Dear Chuck,
I run a small business. Some of my employees are struggling financially. Inflation has stretched their paychecks, but I suspect they have no knowledge of Biblical financial principles. What can I do to address this problem?
Helping With Inflation
Dear Helpling with Inflation,
It is easy to get so caught up in caring for customers or other details of business while somehow overlooking the needs of employees. Many people today are suffering from financial difficulties and not just from inflation. This impacts marriages, work productivity, and businesses. I believe it is a great opportunity to show real care and concern for the people you work with.
Larry Burkett, the founder of Crown (originally Christian Financial Concepts), wrote Business by the Book. He believed that Christian business people should do unto others as they would want them to do to them and gave six basic business minimums:
“Fairness is both a responsibility and an opportunity. Employers who practice fairness are able to share Christ with their employees because they ‘practice what they preach,’ as the old saying goes… Fairness is usually related to issues of pay and benefits in the work environment, but that is not the total picture. Fairness also involves attitudes and relationships… The first step in establishing the principle of fairness is to recognize that all people are important, regardless of income or education… If you find that you can’t give the same honor and regard to the lowest-ranked employee in your business, you need to stop right here and resolve this issue with the Lord. The second chapter of James covers this issue thoroughly summing it up in one verse: ‘But if you show partiality, you are committing sin and are convicted by the law as transgressors.’ (James 2:9)” Larry Burkett (Business by the Book)
When employees are under your authority, it is your responsibility to pay them well and provide appropriate benefits. When they know their work is recognized and compensated fairly, they are more likely to work with excellence and pride. Monetary rewards can improve morale and productivity. You will create a healthy culture that retains and attracts talent. If a raise or one-time bonus is not in the budget, offer other incentives like more paid time off. Budget for cost-of-living raises and bonuses in the future. Provide small rewards of appreciation and recognition. This article at indeed.com discusses ways to develop and care for employees.
Scripture Addresses This Topic
“You shall not oppress a hired worker who is poor and needy, whether he is one of your brothers or one of the sojourners who are in your land within your towns.” (Deuteronomy 24:14 ESV)
“Come now, you rich, weep and howl for the miseries that are coming upon you. . . . Behold, the wages of the laborers who mowed your fields, which you kept back by fraud, are crying out against you, and the cries of the harvesters have reached the ears of the Lord of hosts. You have lived on the earth in luxury and in self-indulgence… (James 5:1–5 ESV)
“Do nothing from selfish ambition or conceit, but in humility count others more significant than yourselves. Let each of you look not only to his own interests, but also to the interests of others.” (Philippians 2:3–4 ESV)
Implement a Program
We have worked with many companies in the United States and around the world that not only fairly compensate their employees but also are intentional about giving them an opportunity to learn Biblical financial principles. Last year, I conducted a series of five lessons on financial management and stewardship as the guest lecturer at a “Lunch and Learn” in a local small business. Employees opted in at no cost. The class was very popular, with 90% of the staff attending either in person or online. I taught for 30 minutes and then conducted a question-and-answer session. Other companies I know pay for Crown courses or books for employees willing to take advantage of personal growth opportunities. One company even offers to match employee payments to those who get on a debt-elimination plan up to a reasonable amount!
Some Options to Consider
Educate yourself on the financial pain of employees so you know how to help. Then follow some of these ideas:
Another helpful and trusted source is Christian Credit Counselors. They can help consolidate debt and get your employees on the road to financial freedom.
This article was originally published on The Christian Post on August 4, 2023.
Dear Chuck,
My wife and I have two little ones. I love Christmas but always regret the financial stress it creates for our family. We finally paid off our Christmas debt from last year! Can you give me some ways to avoid doing it all over again?
Debt-Free Christmas?
Dear Debt-Free Christmas?
Congratulations on getting your debt paid off! Your wish for a debt-free Christmas can come true, but it will take some planning and work—starting right now.
Debtmas is Coming!
Last October, a study on holiday spending was conducted on behalf of Credit Karma. Because so many were unable to afford the holidays, the article reported, “It’s beginning to look a lot like debt-mas.” You know that pain and should be extra motivated to prepare for the holidays long before they come. So let’s get a plan started.
Here are some “who, what, where, when, and how’s” to get you started on prepping for next Christmas without debt.
WHY Give Without Debt?
For six months, you have lived with self-inflicted stress. Proverbs 22:7: “The rich rules over the poor, and the borrower is the slave of the lender.” It is so fun to give gifts but much, much more joyful if you do so and avoid becoming a financial slave!
