While flipping through the channels the other day, I caught a pretty disturbing national news report.

More than one third of American workers have less than $1,000 in savings and investments.

That’s according to the 2014 Retirement Confidence Survey by the Employee Benefits Research Institute, which has been tracking savings data for almost two decades.

This year, the survey found that 36 percent of workers have less than $1,000 in savings. That’s significantly worse than last year’s findings, which showed 28 percent of workers had less than a thousand bucks in the bank.

The problem goes beyond a lack of savings. More than half of the people surveyed—56 percent—haven’t even tried to figure out how much they need to set aside for retirement.

This should tell us that we need to keep talking about the importance of saving for retirement; too many Americans still don’t get it.

But enough with the grim statistics. Let’s talk solutions. If you’re part of the 36 percent, there is hope.

So, What Can You Do?

First, figure out where your money is going.

Track every dollar that comes in and every dollar that goes out. If you’re spending more than you’re earning, do whatever it takes to balance your budget. Aggressively pay off debt, and create an emergency savings account for the inevitable rainy day.

Next, figure out how much money you’ll need for retirement.

You don’t have to be a math whiz to do this. An online search for “free retirement calculator” will instantly pull up scores of websites that will estimate how much money you need to save in total and even break down how much to set aside on a yearly or monthly basis. Ignorance is not bliss. Thanks to the web, there’s no excuse for being part of the 56 percent of Americans with no clue how much they should be saving.

Finally, take action.

Baby steps are better than no steps at all. If your employer offers a retirement plan, read up on it and start participating. Not tomorrow, not next week—today. Don’t be afraid to ask your human resources representative for help if you don’t understand all of the financial language. If your employer offers some kind of matching contribution, take full advantage of it immediately and gradually ratchet up your part of the contributions. If you don’t have an employer-sponsored plan, start looking into an IRA (Individual Retirement Arrangement) or other investment plan and start saving.

However you decide to start, just make sure you do something. It may take a little time, but the peace of mind you’ll experience from taking action will be worth it. Let’s get out of that 36 percent and never look back.

If you’re finding it hard to even begin to save money, or the thought of it stresses you out at all because of your current debts, you may need to reach out to a FaithWorks advisor to discuss the possibility of entering a Christian Debt Relief program. Fill out the blue form to the right of this article to receive your free no-obligation quote today, and begin your journey toward financial freedom.

12 Awesome Money-Saving Apps And Websites

In the last month, I’ve bought movie tickets for half price via Groupon, ordered dirt-cheap electronics accessories on Amazon and found a real bargain for my next vacation thanks to Priceline (if you’ve never experienced the thrill of naming your own price, you’re in for a treat).

While all of those sites are fantastic money-savers, chances are you’re already quite familiar with them.

Below are 10 other money-saving sites and apps that are sometimes overlooked but just as worthy of recognition. Incorporate a few of them into your daily routine, and don’t be surprised if you save hundreds of dollars in just a few months. When you’re done, explore below for other Christian debt management apps and tools offered through our partnership with SuperMoney. 

Cartwheel – This is a discount program just launched by Target last May. I started using the app in the fall, and I’ve now saved $121.62 on items I was going to buy anyway. You create a free account, select the deals you like, and scan your unique coupon barcode once you get to the register. One of my new favorite things is explaining Cartwheel to the people standing in line with me. Many have never heard of it and download the app on the spot.

RedLaser – Have you ever found yourself standing in the store, staring at a product that’s on sale and wondering if it’s really the best price out there? Wonder no more with apps like RedLaser. Once you download the app, you can scan barcodes with your phone or enter the name of a particular product, and RedLaser will let you know if you can get it cheaper online or across the street.

Retailmenot – I never make an online purchase without first taking a quick trip to Retailmenot.com. This site allows you to search for coupon codes and printable coupons for your favorite retailers.

Ebates – This awesome site allows you to get cash back for online purchases. According to Ebates, its members have earned more than $250 million to date. One of my savings-savvy relatives has received $555 since she started using the site a couple of years ago. You can get serious cash back (sometimes 20% or more) when you use Ebates to make purchases from Amazon, Walmart, hotels.com, and tons of other retailers and websites.

