Bountiful: The Heart of Money Management

Why do some of us save more money than others? Research into this question found that people save more money, even when their income is the same as others, because they spend less money, specifically in three categories.

First, high savers spend less money on housing. Mortgage or rent payments are commonly the biggest expense in your budget, and there are a lot of factors to consider when deciding when, where, and whether to rent or buy.

Second, high savers spend less money on food. This includes groceries and eating at restaurants. Preparation and dedication are two keys to save money in this area. Meal plans can help reduce the cost of food, and sticking to the plan means less wasting food that we don’t get around to eating.

Third, high savers spend less money on transportation. In most of America, this includes the cost of a vehicle. Considering the age and size of a car impacts how much you’ll spend on one. Used vehicles that are smaller tend to be less expensive than newer or larger vehicles.

In this episode, Gary & Christy talk through these areas to provide some tips to help you save more.

Episode Resources

• https://www.nerdwallet.com/article/finance/better-savers-spend-less
• Related Bountiful episodes:
  • https://thelightnetwork.tv/bountifuls6e12/ – “Tips For Meal Planning”
  • https://thelightnetwork.tv/bountifuls4e14/ – “How To Stop Overspending.”
  • https://thelightnetwork.tv/bountifuls5e6/ – “Should I Rent or Buy?”
• https://www.thepennyhoarder.com/save-money/how-to-save-money-on-utilities/
• https://dontwastethecrumbs.com/saving-money-on-food/
• https://www.moneycrashers.com/save-transportation-costs/
  
  

The topic of medical expenses is important to discuss because we will all have medical bills at some point in our lives and medical bills have an affect on our credit score. In this episode, Gary & Christy talk about how to handle medical expenses.

1. Understand your insurance. What’s your deductible, out-of-pocket maximum, and premiums?
2. Ask for information up-front. If possible, get an estimate of the cost of a procedure or service & shop it around to get the best deal for you.
3. Know your prescription options. Sometimes you can use generic brands or OTC instead of a more expensive drug.
4. Analyze your bill. Request an itemized statement so you can verify that the charges make sense.
5. See if you can negotiate the amounts. This is especially important if you aren’t able to pay the entire bill at once.
6. Check into financial assistance. There may be a payment plan option available for you, but make sure your account will remain current while you make those payments.
7. Address the bills. Ignoring them or setting these expenses aside will not make them go away. And remember to be kind, patient, and honest through the process (Prov 11:17, 25:15, 28:18).

Episode Resources

• https://www.moneyunder30.com/paying-medical-bills-you-cant-afford
• https://www.daveramsey.com/blog/ease-the-burden-medical-debt
• https://www.thebalance.com/how-to-negotiate-medical-bills-1387808
• https://www.thebalance.com/how-medical-bills-affect-your-credit-report-4164507

In this episode we talk about how money impacts our influence. Ananias & Sapphira were bad influences to the church because of their hypocrisy, but Barnabas was a good influence because of his generosity. What kind of influence do you have, and how can you guard it to make sure you’re glorifying the Lord with your material blessings?

Jesus accused the Pharisees of being the type who “strain out a gnat and swallow a camel.” (Matt 23:24) These religious leaders were really into the details but failed to consider the big picture. This is part of the reason they seemed to have the right actions but usually had the wrong attitude.

We could have the tendency to do something similar with our personal finances, but we don’t call it gnat straining and camel swallowing. Instead we borrow the phrase “Penny Wise and Pound Foolish” to refer to someone who pays a lot of attention to smaller, immaterial amounts of money but loses all that benefit by not considering the impact of larger transactions.

In this episode, Gary and Christy look at various examples of being penny wise and pound foolish to help you be more intentional with your financial blessings.

Episode Resources

• https://grammarist.com/idiom/penny-wise-and-pound-foolish/
• https://writingexplained.org/idiom-dictionary/penny-wise-pound-foolish
• https://www.moneyunder30.com/penny-wise-but-dollar-stupid
• https://www.consumerismcommentary.com/10-examples-of-how-you-can-be-penny-wise-pound-foolish/
• https://www.takechargeamerica.org/7-times-it-makes-sense-to-pay-more/
• https://toughnickel.com/frugal-living/Penny-Wise-and-Pound-Foolish-Real-Life-Examples-of-Wasting-Money-While-Trying-to-Save

After the groundhog sees or does not see his shadow, we set our sights on Valentine’s Day. Unfortunately, many people tie romance with money, so Valentine’s Day is connected to spending a lot of money. Some might suggest the more you love your significant other, the more money you would spend on them. In this episode, Gary & Christy challenge that kind of thinking and provide alternative things to keep in mind when choosing a gift for someone you love.