WHO Do You Want to Include?
Make a list, and check it twice. Carefully narrowing who you include in gift-giving can keep you within your budget. Think back to former Christmases. To whom did you give? Family, friends, employees, neighbors, teachers, pastors, and more? Make a specific list; then add or delete as needed.
WHAT Can You Spend?
Do you have a rough idea of how much you spent last year? If not, look back over bank and credit card statements. Include Thanksgiving, especially if you host or if you carry food and hostess gifts for that holiday. Did you have travel expenses? Try to include anything that comes to mind. It is better to overestimate your costs than come up short. Be sure your budget will allow you to be generous and start the New Year without credit card debt.
WHERE Will You Celebrate?
Thinking this through will help you plan in a variety of ways. You may be able to reduce travel expenses, added costs of hosting, or eating out. Begin shopping now for airfares, Airbnbs/VRBOs, car rentals, etc., so you know what to expect.
WHEN Can You Start Shopping?
Christmas is less than five months away. You can begin now and save on finding the best deals! Look at your list, and brainstorm gift ideas. Copy it, and carry it with you. That way, when you spot items on sale or find things in garage sales or thrift stores, you can avoid the last-minute shopping frenzy. Many people completely blow their budget by not preparing wisely. Carrying cash is one way to limit credit card spending.
My wife added: If you need wrapping paper or ribbon, keep an eye out for anything that can pass for “Christmas” on clearance racks. You can buck traditional red, green, and white by using other colors, fabric, scarves, or newspaper with twine and herbs for beautiful wrapping.
Go through your home, and determine if there are things you can give that will express your love to others. Family heirlooms accompanied with a note of history can be a priceless gift. A work of art, photographs, a piece of jewelry, china, and books are all possibilities.
HOW Creative Can You Be?
This is an opportunity for you to ask God for ways to stretch your dollars. He knows what you have and your earnest desires and can provide in unimaginable ways. When we ask and wait patiently, we often discover the beautiful means in which He provides. On the other hand, when we step out ahead of Him with credit cards or other forms of debt, we miss experiencing answers to prayers. God can give you creativity. Ask Him for eyes to see potential in sale or used items and for ways to bless those you want to honor.
Come up with a theme, and try rallying your friends, family, and coworkers in this venture. Some ideas might include: “Nothing New Under the Tree,” “Stocking” gifts—things that will only fit in a stocking—or “Handmade” gifts. “White Elephant” gift exchanges can be fun. Gift cards for experiences with you can be especially delightful: trip to the zoo, arboretum, museum, art show, concert, sporting event, book store, coffee/tea, and so on. Look for special events and free or special prices to make this possible. Another idea is to give your time or talent: babysitting, cooking, art classes, music lessons, tutoring, carpool driving, etc.
General Budget Help
If you read my articles or listen to my radio spots, you know that I preach a simple strategy: spend less than you earn, set goals, get on a budget, and follow a financial plan. Try cutting back on non-essential spending to free up dollars, and deposit this regularly into a savings account dedicated to your Christmas budget. Making sacrifices now will reduce future stress. Plus, you may discover the joy in cutting back and find that it is really not so painful.
For additional support with credit card debt, Christian Credit Counselors is a trusted source of help to get on the road to financial freedom.
This article was originally published on The Christian Post on July 28, 2023.
Dear Chuck,
I’m 26 and single and would like to complete my business degree. I actually have a great job but keep thinking the degree would help me in the long run. Do you think it is worth it? (I would need a student loan for the entire amount of the degree if I decide to go full-time.)
Degree or No Degree?
Dear Degree or No Degree?
I’ll break this down into “Maybe” and “No” regarding your two questions: 1) Should you get a college degree in business? and 2) Should you get a student loan to attend school full-time?
Do You Need a Degree in Business?
Well, it depends. I don’t know what kind of field or role that you are currently in. If you are a specialist and need more education in business law or accounting expertise, I might respond differently than if you are in sales, marketing, or management or are a skilled tradesman.
Undergraduate and graduate degrees are common among the world’s top CEOs. Many earn an MBA to strengthen management and leadership skills. However, Bill Gates and Mark Zuckerberg are college dropouts. In fact, many CEOs don’t have any college degrees.
