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Biblical and practical resources to help Christian families manage money wisely. Learn essential money skills, budgeting techniques, credit score basics, student loan guidance, saving strategies, and financial habits that strengthen long-term stability. This category equips Christians to steward their finances with intention and confidence.

07Mar 2014

The Best Place to Stash Your Emergency Fund

Financial Growth & Habits



“Where is the best place to stash an emergency fund?”


If you are still taking baby steps in your personal money revolution, then this may not be a huge pressing question on your mind. You may be more concerned right now about how you’re going to pay your light bill this month. But that’s okay. You are working toward your goals. You are paying down debt through your Christian debt relief program, and you are slowly but surely building that all important emergency fund that will insure you against the horrific, “borrowing from family” scenario should your hot water heater blow up next month!

However, for those who are a little bit further along on this financial quest, it may be time to consider the best place for this emergency fund that you have worked so hard to establish.

An ideal emergency fund should be three to six months of regular expenses. This is quite a bit of cash, so it would do you well to put it somewhere in which it can gain the most interest for you. This is especially true when you consider that this money is going to stay put, hopefully.

Emergency funds are different than investment funds. You want investment funds to be active and flowing and accomplishing as much for you as possible. Investment funds are money at work. Emergency funds need to stay put, be still, and be safe. You do not put your emergency fund at risk in any way. However, you also do not want it to just sit there for five years and not earn a penny either.

The balance between risky action and stagnant inaction is to place the money in the highest yield type of savings plan possible.

Online Savings

Online only accounts have increased in popularity in the last few years. Many online only banks such as Ally or Capital One 360 can offer higher interest rates on their savings programs because they are not dealing with the overhead of running a brick and mortar establishment.

This translates into only good things for their customers.

Many of these banks offer a full range of savings products including Money Market Accounts. These online money market accounts offer higher interest rates than regular accounts, plus have limitations in place which will discourage you from touching the money except in true emergencies.

The drawback is that all types of savings plans, including online only money market, are seeing really low interest rates right now. This can improve with time, and something is always better than nothing.

Breakable CDs

Breakable CDs offer a higher interest rate right now than most online savings plans. This is because your average 5 year CD will charge you a small fee for early withdrawals. Your money is not quite as accessible as it would be with a money market account, but you will be earning more on money that is just sitting there.

The drawback is that the money is not immediately available like it would be from savings or money market.

I-Bonds

Series I US Savings bonds are a great low risk place to store cash.

If you have already established a great emergency fund putting some of the money in I-Bonds could be a wonderful option. However, putting all of your emergency fund money is not wise as I-Bonds cannot be cashed out until after the first year. However, the interest rates are better than just about any other low risk product available.

03Mar 2014

7 Ways to Do Lent Differently

Financial Growth & Habits



Chocolate. Meat. Sugar. These are some of the most common indulgences given up for Lent, the 40-day season of preparation that leads up to Easter Sunday.

It’s a time when many Christians honor Jesus’ ultimate sacrifice of giving up his life by making a small sacrifice of their own.

Because Lent has long been associated with traditional fasting, it’s no surprise many people turn automatically to food when choosing how they’ll recognize the season, which begins on Ash Wednesday (March 5th this year).

lent icon with messageIf giving up candy for 40 days works for you, keep it up. However, if your Lent sacrifice has become routine and expected—or if you’ve never tried giving something up for Lent—perhaps you should consider doing something a little different this year, like making a sacrifice that hits your wallet more than your waistline.

Let’s be clear: Lent in its purest form is about growing closer to God. It’s about being thankful for what we have and recognizing that all of our best efforts will never come close to matching the sacrifice Jesus made 2,000 years ago. At its heart, Lent is about our spiritual state.

That being said, a 40-day sacrifice can naturally have a positive effect on our physical, emotional and even financial health as well.

Here are seven Lent-inspired ideas that could help get you back on spiritual and financial track at the same time.


If you carry around cash that inevitably ends up in a vending machine or fast food restaurant, commit to giving up $5 a day during Lent. Set it aside and drop it in the offering plate on Easter Sunday. You will have accumulated $200 by then.


Have you fallen into the habit of using a credit card the wrong way? Consider Lent your chance to get a fresh start. Fast from all plastic-swiping and only use cash or debit. This will give you a chance to pay down those credit card bills that get out of hand so quickly.


Fast from TV, or from a particular show you’re especially fond of watching. Use that extra time to pray, study what the Bible says about money or sit down with your family to set some financial goals for the rest of the year.


