For The Love of Faith and Finances

 

For the Love of Finances: 10 Steps to Financial Freedom

 (God's Way)

Let's face it, finances can be stressful. Bills piling up, credit card debt looming, and the constant worry about making ends meet can leave you feeling anxious and overwhelmed. But what if I told you that there's a way to find peace and prosperity in your finances, all while aligning your money management with God's principles?💢💭

This isn't about getting rich quick schemes or sacrificing your happiness. It's about cultivating a healthy relationship with money, rooted in faith and guided by wisdom. So, let's embark on this journey together, one step at a time.💫

1. Acknowledge Your Current Reality (and Pray About It):

  • Honesty is Key: The first step towards any change is acknowledging where you are. Don't beat yourself up about past financial mistakes. Instead, honestly assess your current financial situation. Track your income and expenses, identify areas of overspending, and calculate your debt.
  • Prayer is Power: Once you have a clear picture, turn to God. Pour out your anxieties and frustrations to Him. Ask for His guidance, wisdom, and strength to overcome your financial challenges. Here's the Prayer journal I use: (Amazon) The Prayer Journal


2. Set Clear Financial Goals (With Divine Guidance):

  • Dream Big (But Start Small): What are your financial dreams? Owning a home? Retiring early? Providing for your family? Write down your goals, both short-term and long-term.
  • Seek God's Will: As you set your goals, remember to seek God's will. Pray for guidance and discernment, ensuring your financial aspirations align with His plan for your life.
  • Here's a quick link to your Goal Differ Planner: Goal Digger Planner

3. Create a Budget (And Stick To It!):

  • The Foundation of Financial Stability: A budget is your road map to financial freedom. It helps you track your income and expenses, identify areas of overspending, and allocate funds for your priorities.
  • The 50/30/20 Rule (With a Biblical Twist): Consider a modified version of the 50/30/20 rule:
    • 50% Needs: Allocate 50% of your income towards essential needs like housing, utilities, and groceries.
    • 30% Wants: Dedicate 30% to wants, entertainment, and discretionary spending.
    • 20% Giving and Saving: Commit 20% of your income to giving back to God and others (tithing), and saving for your future.
  • Find a Budgeting Method That Works for You: Explore different budgeting methods like the 50/30/20 rule, the envelope system, or budgeting apps.
  • Here's a quick link to Create Your Budget: Budget Planner 


4. Eliminate High-Interest Debt (A Debt Snowball Approach):

  • Prioritize High-Interest Debts: Focus on paying off high-interest debts like credit cards first.
  • The Debt Snowball Method: Consider the debt snowball method. List your debts from smallest to largest balance, regardless of interest rate. Pay the minimum payment on all debts except for the smallest one, to which you apply all extra funds. Once the smallest debt is paid off, roll the extra payments into the next smallest debt. This method can provide motivation and momentum.
  • Here's a monthly bill pay Checklist that's very popular: Monthly Bill Checklist
Proverbs 3:9-10: Honor the Lord with your wealth, with the first-fruits of all your crops; then your barns will be filled to overflowing, and your vats will brim with new wine.

5. Increase Your Income (Explore New Avenues):

  • Seek God's Opportunities: Pray for opportunities to increase your income.
  • Explore Side Hustles: Consider a side hustle, such as freelancing, driving for a rideshare service, or selling crafts online through Facebook Marketplace, Mercari or/and Offerup (These are like walking through your biggest yard sale BUT online).
  • Invest in Your Skills: Invest in your education and skills to increase your earning potential.


6. Live Below Your Means (Embrace Contentment):

  • Find Joy in Simplicity: Cultivate contentment and find joy in the simple things. Avoid the temptation to keep up with the Kardashians. After-all, a minimalist never said I shouldn't have bought that!!
  • Practice Delayed Gratification: Learn to delay gratification and resist the urge to make impulse purchases.
  • Bradley On A Budget from TikTok will help you to embrace a minimalist lifestyle. You might have seen him on the Doctor Phil show once discussing his overbearing student loan debt. 

7. Invest Wisely (For Long-Term Growth):

  • Start Early, Invest Regularly: Begin investing early and contribute regularly to retirement accounts, such as 401(k)s and IRAs.
  • Diversify Your Portfolio: Diversify your investments across different asset classes to minimize risk.
  • Seek Professional Advice (If Needed): Consult with a financial advisor for personalized investment guidance or consider using Chat GPT. I've asked Chat GPT numerous times to save with specific prompts.

8. Give Generously (A Heart of Gratitude):

  • Tithing as an Act of Faith: Practice tithing, giving 10% of your income to your church or a charitable organization.
  • Give Freely and Joyfully: Give generously and joyfully, recognizing that your blessings are from God.


9. Cultivate a Mindset of Abundance (Instead of Scarcity):

  • Focus on Gratitude: Focus on gratitude for the blessings you already have.
  • Trust in God's Provision: Trust in God's provision and believe that He will meet all your needs.
  • Replace Fear with Faith: Replace fear and anxiety with faith and trust in God's plan.


10. Continuously Learn and Grow (Seek Wisdom):

  • Read Books and Articles: Read books, articles, and blogs on personal finance and biblical principles of money management.
  • Attend Financial Workshops: Attend workshops and seminars to learn from financial experts.
  • Seek Guidance from Mentors: Seek guidance from mentors who have achieved financial success.

Remember, this journey to financial freedom is not a race, but a marathon. Be patient, persistent, and consistent in your efforts. Trust in God's guidance, and celebrate your progress along the way.

Disclaimer: This blog post provides general information and should not be considered financial advice. Consult with a qualified financial advisor for personalized guidance.

Link to Amazon for Budget Planners

I hope this blog post provides you with valuable insights and inspires you on your journey to financial freedom, God's way.

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Michelle M💗


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