While David Kang was a professor at Dartmouth College’s Tuck School of Business, he began collecting data on where CEOs attended college. He told Fortune: “The results were stunning. Like everyone else, I thought Ivy Leagues would dominate. But the largest place they had gone to was no college at all.” Of the 500 CEOs on his list, those without an undergraduate degree exceeded any one institution. The Ivy League schools did not rank highest. In fact, he found that an elite degree is not as important as resilience, perseverance, and ability. Although 75% of the Fortune 500’s top 20 CEOs had a graduate degree, some did not attain it until after achieving some professional success.
The CEOs of five top-20 companies have no graduate degree, including Craig Jelinek at Costco and Mike Wirth of Chevron. Others go back to school after getting a start in business. In the right situation, some companies will pay for the education in exchange for a promise of loyalty to the company for a season after graduation.
On-the-Job Education
An article at Harvard’s Business Review explains that CEOs without college degrees proved themselves by excelling in three ways:
Consider Alternative Forms of Education
Applying yourself in business is a great form of education and training. The Bible instructs us: “Whatever you do, work heartily, as for the Lord and not for men, knowing that from the Lord you will receive the inheritance as your reward. You are serving the Lord Christ.”
(Colossians 3:23–24)
Your unique talents, abilities, and willingness to work very hard will help you excel in careers where those are important. When a superior notices your accomplishments or praises your efforts, express your gratitude and the desire to take on more responsibility. Ask if they have any suggestions for you. Accept and pray through them with a humble, teachable heart.
It is important to keep a resume current. When there is no degree to reference, highlight certifications, skills, accomplishments, and volunteer positions held. Organize it according to strengths, with the most current/relevant data first.
Instead of going into debt to get a college degree, either go part-time and pay as you go or seek affordable alternatives. Here are at least 40 jobs that don’t require a college degree. Also, check out optional routes to training you may need:
Additionally, Crown has many online courses available to help you find freedom in your finances and career. Each of our courses is Biblically based, practical, and empowering.
This article was originally published on The Christian Post on July 21, 2023.
Dear Chuck,
My wife and I made more than our share of financial mistakes early in our marriage and are still making up for losses. Can you give us some tips on how to catch up?
Catching Up Financially
Dear Catching Up Financially,
As I said last week, I could write a book on all the financial mistakes I have made, and I addressed these common financial mistakes:
Today, I want to acknowledge a few more mistakes to avoid in order to make up for past losses.
Buying New Cars
Many people are financing new cars that they could not otherwise afford. A June 27th report revealed that average new car payments hit a record high of $725 in the first quarter of 2023. That is up 11% over 2022, although car prices are up just 4.7%. $40,851 is the average amount borrowed on new vehicles. Auto loans are the 3rd highest debt, surpassed only by mortgages and student loans. If financing is necessary, find a dependable used car with low payments, and apply the difference you would pay on a new one to an automobile fund. In the future, you will be able to pay cash for cars.
“The rich rules over the poor, and the borrower is the slave of the lender.” (Proverbs 22:7 ESV)
While you may not see borrowing for a new car as slavery, many do so by sacrificing giving, saving, or investing that they could be doing by driving a lower-cost car.
Buying a House, Upsizing, and Downsizing
Buying a home is a good financial decision. Staying in it for life can also be a blessing.
Warren Buffet bought his house in 1958 for $31,500 and still lives there. The 1921 home, five minutes from Berkshire Hathaway’s corporate headquarters, is now worth about $1.2 million. He says, “I’m warm in the winter, I’m cool in the summer, it’s convenient for me. I couldn’t imagine having a better house.”
My wife’s sister and husband bought their modest ranch house 40 years ago. They never upsized, even with four children, and now have no need to downsize. As a result of simply staying put, they were able to put their children through private schools, give, save, and invest. One must weigh the hidden financial costs of buying big houses until you must ultimately downsize.
Paying PMI (Private Mortgage Insurance)
PMI provides the means to buy a house without a 20% down payment. I highly recommend avoiding it for these reasons:
Aside from saving for a 20% down payment or buying a less expensive home, a mortgage professional can possibly help you review and find other options.
Long-Term Storage Rentals
One in five Americans use self-storage. The average rate is $128 for a 10X10 unit. The most common reasons are not enough space at home, moving, downsizing, changes in household size, storing for business reasons, or home renovation. The most popular items stored are furniture and clothing, followed by home appliances and equipment, sports and hobby gear, vehicles, RVS, boats, business items, and more. Besides the monthly fee, there is the added cost of insurance to cover stored items. And, at some point, you (or your heirs) must clear out the contents. Unless you have a buyer for the items, this can cost more time and money. For many, the cost of storage exceeds the real value of the items being stored. We try to use storage units for less than six months if needed, or we simply dispose of the items.