Stop eating out for 40 days. If you eat out once a week, you’re only sacrificing five or six trips to your favorite restaurant, but that could add up to hundreds of dollars in savings. Force yourself to get creative on nights when you’d normally go out. Then use the money you save to pay down debt, beef up your savings or give to a worthy cause.


Fast from the mall. Shop only for groceries and other essentials. Skip any frivolous clothing, home décor and electronics purchases, even small ones. “Retail therapy” usually isn’t therapeutic in the long run. If you tend to turn to the store for stress relief or entertainment, find an alternative that’s free, like going for a walk or calling that friend who always makes you laugh.


Temporarily say goodbye to social media and/or addictive games. Have you ever logged how much time you spend on Facebook, Farmville and the like? Sure, most social media and internet games are technically free, but they tend to be huge time-wasters. What could you be doing instead of crushing candy, killing pigs and aimlessly scrolling through your news feed? Maybe you could pick up some odd jobs and make a little extra cash. Or do any number of other things that are far more productive than staring at a computer screen.


If you buy Powerball or scratch-off tickets on a regular basis, fast from the lottery during Lent. (Click here to see why you may want to make this a permanent fast).



Whether you give up chocolate, red meat or Instagram, remember not to do it in your own strength. When you’re tempted to indulge, pray for help. God promises to provide a way out (see 1 Corinthians 10:13). And if you do stumble, don’t be discouraged. Give your plan a reboot and keep going, and you may find yourself making—or breaking—a habit by Easter.

03Feb 2014

Money Morality: The New Alternative Lifestyle

Financial Growth & Habits

 

When the most recent recession hit our country, many people were really traumatized as their long held ideas about money were destroyed.

For a few generations, America had bought into the idea that wise money management was defined by your credit score and anyone with a college degree and a 401K was financially invincible. Then companies closed, 401Ks disappeared and engineers with master’s degrees walked into unemployment offices for the first time. We have had to rethink our ideals concerning money on a personal as well as national level.

Many people are going farther than just re-thinking their ideas on money, though.

Many individual’s are beginning to realize that our core ethics are really at the heart of our money choices. When poor money choices determine the rise and fall of an entire nation affecting millions of families in the space of just a few years, it becomes apparent that we are dealing with something much more profound than just personal financial choice. We are dealing with a morality issue, not simply a money issue.

Indulgence, excess and entitlement are all contributing factors to money mismanagement on every level; personal, business and national. We indulge ourselves with possessions beyond our budget, our spending exceeds our income and we justify it all with a prevailing sense of entitlement that has no basis in the Christian religion.

There is a movement in America, especially among Christians, to reverse these ideas and to establish a new money morality that can be passed on to our children so that the next few generations will not face the same disasters.

Romas 12-2: Let God Transform You

No Easy Money

One tenant of this new view is to realize that there is no such thing as easy money or a free pass.

Working hard to earn a college degree is a wise investment of time and money, but at best it can only increase your odds of good employment opportunities. There are no special groups that get special employment opportunities. We must all do our best to secure honest employment for our self and we are all at the mercy of our economy.

Rethinking Social Status

Another aspect of our money morality that is changing, although slowly, is the way our society thinks of social status.

Social status has traditionally been defined by our education, employment and possessions. However, there is a new way of determining who we admire in many of our social circles. Financial security is the new cool kid on the block and it is better than brand new cars, three story houses or designer clothing. Manageable mortgages, paid for vehicles and chunky emergency funds are what many turn green with envy over.

After watching families lose their homes and struggle to even put food in their mouths, many Americans are much more concerned with security  than they are with impressing their neighbors.

Less Is More

One of the most apparent changes folks are making to reflect their new money morality is to scale back things such as vacations, birthdays, and holidays. Many families are finding that simple vacations, low key birthdays and modest holidays can be just as enjoyable as the excessive, indulgent events of the past.

The feeling of maintaining control and sticking to a budget is much more fulfilling than the short lived enjoyment of extravagant spending.

Explaining Yourself to Others

If you are among these financial revolutionaries there will be some who do not understand your new stand on financial choices. When you are facing questions from others you can take one of two approaches. You can either try to explain all of your reasoning behind your choices and attempt to educate others, or you can simply inform people that this is your new financial lifestyle, nothing more needs be explained than that.

Many individuals in our country have undergone severe financial difficulties. If not you, likely your neighbor. We must learn from the troubles that have arisen from living in excess. We must adopt a new money morality and change our entire outlook on money management, especially if we are wishing to manage our finances from a Christian perspective.

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