The Coronavirus, one of the most disruptive, dangerous events in our lifetimes, has also revealed the financial unpreparedness of millions of citizens. Sadly, single moms are some of the most vulnerable in our nation. If you are frightened, worried, angry and frustrated, you are not alone. God knows. This is your opportunity to trust Him more fully than ever before. He is faithful. (I Corinthians 1:9)
Hope Through the Storm
You know you should live one day at a time. That requires taking one step at a time. But, what if fear grips your heart and you don’t know what steps to take? The first, is hope.
Imagine a sailboat drifting in the center of a large lake with no apparent destination in sight. It rocks back and forth, back and forth unable to move forward. Suddenly, the wind begins to blow. The sails of the boat fill with air. The sailor takes action and strategically directs the boat to a desired destination. The boat glides effortlessly while the sailor works with the wind to safely arrive to shore.
The Holy Spirit is the wind. You need Him to fill your sails so you know when and how to move forward. Filled with hope, you can set your sight on a destination and work towards that end.
“May the God of hope fill you with all joy and peace in believing, so that by the power of the Holy Spirit you may abound in hope.” (Romans 15:13 ESV)
Will getting your finances back on track be easy? No. But if you put your mind to it, and focus on it…it will pay off! Check out SMU Instructor, Julio Melara, on Hard Work Pays Off for more by enrolling into SMU HERE!
Take Practical Steps Toward Hope
Regardless of what’s happening in the world, you need food and shelter. Pay the bills that provide food, home, and necessary utilities. This is a time to sacrifice wants to provide for needs. I recommend a cut back of 25% of your spending, or more depending on your circumstances. This should continue until things begin to return to normal economic activity.
With job cuts right now, childcare and transportation costs may drop significantly for you. If possible, save that money in an emergency fund for future needs. Even a small amount in a savings account will reduce financial stress and grant margin in your life. Exercising self-control (a fruit of the Spirit) will boost your confidence and grant hope.
- Pray for self-control. Limit social media to avoid online shopping. Don’t give into your (or your children’s) wants. Lead by example in love.
- Student Loans: this may be the time to refinance.
- Debt: negotiate with lenders to reduce your interest rate or balance. Seek to eliminate penalties. Demonstrate your intent to pay. Avoid maxing out credit cards. Consider balance transfers but read all the fine print. Set a goal to eliminate the debt.
- Insurance: assess coverage and negotiate the cost.
- Make a Will.
- Save: deposit something weekly, or every other week, to develop the habit.
- Wisely use your government check: give a portion, save a portion, pay current bills and pay down debt.
- Income tax filing has been postponed until July 15th. If you owe money, set that money aside in a separate account. If you get a refund, file by April 15th and save it.
- Ask for help. Trade skills: haircuts for food, tutoring for computer help, etc.
- Sell what you don’t need. Facebook Marketplace and Craigslist make it easy. Do it safely by meeting buyers in a grocery or government parking lot during daylight hours.
- Turn “lemons into lemonade”. This may be an opportunity to start a business or take on greater responsibility at your current place of employment. Learn new skills. Take advantage of online classes. Educate yourself by reading, listening to books, watching Ted Talks and documentaries.
- Be generous. There are many suffering at this time. Just be wise and discerning.
Keep a Proper Perspective
We are living through something the world has never experienced. We are in this together and the body of Christ is there for you. May He fill you with all hope so you can proclaim His goodness.
“…we rejoice in our sufferings, knowing that suffering produces endurance, and endurance produces character, and character produces hope, and hope does not put us to shame, because God’s love has been poured into our hearts through the Holy Spirit who has been given to us.” (Romans 5:3-5 ESV)
Redeem the time you are spending at home and reset your finances. Develop healthy financial habits with our 30 day guide. We pray that this resource will be helpful to get you through this challenging time.
For more help, be sure to stop by our Single Mom Help page for additional resources.
Chuck Bentley is CEO of Crown Financial Ministries, the largest Christian financial ministry in the world, founded by the late Larry Burkett. He is the host of a daily radio broadcast, My MoneyLife, featured on more than 1,000 Christian Music and Talk stations in the U.S., and author of his most recent book, Money Problems, Marriage Solutions. Be sure to follow Crown on Facebook and check out the website at www.crown.org.
The Life of a Single Mom is a national, faith-based, nonprofit that exists to see that no single mom walks alone. To date, the organization has worked with hundreds of churches to start a single mom’s support group in cities throughout the U.S. and beyond, as well as having served hundreds of thousands of single mothers with a variety of programs. Offering a large array of books, curriculum, training materials, online instructional videos, podcasts, newsletters, life skills education, and more, TLSM is one of the largest single mom organizations in the U.S. The robust selection of single mom programs focus on empowering single moms to grow spiritually, emotionally, financially, and parentally through Single Mom University, Single Moms Across America, the National TLSM Single Moms Conference, boot camps, and a variety of other programs. For more information, visit www.thelifeofasinglemom.com.
