Bountiful: The Heart of Money Management

The material blessings we receive are not really ours; everything (we mean everything) belongs to God. However, like a toddler who is reluctant to share a toy or a snack, as adults we may struggle with the concept that our possessions are not owned by us. If we’ve ben given lot of blessings for a long period of time, we can start to forget the origin of those blessings. We start congratulating ourselves on “earning” the blessings, and, as a result, we become reluctant to share those blessings with others. Spiritually speaking, we become just like a toddler – but doesn’t the Bible encourage us to put away childish things?
In this episode, Gary and Christy mention five things we can do to keep the right perspective day-to-day.

1. Every time you see your name written on something, imagine God’s name in its place. This would include your bank account statement, your car title, and your social media accounts. How would you act if those things had God’s name instead of yours? If God’s name was on your utility bill, would you be more thankful for things like running water, electricity and indoor plumbing?
2. Count your blessings – and involve your family! If you’re together at the dinner table or riding in the car, ask everyone to list something they’re thankful for. You could even ask them to stay within a category (e.g. What’s something outside of our house that you’re thankful for?)
3. Strategically place reminders to yourself. Psalm 1:1-2 tells us we’re blessed if we meditate on the law of the Lord day and night. Consistent reminders can help us be more humble when it comes to the ownership of our possessions. God owns it all and we’re his stewards.
4. Evaluate your giving. If we don’t give on a consistent basis, we may forget how blessed we are to be able to give. Our purpose in life is not to accumulate wealth, but it’s to use every blessing we have – even our material blessings – to give glory to God.
5. Study stewardship. The Bible talks more about money than we do. Psalm 24:1, Proverbs 13:11, Proverbs 19:17; Matthew 6:19-21; Mark 4:18-19; Acts 20:35; and Hebrews 13:5-6 are a handful of multiple examples of verses where God instructs us on how to be faithful stewards.

RESOURCE

• Article from Apologetics Press – http://espanol.apologeticspress.org/articles/2356

It’s common in early January to set resolutions for the new year. As Christians, we are to be faithful in our stewardship of the blessings God gives us, so setting a financial resolution is a great way to improve your financial AND spiritual life in 2019.
In this episode, Gary and Christy talk about how to keep financial resolutions. Since resolutions have a tendency to fade away within the first month of the year, what are some ways we can keep those commitments going?

1. Figure out what the real motivation is behind the resolution. Motivation determines our success because it can transcend circumstances.
2. Are we prepared to change, or do we just want our circumstances to change? Change is uncomfortable, and sometimes we want a better result without putting in better effort.
3. Are our resolutions specific, measurable, and realistic? If they are, then we can track our progress and determine how we’re doing as the year progresses. Success breeds success, so being able to see how we’re doing and setting smaller goals throughout the year and reaching them will give us momentum to keep up the good work.

Our primary aim with any resolution, change, or improvement plan, is to glorify God. He’s the one who has blessed us with everything we have, so our accomplishments are about Him. If you have a new year’s resolution, be sure it’s about God. Be rich toward God in every aspect of your life. 

Resources 

• https://www.fastcompany.com/90276565/science-explains-why-productivity-hacks-and-resolutions-are-practically-destined-to-fail
• https://www.moneytalksnews.com/resolutions-2013-7-steps-to-save-more/?utm_source=newsletter&utm_medium=email&utm_campaign=%277+Secrets+to+Saving+More+at+the+Dollar+Store%27+and+more…
• Financial resolutions: https://www.fidelity.com/viewpoints/personal-finance/financial-resolutions
• Resolutions about your health: https://www.pbs.org/newshour/health/forget-the-crash-diet-these-6-new-years-resolutions-are-better-for-your-health

The last 3 months of the year tend to be hard on bank accounts. For Halloween, we might buy costumes and candy as well as some decorations for the house. For Thanksgiving, we might travel or buy groceries, including the turkey. For Christmas, we might travel some more, get more groceries, and buy presents for our family, friends, the Secret Santa at work, or a gift exchange. Plus, don’t forget the Christmas decorations!

While this time of year can be difficult on our budgets, we can keep to a spending plan that has some flexibility built into it so we stay within an amount we can afford. Unfortunately, so many spend money with no control, with no limitations, and everything seems unplanned. As a result, they may overspend because they feel like they have to in order to enjoy the holidays. But the good news is, it doesn’t have to be this way!

In this episode, Gary and Christy talk about ways we can overspend our money and how we can avoid overspending during the holidays.

Resources

• Bountiful episode about what to do with unexpected income: https://thelightnetwork.tv/bountifuls1e13/
• https://www.moneytalksnews.com/slideshows/duh-7-obvious-money-saving-tips-people-often-forget/?all
  • Buy used (plan ahead)
  • Beware energy consumption (utilities, gasoline)
  • Skip the treat sometimes – a treat that happens every day is no longer a treat – it’s overhead
  • Save the raise & avoid lifestyle creep
• https://www.moneytalksnews.com/slideshows/this-is-how-much-americans-spend-on-their-favorite-holidays/?all
  
  

Are you content with what you have? If not, you can, like the apostle Paul, learn to be content. Contentment is something we continually work on; it’s a journey more than a destination. In this episode, Gary and Christy talk about contentment, how it’s different than complacency, and how we have the choice of whether or not to be content. In any and every circumstance, whether we have a little or we have a lot, we can learn the secret of contentment.