Airfarewatchdog – This site has real people monitoring flight prices across the U.S. and beyond. You can sign up for email alerts for specific routes, and Airfarewatchdog will alert you when the fares drop significantly. Last week, the site sent me an alert for one of the routes I was watching. I booked a nonstop round trip flight for $89 including taxes and fees.

LivingSocial – This discount site sells everything from haircuts to bowling passes to vacation packages for 50% off or more. Just select your location, then browse the offers or search for something specific.

Restaurant.com – You can save 50% on eating out by buying a gift certificate through Restaurant.com. To save even more money, sign up for email alerts and keep an eye out for the site’s extreme deals—like $3 for $25 worth of gift certificates. Just remember to read the details of each deal carefully. Many restaurants require you to spend a minimum amount, and they generally can’t be used towards tax or gratuity. Also, check the restaurant’s reviews before you buy.

ThredUP –ThredUP is basically a giant, online consignment store. The way it works is pretty cool—you order a bag, fill it up with used women’s or children’s clothing (in good condition), and drop it in the mail. The postage is already paid. Then the ThredUP team goes through the clothing and pays you up to 40% of its resale value. They have an online calculator to help you figure out what your clothing is worth before you send it in. You can get your money via PayPal or receive shopping credit to buy deeply discounted clothes through the site. Oh, and any items that aren’t accepted are donated to charity or recycled.

MoneySavingMom –This is a great catch-all savings site that covers everything from extreme couponing to giveaways to weekly grocery store specials. The woman behind the site is a mother of three who actually figured out how to live off a $35/week grocery budget in order to keep the family from going into debt when her husband went to law school. She knows what she’s doing.

Airbnb – This is an up-and-coming site that allows you to rent space in more than 30,000 cities around the world. You can rent anything from a tree house in Washington ($40/night) to a castle in France ($170/night). Whether you need a room or an entire house, there’s probably something within your price range. You can also use Airbnb to make some extra money by listing your home or spare bedroom.

Other Christian Debt Management Apps

What better way to manage money, pay off debt, and improve your financial situation than with a handy app or budgeting tool? In partnership with SuperMoney, we’re bringing you money management tools designed to help you payoff credit card debt, create a spending plan, and become a whiz at managing money and finances.

Explore the library of apps in the widget below to discover free and premium financial calculators, apps and tools to support your Christian debt relief journey.

If you’re serious about paying off debt and building up your savings, it may be time to consider cutting the cable cord.

You’d be part of a growing trend.

In 2007, just 2 million American TV households didn’t pay for some kind of cable, satellite or phone-based television service. Six short years later, that number more than doubled to 5 million households…and growing.

Meanwhile, the cable providers are losing ground as more families give the remote control a rest and choose to watch their favorite shows via less expensive avenues. This may seem surprising, given that the rise of the 200-channel cable provider practically made channel-surfing an Olympic sport, but all of that variety comes with a hefty price tag.

According to FCC data released last summer, the average American paid $61.63 a month for cable TV in 2012. That was 5 percent more than 2011’s average price. In fact, from 1995 to 2012, the cost of cable jumped about 6 percent a year—more than doubling the rate of the Consumer Price Index during the same time period.

By ditching cable for one or more of the less expensive options below, you could save $700 a year or more. Yes, you may miss one or two of those 200 channels (most of which you don’t even watch), but think about it: is your favorite reality show worth 700 bucks?

Take Advantage of Free Online Streaming

A growing number of networks are offering their programs online for free. PBS, for example, offers full episodes of many of its most popular BBC shows on its website 24/7. The commercials are shorter, you can hit the pause button while you grab a snack, and it’s possible to catch up on multiple episodes in one sitting.

Use a Web-Based Service and Save a Bundle

Web streaming services are gaining subscribers because they offer many of the same shows as cable providers for a fraction of the cost. Netflix and Hulu both cost less than $10 a month (plus the cost of internet service). If you already pay for internet, a 12-month subscription to Hulu will cost you $95.88. Compare that with the average monthly cost of cable, which will run up a $739.56 bill over the course of a year. Going web-based adds up to a savings of more than $643.

Buy a (Cheap) Digital Antenna

If you just can’t live without your favorite local news channel, consider buying a digital antenna and watching your basic over-the-air channels for free. These are not your grandmother’s rabbit ears. The latest digital antennae are sleek, flat and inexpensive. The cheapest ones start at about $10 and allow you to watch many channels in HD. A slightly fancier model will set you back about 30 bucks. Several years’ worth of free TV for half the price of just one month of cable? Not too shabby.