Get-Rich-Quick Schemes/Scams
Con artists promise opportunities with unrealistic returns. They often play on fears or greed that make people ignore common sense. Beware of those who promote “once in a lifetime” opportunities or a sense of urgency. Avoid promos with exaggerated language, guaranteed income, or the requirement to recruit people to earn more money. Profit-making details that are missing or cloudy are questionable. Flee work that requires 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.
Not Taking Care of Your Health
Being proactive in taking care of your health pays countless dividends! The financial savings alone adds up, with protection from long-term disease, fewer doctor visits, lower absenteeism at work, and a reduced incidence of catastrophic injury or death. That is in addition to a higher quality of life. Protect yourself physically, mentally, and emotionally with a healthy diet, sleep, exercise, and stress management. This kind of self-care requires discipline and motivation. If you struggle with unhealthy addictions (tobacco, caffeine, alcohol, drugs, sex, etc.), ask the Lord to break the stronghold. Pray for self-discipline and the desire to glorify Him in your body—the temple of the Holy Spirit.
Obviously, I have lots to say about mistakes that I have made and ones that I hope you can avoid! Take one day at a time. You will be surprised by how quickly you can catch up and reverse the damage from past financial mistakes by being faithful with small decisions.
For additional help with financial difficulties, Crown’s online Budget Coaching program matches you with one of our certified coaches to thoroughly analyze your financial status. They will work with you to develop a customized spending plan and debt elimination strategy to help put you on the road to financial freedom!
This article was originally published on The Christian Post on July 14, 2023.
Dear Chuck,
My wife and I made more than our share of financial mistakes early in our marriage and are still making up for losses. Can you give us some tips on how to catch up?
Catching Up Financially
Dear Catching Up Financially,
Ha! You and me both! I could write a book on all the financial mistakes I have made. To answer your question, I’ve compiled a short list of common financial mistakes to avoid.
First and foremost, remember that you are a temporary steward entrusted with managing what God provides.
“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)
Mistake: Spending More Than You Earn
Now that you know your role and responsibility, never spend more than you earn. It’s the quickest way to end up in debt and will set you back months, years, and even decades with interest payments and missed opportunities to save and invest. Imagine playing limbo every month—the bar represents your income, and you represent control over your spending.
Mistake: No Emergency Savings
When spending less than you earn, you can fund an emergency savings account. The 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! Things happen that may catch you off guard: a flat tire, a lay-off, a medical issue, etc.—so having an emergency fund grants you financial protection.
“Go to the ant, O sluggard; consider her ways, and be wise.
Without having any chief, officer, or ruler, she prepares her bread in summer and gathers her food in harvest. How long will you lie there, O sluggard? When will you arise from your sleep? A little sleep, a little slumber, a little folding of the hands to rest,
and poverty will come upon you like a robber, and want like an armed man.”
(Proverbs 6:6–11 ESV)
Mistake: Streaming Services That Waste Time and Money on Entertainment
Last year, CNBC reported that consumers spend an average of $133 more each month on subscriptions than they realize. 85% of US households have at least one video streaming subscription, and 60% have at least one paid music streaming subscription. These are usually auto-paid, and users fail to notice the cost. Many are charged for subscriptions they do not use. As a result, many consumers underestimate how much they spend on subscriptions each month: mobile phone, internet, TV/movie streaming, Amazon Prime, music streaming, miscellaneous digital subscriptions, gaming, news, and others. Cutting back on streaming can save you money and time. Closely monitor bank and credit card statements to avoid paying for what you do not use (or need).
Mistake: Carrying a Balance on a Credit Card
Assuming you have a credit card or two, never carry a balance. Current interest rates are ridiculous, and more than half of Americans are paying them. Do you want to pay 25% more for debt you carry over each month? This is financial suicide. Set a goal to pay off balances as quickly as possible using the avalanche or snowball methods, a balance transfer, or a combination of these methods. Try Crown’s online courses, work with one of our Budget Coaches, or contact Christian Credit Counselors.
