Regardless of the time of year, finances can be stressful. This is especially true when a spouse must work many hours daily to make ends meet. My husband told me that he had to do extra work at the church where he is serving and had to skip two days of work at his second job, which made my anxiety rise. Because we count on that second job income, I was wondering how we would make it.
Even though I'm good at saving money and putting aside for a rainy day, this can be difficult when not only do you count on a second income, but also have minor setbacks like car repairs, home repairs, and health challenges that require expensive medication and extra doctor's visits.
Although life presents challenges to all of us, and we can all encounter difficult trials, there are ways to cope. There are ways to alleviate financial stress and live a life with less financial burden. Here's how I learned to take the stress out of finances:
Unless a situation requires you to spend extra money, be sure to set aside additional funds for expenses and other things, such as holidays and luxuries that you would like to have but do not have the money for. For example, Christmas comes on December 25th every year. Start saving for the holidays in July or August; don't wait until November to begin.
Chances are, you will encounter setbacks that require you to spend extra money, leaving you short on holiday cash. If that money is directly deposited into your account, take the time to withdraw it from your bank, put it in an envelope, and set it aside. Store it in a safe place where you'll remember its location and ensure you won't accidentally touch it.
Store it in a safe, secure location, such as a safety deposit box, if necessary. However, earmark a certain amount of money that you set aside each week or month for things like holiday expenses. With rising costs and inflation, Christmas can become increasingly expensive each year. Avoid the new year financial bills by spending only what you have saved.
Start saving a small amount each week or month from your paycheck, and you will find it quickly adds up. It also helps you cover the extra inflation costs and other expensive items that your family members or loved ones might desire.
Not only is it essential to save early for recurring expenses you know will occur each year, but it is also crucial to save regularly. Sometimes, people use extra money and spend it on vacations, special gifts, or other short-term expenses. Well, sometimes this is appropriate. Saving often helps small amounts add up. Many people complain that they don't have a lot of money or that they are entering the retirement years with less income than they need to retire comfortably.
However, by saving $1.00 a day, you would end up with a few $1000 each year. Allocate a specific amount of money that you won't miss and set it aside. Things often come up, and when they do, it will be nice to have an envelope of money to cover the cost. This will help reduce credit card bills and other expenses that eat into your monthly income.
By saving extra money and pretending it's not there, you will be providing for yourself when necessary repairs or other financial issues arise, allowing you to cover the costs.
Although this is a common assumption to make for any budget, many people choose to merely pay off each month's payment without considering paying off the debt entirely. Many people get into the habit of simply paying the monthly payment without considering all the interest and other expenses it cuts into, affecting their monthly income. What is it like if you pay off that car and have $200 extra a month? Will that help you save and be prepared for other setbacks that may come your way?
Take stock of your finances. Where do you have unnecessary debt that you can start paying off? Make small goals and seek to meet them. If you want to pay off a certain amount of your home per year, for example, you must make extra payments to do that. Are there side hustles or other areas where you can make small amounts of money that you can put aside to help you achieve your goal?
Having a goal to work toward gives your life purpose and meaning and enables you to work toward financial freedom. It is a great accomplishment when you pay that last payment before it's due.
Then, take that money you would have spent on that monthly payment and put it away for a rainy day. Save it just like suggested above. Set it aside for repairs, holiday expenses, vacations, or other unexpected expenses that may arise. You will find it adds up more quickly when you realize.
The most important thing you can do with your finances is give them to God. During his time on earth, Jesus spoke about the dangers of riches. You never condone people being rich and saving money for themselves. Instead, he challenged people to give away their money, sell their possessions, and give to those who don't have.
Ask God what He wants you to do with your money. We often make plans based on books we've read, podcasts we've listened to, or YouTube videos we've watched. But we don't always seek the Lord when it comes to our money. Even in the most impossibly high debt situations, God can turn it around for His glory.
Perhaps God will ask you to take a faith-filled risk and give your money to someone in need. That may seem counterintuitive to what you're trying to accomplish, but sometimes, when you choose to be selfless and give your money to those who don't have, God will bless you and help you achieve your financial goals.
Money, like many things in life, is not meant to be dealt with on our own. We need a community of people who will help us spend money wisely, pray for difficult situations, and encourage one another in all the ways of the Lord, by not allowing money to become an idol in our lives.
Finances can be stressful regardless of the time of year or even how much income you have. Periodically, many wealthy individuals still worry about their finances. However, God wants us to live in freedom. Where his spirit is, there is an opportunity for freedom. Give God your finances and sit back and watch what he does with them. Do your due diligence and save money to prepare for unexpected expenses.
Trust your financial concerns to the Lord and see what He will do with what you've asked Him to do.
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