If you are a person of faith, chances are that you’ve had to lean on that faith during difficult times. In today’s uncertain economic climate, you may even find yourself depending on the strength of your faith more than ever. You do this because your faith is important to you, and also because, within your belief system, there are answers to guide you on just about every subject – including finances.
An Abundant Life
A full and abundant life is a common theme we often hear about. However, a full and abundant life doesn’t necessarily mean a life full of things. A rich life is one where you have what you need, including good health, and you are surrounded by a loving family. A financially comfortable life is certainly within reach, and can be accomplished by following the tenets of your faith. However, there are always material traps that threaten to derail financial stability. Here are a few tips on avoiding such traps:
- The 30-day rule: If you’re thinking about purchasing a high ticket item, employ discernment. Wait on the decision for a full 30 days before you commit to buying it. This is especially important when it comes to purchasing a new vehicle.
- Live below your means: Gluttony and overspending have no place in a faith-based budget. Don’t presume that the income stream you have today can be relied on in the future. Store your treasures, as they say, budgeting with a maximum of 90% of your income. That way, you will be able to save more and have a cushion in the event of a financial crisis.
- Give generously: We should all desire to help the less fortunate. Charitable contributions are one way to do that (along with tithing). Consider budgeting a small monetary contribution each month, and donating it to a charity of your choice. Many charitable contributions are a tax write off. Besides, you can’t take it with you!
The Toll of Bankruptcy
Sometimes, despite our faith and best efforts to be responsible fiscal stewards, we stumble financially. Unexpected circumstances, such as medical bills or a lost job, may leave us in a financial hole. We are faithful, but we are only human after all, and bankruptcy can often mean a fresh start, even if it makes us feel as if we’ve failed in the short term.
Between March 2012 and March 2013, there were over 1.7 million bankruptcy filings in the United States. Each of those filings represents at least one person who has experienced the financial and emotional effects of bankruptcy. It is during that time that they relied on the strength of their faith to get them through.
If you feel that bankruptcy may be your only way out of debt, there is help, regardless of whether you live in Rockland, Maine or Rockland County, New York. The thought of asking for help with such a big problem requires stepping out on faith, but seeking the wise counsel of, for example, a bankruptcy attorney, will give you the real world answers you need. In conjunction with the guidance afforded you by your faith, you will then be able to make the best decision for you and your family’s financial futures, without having to compromise on your beliefs.
From living a life of abundance to the spiritual and emotional toll of filing for bankruptcy, faith and finances truly are a perfect match. Faith offers guidance on how to live and spend money as a good steward. Our faith can also guide us and be our strength when we are faced with financial insecurity and uncertainty.
If you would like to get advice from a Christian perspective, give Jay a call at 866-594-9919 and set up a FREE 30-minute call.