“Owe no one anything, except to love each other, for the one who loves another has fulfilled the law.” (Romans 13:8 ESV)
Mistake: Taking Expensive Vacations
When I was growing up, vacations were spent driving to visit out-of-town family or a National Park. They were never expensive but always fun! Today, people fly to destinations, even if they are in debt. One survey showed that despite inflation and credit card debt, consumers have a “treat yourself” mentality, indulging in drinks, experiencing new activities, and purchasing expensive souvenirs. FOMO, hidden costs, under-estimated extras, and more can lead to post-vacation debt. Budgeting and planning ahead prevent overspending. Pray about a trip you want to take. Then work and save together. God can provide in amazing ways that you would miss if you choose to go into debt.
“Trust in the Lord, and do good; dwell in the land and befriend faithfulness. Delight yourself in the Lord and he will give you the desires of your heart. Commit your way to the Lord; trust in him, and he will act.” (Psalm 37:3–5 ESV)
Practice Contentment And Improve Your Finances
“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)
When we realize that this life is so very temporary, we learn to be content, which leads to far less spending. Less spending creates more giving, saving, and investing, which reduces stress and accelerates the ability to catch up.
Thank you for your question. Due to the importance of this topic, I plan to cover more mistakes next week.
I would like to invite you to our Crown Reunion in Ridgecrest, North Carolina, from October 12–15, 2023. Here, you will learn more about financial stewardship, meet our staff and some of our international partners, and grow spiritually with new friends. More information is available here: https://www.crown.org/reunion/.
This article was originally published on The Christian Post on July 7, 2023.
Dear Chuck,
I am overwhelmed with financial challenges. I constantly feel defeated and discouraged to the point of giving up. I had no idea that financial challenges could lead to such despair. How do I climb out of this dark hole I am in?
Financial Dark Hole
Dear Financial Dark Hole,
I am sorry for your pain. Through the years, Crown has served many who have come out of the same place you are in right now. There is definitely hope! It will take a concentrated effort to renew your mind and a plan to fix your financial problems. Your circumstance reminds me that the task of eating an elephant must be done one bite at a time. Let’s lay out those bite-sized steps to help you conquer this problem.
Change Your Mindset
“Those who live according to the flesh have their minds set on what the flesh desires; but those who live in accordance with the Spirit have their minds set on what the Spirit desires. The mind governed by the flesh is death, but the mind governed by the Spirit is life and peace.” (Romans 8:5–6, emphasis mine)
Changing what we think about money impacts our behavior. It requires dedicated training.
Think about athletes. They train their bodies for competition with grueling workouts. They make sacrifices and prioritize this area of their lives. A ballet company or orchestra trains for a performance or event. Believers are called to train their minds in order to respond with wisdom and discernment. Godly stewardship requires mental prowess achieved by training. Repeated practice becomes second nature, requiring little conscious effort.
We bear fruit when we abide in Christ. This happens when we devote time to regular worship and fellowship with other believers, prayer, and the reading of His Word. It is our living source of Truth, wisdom, and understanding. When we meditate on it, memorize it, and pray it, we can recognize error and flee temptation. When we set our “minds on things that are above, not on things that are on earth” (Colossians 3:2), we can consciously shut out the negative influences of the world that distract us from walking and abiding with Christ.
Scripture to Strengthen the Mind
Practical Advice
It is important to set financial goals and implement a plan of action. These might include debt payoff dates, funding an emergency account, funding a retirement account, and saving for major purchases, like a car, appliance, vacation, home, or remodel. It could include saving for adoption, college, going on the mission field, or starting a business.
Progress in Spite of the Pain
I recently read Saved: A War Reporter’s Mission to Make It Home by Benjamin Hall. He is the Fox journalist who survived a 2022 bombing near Kyiv, Ukraine. His story is incredible in numerous ways, but one thing I found remarkable was his strength of mind. Despite the horrible trauma, intense pain, and emotional challenges, his mental fortitude helped him survive.
“Without any real painkillers available, all I could do was turn the pain into a mind game. I had to tell myself—convince myself—that the pain didn’t matter. I had to teach my body to ignore the pain and teach my mind to block it out. I had to, in essence, put the pain away. The only way to do that was to absolutely believe there was something more important than the pain that needed my attention, and that thing was my survival. . . . I reached past the level of pain and found another level I never knew was there. . . . I marshaled every bit of my focus and put it on the only thing that mattered; to survive, to escape, to get back . . .”
His book helped me reset my perspective on pain. I hope you will consider reading it too. Persevering through pain can help you fight despair and find hope. The Lord will strengthen you and never leave you.