The days are getting longer, the weather’s getting warmer and it’ll soon be time for spring cleaning. While you’re tidying up your closets, car or garage, don’t forget to spruce up your budget, too.

Developing a routine is great, but there are certain aspects of every budget that shouldn’t stay stagnant. Here are three moving targets to check on this spring.

Your Retirement Plan

Some retirement plans have an option that will automatically bump up your contributions little by little each year. It’s a fantastic way to make retirement planning a priority without having to think about it. But if you don’t have an automated option, this is a great time to take a look at the state of your retirement funds.

Dave Ramsey recommends investing 15 percent of your income into a Roth IRA or pre-tax retirement account. While he also suggests holding off on retirement funding until you’re debt-free with a sizable emergency savings, some people choose to prioritize their retirement plans, especially if they are retiring soon.

If you can, bump up your retirement contributions by 1-2 percent this spring. When spread out over a year, that’s enough to make an impact on your 401K without hitting your budget too hard.

Insurance Coverage

If you immediately log onto the computer and compare car insurance rates every time you see a gecko on TV, this step is not for you. If, however, you’re like me and blindly fork over that insurance payment every other month without thinking twice, keep reading.

Insurance coverage, like your retirement plan, is a moving target. Rates are constantly changing, so it’s important to periodically check on your plan to make sure you’re getting as many discounts as possible. It’s also wise to talk to an insurance agent or scan the web every now and then to compare prices from different companies. You really could save hundreds of dollars.

Your Household Budget

When it comes to your budget, it’s easy to set it and forget it. If it’s been a while since you made any adjustments to your budget categories, sit down and take a look at them. If you’re married, call a quick meeting with your spouse. This doesn’t have to be painful; it’s meant to help you get the most out of every paycheck.

Perhaps you’ve been budgeting lots of money for gas, but you recently took a job that’s closer to home, or you’ve been telecommuting more. Take some of that gas money and shift it into another budget category, such as savings or groceries. Life is always changing; your budget should change with it.

Hopefully these ideas will get you thinking about other ways to free up some money as you do some “spring cleaning” for your finances. It may not be the most exciting thing you do this year, but, hey, it beats cleaning out the garage, right?

We spend a lot of time talking about ways to make and stick to an honest budget. Here are five ways to wreck that budget—and possibly your entire financial life—in record time.

Ignore It

A budget is worthless if you don’t follow it. To ensure financial misery, hide the budget from everyone in your household, including yourself. Make sure no one is clear on exactly how much money should be spent on various categories like groceries, entertainment and birthday gifts for friends or relatives. If you happen to remember the correct budget for a certain area (such as eating out), treat it as a mere guideline and come up with great excuses for spending more than you budgeted.

A person without self-control is like a house with its doors and windows knocked out (Proverbs 25:28, The Message).

Never Say ‘No’

Your college friends want to hold a reunion weekend in Las Vegas. Your church small group is planning to go out for Sunday brunch at an expensive restaurant. Your daughter is begging you for a new iPad. Say “yes” to everything. Be a people-pleaser at all costs. Dip into your savings to take a vacation, and chip away at your debt payment to buy that expensive wedding gift for the out-of-state wedding that’s going to cost you a bundle. Put vacations, clothes, tech toys and other people’s opinions of you first. Worry about the budget later.

Keep your lives free from the love of money and be content with what you have, because God has said, “Never will I leave you; never will I forsake you” (Hebrews 13:5, NIV).

Keep Swiping That Plastic

You don’t get paid until Friday, but it was a long, rough Monday and you deserve a treat. Go ahead and buy it. Even though the money isn’t in your checking account yet and the budget is tight, you’ll figure it out later. A few dollars on the credit card won’t hurt anyone. (For maximum budget-wrecking, repeat this process Tuesday-Friday and fail to immediately pay off the balance).

The prudent see danger and take refuge, but the simple keep going and pay the penalty (Proverbs 27:12, NIV).

Live At or Above Your Means

Buy that sleek-but-gas-guzzling SUV that so many of your neighbors are driving. Spend every penny you earn and make only the minimum payments on your debt. Pick the biggest house you can afford—the one with the monthly payment that’s equivalent to 40 percent of your income. You’ll face near-instantaneous foreclosure if you or your spouse loses a job, but that’ll never happen to you. That only happens to other people.

