to get from the vehicle. That’s half the price of the outright purchase.

It’s not quite that simple – both types of deals generally come with fees that need to be included in the math – but that gives you an idea of why lease payments are generally lower than financing payments.”

But let’s be clear, though leasing may cost less, it’s not necessarily that much less. Currently, the average car loan is $493 per month, compared to the average lease payment of $412. And there can be hidden costs.

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.”

COST OF BUYING NEW VS. USED: Reliability, repair and fuel costs are three key reasons people often want to buy new rather than used. Monthly repairs for the typical American’s car (about seven years old) cost about five percent of a family’s budget while a new car costs about 15 percent. Thus it’s cheaper to keep a reliable used car running than buying a new car. In both cases, there is a price to owning the car. But while you may have some maintenance issues with a used car, you’ll likely have payments with the new.

In today’s American budget, so many are hostage to long-term loans. Experian reported last year that the average term for an auto loan is a record-breaking 68 months with average payments nearing $500. People are paying more and staying in debt longer for cars than ever before.

I found it sad to note that Experian reported more than 85 percent of new car buyers used financing, along with more than 55 percent of used car buyers. Debt is a dead end for anyone. Proverbs 22:7 observes, “The rich rule over the poor, and the borrower is slave to the lender.”

My advice is to avoid expensive new cars whether leased or bought, and instead buy used AFTER you’ve saved the cash to pay in full. This will take more time and some research, but as someone who is happy to drive and purchase used cars, I can tell you that the peace of mind from less debt is worth the wait.

You can learn more about how to manage your finances with Crown’s Money Map. And if you’re looking for a little encouragement in the year ahead, please accept this gift from Crown. 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.

The consequences of the onset of Social Security benefits are enormous. Recent reports by Sandra Block, at Kiplinger.com and Viewpoints at Fidelity.com confirm this.

You are eligible for benefits if you’ve worked a minimum of 10 years in positions covered by Social Security. Benefits are based on two main variables: earning in the 35 highest-paid years of your career and the age in which you begin receiving your benefits.

Those 35 years do not have to be consecutive, and if you work past age 65, those earning years, even part-time, will be included if part of your highest 35 years.

You can begin claiming benefits at 62, BUT there is NO benefit to waiting past 70.

Claiming before full retirement age locks in a permanent reduction in monthly income. If you delay claims until reaching full retirement age you’ll be rewarded with benefits that boost your payout by 8% a year up to age 70.

Claiming Social Security at 62 is beneficial if you have health issues and a shortened life expectancy. But, remember locking in is an irrevocable decision.

If you are healthy and come from a family of octogenarians, then you may benefit by delaying your claims.

If married, you and your spouse can claim at different dates and may be eligible for spousal benefits. If one spouse dies, the survivor is allowed to claim the higher monthly benefit for the rest of his or her life.

The key is developing a plan and remembering to number our days that we may gain a heart of wisdom.

Catey Hill at Marketwatch.com recently reported, “Many Americans are filled with regrets – financial regrets.” In fact, 3 out of 4 harbor regrets, according to a recent survey by Bankrate.com.

Sadly, the biggest regret is not saving enough for retirement early enough. The other regrets in descending order are:

1. Not saving enough for emergency expenses
2. Taking on too much student loan debt
3. Taking on too much credit card debt
4. Not saving enough for children’s education
5. Buying a bigger house than they could afford

Waiting to save for retirement is costly. If a 25 year old begins saving $300 a month for 30 years, he will accumulate about $450,000 due to compounded interest. But, waiting 10 years to start gives the saver $250,000 by age 65. Although admirable, it’s a full $200,000 less!

Employee Benefit Research Institute estimates that only 14% of workers have $250,000 or more saved which according to many financial advisers is far too little. Fidelity suggests that by the age of 30 you should have your entire salary saved; by 40, 3 times your salary saved; and by 50, 6 times your salary saved.

How is this possible? By living below your means! And, is this money to be accumulated so you can spend your retirement years in luxury? Hardly! Proverbs 13:22 says “A good man leaves an inheritance to his children’s children.”

Because people are living longer, it is wise to prepare for retirement to avoid being a burden on loved ones or dependent on the welfare of others. In light of the fact that 28% of workers say they have less than $1000 saved, we’ve got a lot of work to do!

Emotional triggers cause you to spend money. Maggie McGrath at Forbes made a list of the most common ones.

• Alcohol or hunger can lower inhibitions and cause people to buy and regret it later.

• Emotional turmoil causes people to spend in an effort to gain control and feel happy. But the short-term gratification won’t last long.

• Loneliness leads to purchases that temporarily medicate. But a Journal of Consumer Research paper says there’s a “loneliness loop” in which materialism and loneliness create a self-reinforcing cycle.

• There’s the reward yourself mentality and keeping up with the Joneses trap.

• Convenience or quick fixes add up in food, maid service, laundry or yard work.

• A raise or tax refund justifies splurges on cars, vacations, or even homes.

If you know your trigger, you need to put on the full armor of God to withstand temptations.

Avoid going where you know you spend money. Stay away from the mall, boutiques, or online shopping. Delete or unsubscribe from sites where you will waste time and/or spend money. Pick up a book or find a productive way to spend free time rather than hopping on the computer or smartphone.

Check your emotions. When did you last thank God for who He is and what He has done for you? Are you seeking satisfaction from people or things rather than the only One who can truly satisfy?

Set your mind on things above not on things that are on the earth. You will find that your heart becomes satisfied with the riches of Christ that are of much greater value than the things of this world.