1. Set expectations, either by directly stating your intentions to celebrate the day or by dropping hints about your plans.
2. Make sure it’s affordable. This might require some creativity, but it’s very possible to celebrate your love in a budget-friendly way.
3. Avoid comparison. It’s the thief of joy.
4. Make sure you’ll both like it. This holiday could be the time you spent focusing on something you both have wanted to do but never had the chance.
5. Make it personal.

Episode Resources

• Here are some various gift ideas for Valentine’s Day with a budget-friendly focus:
  • https://www.nerdwallet.com/blog/finance/valentines-day-gifts-shopping-tips/
  • https://www.moneyunder30.com/budget-friendly-gift-ideas-for-valentines-day
  • https://www.smartaboutmoney.org/Topics/Family-and-Finances/Love-and-Money/Cheap-and-Free-Valentines-Day-Ideas
  • https://www.moneycrashers.com/valentines-day-gift-ideas-her/
  • https://www.moneycrashers.com/valentines-day-gift-ideas-him/

Our possessions, especially those with a higher price tag, play some kind of role in our lives. Things like the house, the car, the property, and the savings account influence us every day. As Christians, it’s important for us to verify that Jesus is seen in our lives & that the role(s) we allow material blessings to play aligns with our God-given purpose. In this episode, we discuss various roles our possessions play in our lives & compare that to what the Bible says.

Episode Resources

• https://www.csmonitor.com/Business/The-Simple-Dollar/2012/0720/Money-as-security-or-other-things
• https://www.crosswalk.com/slideshows/10-signs-you-love-money-too-much.html

This episode is about a personal finance challenge you may have heard about: A No Spend Challenge. Specifically, we’re discussing a “No Spend February” as a way to focus on our material blessings, reset our bank accounts and credit card statements, and jump start our finances. Listen to this episode to learn more about the purpose behind a No Spend Challenge, what it really means, and how to succeed at it.

Episode Resources

• https://www.thepennyhoarder.com/save-money/no-spend-challenge/

Many people continue to work from home during the pandemic, which means that there has been a sustained uptick in the number of virtual calls and meetings. To help navigate through them, Gary & Christy discuss some practical tips on how to participate, present, and organize virtual meetings.

Episode Resources

• https://www.computerworld.com/article/3542033/6-tips-for-better-virtual-meetings.html
• https://www.inc.com/jason-aten/why-your-virtual-meetings-are-so-bad-how-to-make-them-better.html

In the spirit of a new year and a new podcast season, Gary and Christy discuss some areas of focus for us all this new year. There are some pros and cons with setting resolutions, but overall they’re good in that they remind us to prioritize the things that are important to us. When you think about a theme for yourself or your family, this episode will provide some ideas that may help you on your personal finance journey.

Episode Resources

• Here is an article about how to be more intentional:  https://balancethroughsimplicity.com/how-to-live-with-intention-this-year/
• This is an article about patience: https://www.essentiallifeskills.net/patience.html

What can we do if we’re struggling to make ends meet? In this episode, Gary & Christy talk about financial struggles and how to work through them. First, figure out exactly where you are. How much is in your bank account? How much do you have saved for retirement or for emergencies? What are the principal balances on your mortgage, car loan, or other debt? Second, find out how you got to where you are. Are you living beyond your means, are you making decisions out of fear, or have you just not been focused on your personal finances? Third, think about why you want your situation to change. You will face discouragement and obstacles on your way out of your financial struggles, so understanding your motivation will help you overcome those challenges. Finally, do what needs to be done. Set goals. Take action. Build a budget. Pray about it. Involve your family. Do everything you possibly can to get on the right track financially.

Episode Resources

• https://dailysuccessfulliving.com/why-am-i-poor/
• https://www.biggerpockets.com/blog/financial-struggle
• https://www.creditkarma.com/advice/i/struggling-financially-ask-help
• https://www.nerdwallet.com/article/finance/find-debt-relief
• https://www.consumer.ftc.gov/articles/0150-coping-debt
• Link to buy “The Repossession of Riley The Puppy”: https://www.amazon.com/Repossession-Riley-Puppy-Edward-Burrell/dp/1937550028