Is there anyone here who, planning to build a new house, doesn’t first sit down and figure the cost so you’ll know if you can complete it? If you only get the foundation laid and then run out of money, you’re going to look pretty foolish. Everyone passing by will poke fun at you: ‘He started something he couldn’t finish.’ (Luke 14:28-30, The Message).

Refuse to Ask for Help

Buy into the lie that you are alone in your financial struggles and no one would ever understand what you’re going through. Let pride dictate your decisions. Even though bill collectors are blowing up your phone and you’re trying to decide between the mortgage and the electric bill, you can handle this. Believe that the same thinking that got you into debt will somehow get you out of it.

Plans fail for lack of counsel, but with many advisers they succeed (Proverbs 15:22, NIV).

If any of the above scenarios sounds all too familiar, now is the time to take action and change your ways. In particular, if the last paragraph hits home, consider requesting a free consultation from FaithWorks Financial to learn about our Christian debt relief programs. There is always hope, and there really are compassionate people who can help point you in the right direction.

The next time you pull a crumpled $5 bill out of your wallet, take a second to look at the distinguished, bearded man staring back at you.

Abraham Lincoln, along with the other famous men who appear on our money, had a lot to say about how we should use it.

You’re probably familiar with Benjamin Franklin’s famous saying, “A penny saved is a penny earned.” As we celebrate President’s Day, here are some other, lesser-known words of wisdom from our former presidents and founding fathers.

$1 bill – George Washington

“…nothing is a greater stranger to my breast, or a sin that 

my soul more abhors than that black and detestable one 

ingratitude.”

– letter from George Washington to Robert Dinwiddie; May 29, 1754

It’s easy to let thankfulness fall by the wayside when we’re struggling with debt. This is a great reminder to be thankful for our many blessings, even when times are tough.

Paul puts it this way: “Let the peace of Christ rule in your hearts, since as members of one body you were called to peace. And be thankful.” (Colossians 3:15, NIV).

$2 bill – Thomas Jefferson

“Never spend your money before you have it.”

– advice from Thomas Jefferson to his granddaughter, Cornelia Jefferson Randolph

It’s been more than 200 years since Thomas Jefferson was born, but his advice has never been more pertinent. Even though he never held a plastic credit card in his hand, you can bet he would have detested the now-commonplace practice of buying now and paying later.

$5 bill – Abraham Lincoln

“Leave nothing for tomorrow which can be done today.”

– notes from a lecture that Abraham Lincoln planned to deliver to future lawyers

This quote wasn’t necessarily meant to refer to personal finance, but it can certainly apply to that area. We live in a culture that strongly encourages procrastination when it comes to money. (Just watch a car commercial or an appliance ad.) Ignore the broke masses and listen to our 16^th president. Make a plan today to pay off debt, save for a rainy day and invest in the future.

$10 bill – Alexander Hamilton

“I never expect to see a perfect work from imperfect man.”

– from Alexander Hamilton’s Federalist Paper No. 85

This is another quote that can apply to many aspects of life, including personal finance. The road to financial freedom is filled with speed bumps, and none of us navigates it perfectly. Have you made a mistake recently that derailed your budget? Accept it and move on. Don’t allow it to halt your progress.

$100 bill – Benjamin Franklin

“He that is of the opinion money will do everything may well be suspected of doing everything for money.”

– from Benjamin Franklin’s publication, Poor Richard’s Almanack

This concept is so important, we’re skipping over the $20 and $50 bills and going straight for the “Benjamins.” Ben Franklin’s quote reminds us that we need to control our money—not the other way around. As the book of 1 Timothy tells us, “the love of money is a root of all kinds of evil.” It’s one thing to work diligently to achieve financial freedom; it’s another to allow money to become an idol.

This President’s Day, resolve to put these quotes into action, and you should have some extra Benjamins in your pocket in no time.

When you’re deep in debt and struggling to pay the bills, it’s easy to feel like everyone else is doing better than you.

Just flip through the channels on any given night, and a sense of pride or self-pity will seem completely justified. The cunning marketing campaigns seek to drown out reality: “You’re worth it. It’s your turn. You deserve this.” Even if you can’t afford it.

