Digg
Facebook
Twitter
Stumble
Reddit
Del.ico.us
Yahoo buz
G-bookmarks
Live
Technorati
BIO
Subscribe to this blogger
Financial issues can be a major source of stress and they have been cited as a large factor in marriage difficulties. Below are some excellent stress reduction habits which are based on Biblical guidance.
- Debt-free living - Make it a goal to live entirely debt free starting with every debt but your mortgage. You can also target your mortgage by making extra payments or getting a shorter loan.
- Living within your means - Make sure your spending is much less than your income. This allows for saving and giving which are keys to bible-centered finances. This is also required for debt-free living.
- Giving - The Bible is clear about the importance of giving. Giving is key to practicing the biblical principles of putting God first, loving your neighbor, feeding the poor, and supporting ministry. Giving unlocks God's supernatural power to reduce financial stress.
- Saving - The Bible points to The Ant in Proverbs 6 regarding saving for tough times. Obviously, having savings reduces the stress of unplanned expense surprises.
- Cash for misc. spending - My wife and I take out a set amount of cash every two weeks and divide it in half. This covers dining, entertainment, hobbies, expresso, etc. The details of this kind of spending DO NOT need to be accounted for and it still allows a budgeted spending amount each month.
- Spending "one" income - Having a partial or full second income is OK, but it is best to pay all the bills on one income. The extra income can be used for paying off debt, saving, and extra giving. If the time or emotional stress of multiple incomes gets too high, the second income can be dropped or reduced without major problems.
- Eliminate Car Payments - Cars are actually one of the most common ways Americans overspend. According to Crown Financial Ministries most families cannot afford a new car. I have talked to many families with big financial challenges that also had large car payments. I have decided to never make car payments. Imagine how having no car payments can support all the rest of these strategies.
- Use Technology - Using money software simply reduces the hassle of manual balancing, budgeting, and planning. Electronic bill payment or direct-pay services will help ensure bill payments, giving, and saving happens automatically according to your budget.
