One Financial Goal for the New Year by Chuck Bentley

Stop Worrying

If you are struggling with several financial challenges and have multiple holes in your budget, I want you to slow down and stop worrying.  Jesus said “do not be anxious” three times in Matthew 6:25-34.  Read it here, or listen here. Then, meditate on His words.  We are not to worry about the future because we have enough trouble to take care of today!  If you become paralyzed by fear, you will remain stuck.

Ask For Wisdom

Pray, and ask God for wisdom.  It is more precious than silver or gold.  God’s wisdom gives you discernment in every financial decision, large or small.

Pick the One Thing and Start! 

The benefit of working on one thing is that it will keep you motivated.  You can focus and develop good habits.  You will gain confidence and actually look forward to working on it.  Once in place, you can move on to the next one thing.

Here are a couple examples of just one thing you could work on: 

• Build your emergency fund // You need a minimum of $1000 available at all times.  Ideally, you have 3-6 months of your living expenses saved for emergencies.  Set up an automatic deduction from your paycheck to make this a priority.  If you get a tax refund or a government stimulus check, put it away!
• Pay off debt // I suggest you pick one of these two methods.  Both are effective ways to save on high interest charges and pay debt off quickly.  They tackle debt one step at a time and are easy to use.  Contact lenders to see if they are willing to reduce interest or balances, then begin.
  • Debt Snowball: Organize all debts from the smallest amount to the largest, except a mortgage. Continue making minimum payments for all, but put all extra cash towards paying off the smallest debt. Once it’s gone, rollover that payment and extra cash to the next debt and so on. This one provides motivation because it eliminates the number of debts faster.
  • Debt Avalanche: Organize all debts from the highest interest rate to the lowest. Continue making minimum payments for all, but put all extra cash towards paying off the one with the highest rate first. Once it’s gone, rollover that payment and extra cash to the next and so on. This one allows you to save months of steep interest charges and have more cash to put towards the following debts.
• Reset your Budget // Set some reasonable short and long-term goals, and get a budget in place or updated.  By investing time in this one thing, many other financial benefits will follow.  Track your spending in a fillable worksheet or with an app, and see where your money goes. Where can you cut back? Food? Spontaneous shopping? Entertainment? Insurance? Phone? Rent? Home?

Did you pick that one thing? Maybe you have another goal to work on, and that’s great.  Just remember: one goal, one day, one step at a time.  You will make progress!  The song One Day at a Time, Sweet Jesus is a good reminder.  The chorus goes:

One day at a time, sweet Jesus
That's all I'm asking from You
Just give me the strength to do every day
What I have to do

Yesterday's gone, sweet Jesus
And tomorrow may never be mine
Lord, help me today, show me the way
One day at a time

Crown has helpful resources for you, such as an Easy Guide to a Budget and Budget Coaches.  If you are struggling with credit card debt, I recommend Christian Credit Counselors.

Do not get discouraged when struggles come your way.  They will.  Invite the Lord into your home and finances.  Then, get yourself an encouraging friend, advisor, or team, and recruit the children to help.  Steady plodding will get you there.  May the Lord bless all your efforts to achieve one thing this New Year!