During the last few years, in the wake of the 2008 recession, the slogan, “We are the 99 percent” has practically become a household phrase. Members of the Occupy movement adopted it as a rallying cry to draw attention to the large concentration of wealth among the top 1 percent of income earners in the United States.

They’re correct in saying that the wealthiest Americans control a huge piece of the pie, but they’re missing the bigger picture— the global picture.

Here’s the Truth

If you’re living in the United States with a roof over your head, food on the table, and you can read this sentence, you are not the 99 percent.

In fact, there’s a good chance you are actually the 1 percent.

A London-based digital marketing company created an eye-opening project called the Global Rich List. It allows you to see where your wealth ranks you among the world population. According to the Global Rich List, if you make at least $33,000 a year, you’re in the top 1 percent. You are one of the richest people on earth.

Maybe you don’t make that much money. In fact, maybe you make less than half that amount. Guess what? With a $15,000 salary and no benefits, you still make the top 8 percent.

If it’s still not sinking in, here are some quick facts via Compassion:

When envy creeps into your mind as your neighbor shows off his new car, or your friend shows up in yet another new outfit, it’s easy to forget that 1.4 billion people live on $1.25 a day or less (visualize that number through the World Bank’s interactive map).

Of course, just knowing how fortunate you are on a global scale isn’t enough. Thankfulness is a decision, and it’s one we must make on a daily basis.

King Solomon knew what he was talking about when he wrote, “Whoever loves money never has enough; whoever loves wealth is never satisfied with their income. This too is meaningless.” (Ecclesiastes 5:10, NIV).

If we aren’t careful, we’ll go through life constantly wanting and never satisfied. But for those who follow Christ, there is always a reason to be thankful. And there is always a way out when envy, pride or greed starts to creep in.

Hebrews 13:5 says, “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” (ESV).

The Message puts it this way: “Don’t be obsessed with getting more material things.”

It can be an uphill battle living in America and pushing back against the consumerism that lurks around every corner, but God calls His people to a higher standard.

Remember, “religion that God our Father accepts as pure and faultless is this: to look after orphans and widows in their distress and to keep oneself from being polluted by the world” (James 1:27, NIV).

We are not the 99 percent. God has trusted us with a lot. Let’s strive to be faithful with every dollar.

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.

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.

$2,803

That’s the average individual tax refund Americans got last year. That’s a pretty big chunk of change, and many people wasted it in record time, missing out on an opportunity to make an impact with that money.

So, how can you make the most of your tax refund this year, without looking back in three months and wondering where all that cash went?
Here are four ways you can go against the consumer-driven culture and make your refund work for you.

Pay Off Debt

This may seem like an obvious one, but a lot of Americans refuse to use their tax refunds to pay down debt. But let’s say you have a $5,000 loan with 5% interest, and you’d like to pay it off this year. You’re already planning to pay $500 a month. At that rate, it’ll take you 11 months, and you’ll pay $118 in interest. Now let’s say you get the average tax refund of $2,803 and you throw the entire amount at that loan. By knocking off more than half of your balance, the loan will be gone in five months and you’ll pay $25 in interest—a savings of six months and $93. Wouldn’t it be nice to obliterate that loan by the 4th of July instead of December or January? Now that’s Christmas in July!

Beef Up Your Emergency Savings

If you’re serious about living a debt-free lifestyle, emergency preparedness is a must. When a tire blows or a medical bill pops up, the goal is to stay away from the credit card and use cash to pay that bill off immediately. By using a $2,000 or $3,000 tax refund to build up your emergency savings, you’ll be ready for whatever this year throws your way. No credit card required.

Give

As Josh pointed out earlier this month, a few dollars can go a long way towards helping people who are suffering around the world.

Consider using your tax refund to make a donation to your church or to a worthy organization like Compassion or World Vision. With the average $2,803 tax refund, you could provide 35 families with safe water—not for a couple of weeks or a month—but for life. Can’t afford to give away your entire refund? Consider giving a percentage of it to a good cause and using the rest to pay off debt or increase your savings.

Anticipate a Big Expense and Save

Treat your refund as you would a normal paycheck instead of “extra” money.

Some people view a tax refund as “free money” instead of seeing it for what it really is: a portion of their hard-earned paychecks that the government is giving back to them.