Christian Credit Counselors is a trusted source of support in assisting people with getting on the road to financial freedom. Reach out to them today; they may be of great benefit to you.
This article was originally published on The Christian Post on June 30, 2023.
Dear Chuck,
Our adult daughter is single and working in retail. She just revealed that she has credit card and after-pay debt issues. She has asked us for help. Should we bail her out?
Daughter in Debt
Dear Daughter in Debt,
In short, no. Obviously, I don’t have all the facts, but helping her to work her way out of this without paying the bills for her would be my recommendation.
We learn from our mistakes, and this is an opportunity for a great education. Of course, you don’t want to be unkind, so there are constructive ways you can help. Let’s look at the big-picture problem before getting to the specifics for your daughter.
Americans Have a Problem with Debt
A recent Kobeissi Letter revealed the following:
The bottom line: far too many Americans are spending more than they can afford. This is a serious economic challenge that must be addressed!
Money but No Margin
Americans overspend because they have no margin. They have not learned or applied Biblical financial principles. As a result, they do not have adequate emergency or regular savings accounts. So they use credit cards to cover budget gaps. Many have unforeseen medical expenses or poor spending habits. Some try to keep up with the “Joneses” (who may also be buried in debt) or presume on future income without considering a layoff or lost income, while others fall for get-rich-quick schemes. Persistent inflation has brought on extra stress to already strained family budgets.
Coach Your Daughter Out of This Crisis
Here are my step-by-step recommendations to assist your daughter out of her current financial mess.
Ask Her to Analyze Her Spending Habits
Sit down with her to study her credit card bills, bank accounts, and cash receipts. Ask her: where did you overspend—food, drinks, clothes, entertainment, pets, personal care, etc.? Have her keep a notebook, and record every dollar she spends. Every week, do a spending check-up. Ask her: what can you logically reduce or cut? Is she using after-pay at her own retail establishment? This habit must be stopped now.
She may need to make some painful sacrifices, like selling a car, moving, or taking on another job to increase her available income to pay down some debt.
Ask Her to Analyze Her Friends/Family
The next questions should be: With whom do you spend money? What activities drive your spending? If it is a healthy relationship with friends or a significant other, ask her to be open with them about her desire to spend less in order to pay off debt and build a savings account. Otherwise, suggest that she make new friends. Is somebody always borrowing money from her? Lovingly explain that she can no longer be their banker, just as you can’t be hers. If someone owes her money, explain to her how she can collect it. They may be abusing her generosity.
Ask Her to Analyze Her Financial Future
This is where you can best counsel your daughter or anyone else with debt issues:
Ask Her to Consider the Joy of Financial Freedom
Children benefit from other Christ-centered relationships, in addition to their parents. Seasoned adults can prepare the young for their future with patience, wisdom, and Biblical financial advice. Your goal is to have children who find meaning and purpose in life, are grateful for what they have, and are financially free to follow the Lord. Show her these benefits of spending and accumulating less:
Ask Her to Learn about Contentment
Contentment means we are satisfied. When content, we can exercise self-control, a fruit of the Spirit, that enables us to say no to what we want. Ask her to memorize these Scriptures:
For additional resources, Crown has Budget Coaches and online courses. Christian Credit Counselors is a trusted source of help for a debt management plan. Thanks for writing. I am excited for you and your family as you go on this journey together.
This article was originally published on The Christian Post on June 23, 2023.
Dear Chuck,
I am a recent college graduate embarking on a career in a new city. I am a believer desiring to pay off debt and use my income wisely. I have some old friends here but always spend too much money when we do things together. What realistic goals should I try to achieve?
Setting My Financial Goals
Dear Setting My Financial Goals,
Congratulations! I will help you with a few goals to get your finances off on the right start, but I want to address the issue of peer influence on your finances first.
Sometimes we have to let go of friendships that are dangerous to our financial well-being. People who do not respect our desire to live beneath our means, abide by a budget, or save for the future can be far more of an influence than we may realize. Always spending money or going into debt when with them is not conducive to good financial health. Those who criticize your decisions can negatively affect your emotional health. If you have to defend yourself or are intimidated by people like this, I highly recommend that you address the issue or limit your time with these friends.
Not all big spenders are bad people. They may just not understand where you are financially. Try to winsomely communicate why you choose to live frugally: it enables you to give more, save more, and stress less. Speaking this in a spirit of love creates opportunities to help others who may be living far beyond their means or those who are unaware of a different lifestyle. Insecure people tend to overspend to prove themselves. Be the conduit to offer a different way of living. This may open the door to sharing the Gospel or the opportunity to explain financial stewardship—managing well what God provides.