What would you do with your refund if you treated it like another paycheck?

One thing you might do is think about some upcoming expenses and sock away some money so you’re not caught off guard. Do you have a wedding to attend later in the year? An upcoming surgery? A major home repair you’ve been putting off? Put your refund in a savings account to be used for that special expense. If you wouldn’t take your regular paycheck and blow it on a vacation, don’t do the same with your tax refund.

“The plans of the diligent lead surely to abundance, but everyone who is hasty comes only to poverty” – Proverbs 21:5, ESV

Once you have a plan for your tax refund, you’ll want to get your hands on that money as soon as possible, right? The IRS says the fastest way to get your money is to e-file and use direct deposit. By using the web instead of mailing your return, you can put that refund to use in a matter of days instead of weeks.

To check the status of your refund, the IRS has a nifty online tool called “Where’s My Refund?” You’ll need your social security number, filing status and the exact amount of your refund. If you mail a paper return, you can start tracking your refund four weeks later. If you e-file, you only have to wait 24 hours or less. Happy planning!

Divorce is almost always a sad turn in life. It certainly is not the Christian ideal nor is it ever the plan. Life does not always go according to our plans, though, and life does not always snugly fit into our box of ideals. As such, today we’ll take a look at the impact that a divorce can have on ones finances.

When the initial emotions surrounding a separation begin to subside, individuals must look toward the practical aspects of their newly altered finances.

Married finances are quite different from single finances and many divorce proceedings will greatly revolve around financial issues. The Financial Planning Association cites divorce as one the leading causes of bankruptcy in America. The hurt feelings that are often involved in a divorce mixed with the powerful emotions surrounding our money can be a recipe for trouble.

We must keep in mind that we are to imitate Christ in all of our dealings, even with an ex-spouse and even when money is involved.

The Golden Rule

The funny thing about Christ’s admonition in Luke 6:31 (a.k.a.The Golden Rule) is that we easily forget that it does not only apply in certain situations.

If someone cuts you off in traffic or your neighbor lets their dog tear up your trash those are times to use The Golden Rule. If you have been betrayed by a spouse and are facing a complicated divorce this does not mean that all bets are off and it’s every man for himself! This is not scriptural- we are to behave as Christians even under the worst betrayals.

Personal Security

This is not a time to let your basic financial sense be thrown out the window.

The tenants of sound financial action that held true for you as a married couple still hold true for you as a divorced person. You still need an emergency fund set aside for unexpected expenses. You still need to be paying down debts. Even if you are distraught emotionally and strapped for cash, maintain those basic best-practices.

Who Pays What?

Very early on in a separation or a divorce you should establish who is responsible for which debts. A couple will often work together to pay down things such as student loans, car payments and medical bills. However, just because you were married does not mean that all of your ex-spouse’s debt is your responsibility.

Figure out which debt you are legally responsible for and continue to consistently pay it. If you can continue to work as a team, do what is necessary to ensure all debts continue to be paid so that your credit reports do not suffer.

Legal Investment

While it would be ideal to have a friendly and well-mannered separation, it is not always the case.

If you sense a difficult divorce, consider the use of an attorney. Think of the money you will have to pay for legal representation as an investment. If you invest in a good lawyer you increase your chances of coming out on the other side of your divorce without too much financial damage to your financial plans.

Divorce laws can be a complicated labyrinth of loopholes that could be used to your detriment. Having a lawyer you can trust will guide you through this confusing process.

Change of Beneficiaries

Do not overlook small details such as who is the beneficiary on insurance policies and other financial accounts.  Make sure to change this information very soon after your divorce so that it does not negatively affect your family in the event of your death.

Tackling Retirement Alone

In most cases couples have planned their retirement investments with the thought in mind of growing old together.

When a divorce has changed that scenario it is important to take charge of your own retirement plan. If you had left much of the financial planning up to your spouse then it might be a good idea to consult with a Christian financial advisor so that you will be aware of what all of your options are and you can start making decisions that are good for you.

Scary but Necessary

Taking control of your own finances and facing life as a single, divorced person is scary, but there is always a silver lining.

Having sole control of your finances, savings and investments can also be an empowering feeling that you may not have been able to enjoy while married. Use this time to take control and find out just what you are capable of. You might be surprised at just how capable you are.