When planning things with friends, set clear financial boundaries so that all parties have a clear understanding of what is expected. Be prepared to offer less expensive options or other ways to experience healthy fellowship.
Plugging in to the Right Community
Because there is true economic value in living in community, I encourage you to take steps to improve this part of your life. It’s important to find a trusted group where you can be transparent and not worry about being judged. It must be a place where you can give and accept from others the understanding that you are all serving Christ. This can be a small group, a Bible study, a ministry, or a charitable organization where you serve. You need real people—not just those on social media. I suggest plugging into a solid Bible-believing church as soon as you can.
At a very minimum, seek out several wise mentors who can give guidance, provide basic financial help, and much more. It is my experience that if they cannot, they probably know someone who can. Here are some practical helps that can come from wise stewards:
A community of like-minded individuals is where we learn to trust, love, serve, provide, and pray for one another. Your needs may grant someone else the opportunity to fulfill God’s purpose in his or her life. Your experiences in life may help someone else in need. It’s a win-win for all! So step out in faith as you put down roots in your city.
Some Financial Goals to Start Right Now
You mentioned paying off your debt and increasing your savings; those are good general targets, but let’s get specific:
Hopefully, you can find a community that encourages you to achieve these goals.
“And let us consider how to stir up one another to love and good works, not neglecting to meet together, as is the habit of some, but encouraging one another, and all the more as you see the Day drawing near.” (Hebrews 10:23–25 ESV)
Crown offers a variety of Biblically-based online courses that can help you find freedom in your finances, career, and stewardship journey. May they be a blessing.
This article was originally published on The Christian Post on June 16, 2023.
Dear Chuck,
I work in the technology sector and am worried about getting laid off. Can you help me be prepared?
Worried about Layoffs
Dear Worried about Layoffs,
I have friends whose daughter-in-law was laid off a month ago. Then their son, who is married to that daughter-in-law, was laid off last week. Both held good jobs in the tech industry. Many people are in the same circumstance. Accenture, Google, Amazon, Microsoft, Meta, Salesforce, Yahoo, Zoom, and many more have announced cuts in their workforces. In fact, 696 tech companies have laid off 197,985 employees so far this year. According to Nerdwallet, tech employment grew during the pandemic to meet the need created for work, shopping, and socializing. We see big companies correcting for over-hiring and underperformance and preparing for the rise of AI. This may continue until inflation is corrected. Changes are happening in the industry, but the news is not all bleak. Some startups are recruiting software developers, data scientists, and engineers, but many are replacing workers with offshored contractors.
Despite the anticipation, fear, stress, and disappointment of a layoff, do not despair or panic. Be upfront with your spouse. Together, ask the Lord for wisdom and direction. Be mindful of the many things for which you can be grateful, and thank Him. Here are some practical steps:
Be Diligent Before You Go
If you do get laid off, it is important to ask your employer these questions, as suggested in an article by the Harvard Business Review:
Managing Your Money
To ready yourself for a layoff, immediately cut back discretionary spending. Aim to have housing, utilities, cars, and necessary expenses covered. Implement a crisis budget. Check the current balances in all bank accounts, when CDs mature, and other investments that could be converted to cash if needed quickly. If you have adequate savings, don’t blow it on a vacation. Take care of yourself but with a frugal mindset.
Ask Chuck Get Prepared For Layoffs
View This as an Opportunity
Be optimistic while trusting the Lord. It’s possible that your job is not in jeopardy. Can you discuss the situation with your manager? Perhaps, you will discover that your fear is unfounded. You may learn ways to improve your job performance. If, however, you discover that a layoff is inevitable, you will at least have time to prepare emotionally and financially. It may be an opportunity to change course, move into a new career, or verify that you are in the right industry.
I believe it is always a good idea to be aware of other job opportunities. Update your resume and LinkedIn profile. If you do lose your job, notify business contacts of your availability, along with friends who may be able to help. Though humbling, this may actually open a wonderful new chapter in your life. Use your free time to update skills and acquire new ones. Read, research, and study companies you believe would be a fit for your skill set or those in which you have an interest. Prepare yourself for future interviews here and here.
“Be strong and courageous. Do not be frightened, and do not be dismayed, for the Lord your God is with you wherever you go.” (Joshua 1:9 ESV)
Pray with trusted friends, and ask God to work in ways beyond your comprehension. I have seen God close one door only to open a better one for thousands of people we have served and coached.
Crown has a great assessment and coaches available to help guide any decisions you may be making regarding your career path. We also have Budget Coaches if needed. Reach out if we can help in any way.
This article was originally published on The Christian Post on June 9, 2023.
Dear Chuck,
I would love to treat my family to a vacation, but we just can’t afford it unless we put it all on a credit card and pay it out over the coming months. Seems worth it to us. We need a break.
Vacations Via Credit Cards?
Dear Vacations Via Credit Cards,
Happy June! School’s out, and many are looking forward to a traditional summer vacation to a theme park, the beach, or even bucket list travel destinations. Others, like you, do not see how they can afford one. The truth is, you need a vacation; that is non-negotiable. But paying it out over months of high interest rates is not wise.
Vacations Are Vital
Vacations are permissible, profitable, and, more importantly, Biblical! An article at Forbes, “Why Taking Vacation Time Could Save Your Life,” makes the case that time off is “integral to well-being, sustained productivity and high performance.”
The Harvard Business Review offers this compelling article: “Thinking of Skipping Vacation? Don’t!” Research shows that taking regular vacations grants greater job satisfaction. Those who take ten days of vacation are 30% more likely to get a raise. “Research on elite athletes shows that rest is what enables them to perform at peak levels, and the same is true for us.” Another HBR article to reference is: “We All Really Need a Vacation. Here’s How to Make the Most of It.” The article states, “Even before the pandemic, millions of days of vacation time went unused in the United States.”
This article at Very Well Mind addresses burnout prevention and managing stress. “How to Take a Break from Work” says time off is needed when these signs are evident:
Even if these signs are not present, because we are made in God’s image, we all benefit from rest. If He rested, we certainly can’t ignore our need for rest! The break in routine can rest your mind and body, but sticking to clear parameters will prevent financial stress upon your return home.
Steps to A Vacation You Can Afford
A debt-free vacation is possible if you do it on a budget! Be realistic about what you can afford. Planning a vacation without debt requires cooperation, planning, perseverance, and, perhaps, some painful sacrifices, but the reward is worth it. Spend some time researching costs; then set a financial goal and get started.
Assess your financial situation. Try cutting back your variable expenses to accumulate some cash. If the family works together, you can jointly agree on things like not eating out for a month and giving up certain activities, foods, subscriptions, or new clothes. How about having a garage sale or selling larger items on Facebook Marketplace?
Consider driving to see friends and family or receiving them at your home. Camp, stay in state and national parks, spend time in nature, and simply unplug. Enjoy a staycation, and take advantage of all the free or low-cost experiences near your home. Invite other families to join you. It can be a truly enjoyable time for all! If you cannot afford a summer vacation, save for a fall or winter one. You can find great rates in the off-season!
Vacation Without Overspending
According to a survey by Accrue Savings on travel and vacation habits:
Managing Family Expectations
It is easy to overspend when away from home because people let down their guard. They relax and treat themselves to new activities, souvenirs, drinks, and once-in-a-lifetime experiences. Some find it easier to give in to a child or spouse than answer with a loving, “No, we can’t do that this year.” Discuss the situation, and try to teach basic financial principles before leaving home. Then hold one another accountable. You might want to enact a no-complaining rule.
Perhaps you can surprise the family with special treats purchased or prepared ahead of time. Carrying food and drinks with you is usually more affordable than buying on location. If driving, bring books, journals, pens, pencils, games, and in-car entertainment to pass the time. Limit or avoid screen time so the family is truly present—communicating with one another and enjoying the scenery. Plan family devotions and time to praise and worship God.
Set a New Standard
Please get away and rest, but try to avoid doing it with debt, which will only add financial stress to back-to-school and holiday expenses coming in the Fall. I have a wealthy friend who annually pitches a tent in a state park just an hour from his home in North Carolina. He and his wife spend the weekend completely unplugged from the world. Although he could afford a 5-star hotel, this is one of his favorite ways to recharge. He inspires me to find ways to set a new standard for how I steward my vacation expenses.
Crown has a number of resources available to assist in budget planning, including calculators, online courses, and even personal budget coaches. If we can help your family get on the road to financial freedom, please reach out, and we would be honored to help.
This article was originally published on The Christian Post on June 2, 2023.