Resources

• Bible passages: Philippians 4:11-13, 1 Timothy 6:6-11; Ecclesiastes 5:10; 1 Timothy 6:17-19)
• http://www.romans45.org/spurgeon/sermons/0320.htm
• https://www.moneytalksnews.com/slideshows/21-habits-of-happy-people-that-you-should-try/?all
  1. Evaluate your bandwidth and set boundaries
  2. Schedule regular downtime
  3. Create realistic goals
  4. Listen to music
  5. Volunteer regularly and be generous
  6. Find the humor in life
  7. Spend time outside
  8. Get moving daily
  9. Connect with good friends regularly – in real life
  10. Count your blessings

One of our goals as Christians ought to involve growing spiritually in the Lord. We want to live a life of consistent self-improvement so we can be more and more like Jesus. One responsibility each of us shares in this life is that we’re all stewards. We ought to manage the blessings God generously provides so that we may glorify Him.

A way we can become better stewards is to challenge ourselves to do more with the material blessings we already have. So, here are a few ideas for short-term stewardship challenges – things you can do for a week, a month, three months, or maybe a little longer – to focus those things God has blessed you with on specific areas. Then, once the time period is over, you can return to your regular spending plan:

1. Go on a spending fast
2. Aggressively attack debt
3. Negotiate
4. Double your giving
5. Teach your children about money
6. One-In, One-Out

Resources

• Related episodes:
  • Stewardship with Jonathan Medley:  https://thelightnetwork.tv/bountifuls4e6/

  • Life Skills with Amanda Key:  https://thelightnetwork.tv/bountifuls3e11/
  • Financial Wisdom with Glenn Taylor:  https://thelightnetwork.tv/bountifuls2e9/
  • Raising Money-Conscious Kids with Jonathan Medley:  https://thelightnetwork.tv/bs2e6/
• https://clark.com/personal-finance-credit/budgeting-saving/5-new-years-money-challenges-2018/
• https://www.nerdwallet.com/blog/finance/ways-to-save-money-on-food-groceries/
• https://www.nerdwallet.com/blog/finance/find-extra-money-pay-debts/
• https://money.usnews.com/money/personal-finance/articles/2015/11/17/should-you-use-a-third-party-to-negotiate-your-cable-bill
• Sites & Apps to help you negotiate for lower bills:
  • https://billcutterz.com
  • https://www.truebill.com
  • https://www.billshark.com
  • https://billfixers.com

In American society, many of us tend to waste some of our resources. We waste time, energy, money, or other things. At the same time, we wonder how it could be possible for us to give more to the Lord when money seems tight already. We wonder how we could save more when there doesn’t seem to be much leftover. But, what if we thought about how we could use the financial resources we already have more efficiently? Some considerations:

1. Limit impulse purchases
2. Ease into new habits
3. Resolve to be engaged
4. Critique and challenge yourself

Links

• https://www.bmc.org/nutrition-and-weight-management/weight-management
• https://www.theguardian.com/environment/2018/apr/18/americans-waste-food-fruit-vegetables-study
• https://journals.plos.org/plosone/article?id=10.1371/journal.pone.0195405
• https://www.cnbc.com/2017/01/10/11-useless-things-to-stop-wasting-your-money-on-in-2017.html
• https://www.marketwatch.com/story/brace-yourself-this-is-how-much-americas-1-has-saved-2018-08-24
• http://www.apa.org/helpcenter/lifestyle-changes.aspx
• https://www.moneytalksnews.com/slideshows/12-super-simple-ways-to-stop-wasting-money/?all
  • Shop for groceries with a list, and stick to it
  • Review your automatic payments – do you use that service / membership / subscription?
  • Utilize your public library
  • Fees – ATM, late, overage
• https://www.moneytalksnews.com/slideshows/7-ways-you-throw-away-money-every-day/?all
  
  

In this episode, Keith Kasarjian talks to us about what to know about finances before getting married. Some things we talked about include:

• Financial stress is a source of problems in some marriages, so how do couples talk about their financial situation effectively?
• How can expectations impact a marriage or a household’s finances?
• What’s a piece of advice for couples who are considering getting married?
• How can disagreements be worked out?

“It can be challenging to see things how they truly are when we want to see them another way,” said Brother Kasarjian, who works as the Director of Extension Studies for the Bear Valley Bible Institute and lives in Prattville, AL.

Everybody has faced discouragement. How encouraging! But seriously, discouragement is part of living in this world, and God’s people aren’t immune to it. Elijah is a good example of a faithful servant of God who dealt with a bout of discouragement. Financially speaking, we can get discouraged by an unexpected expense, plans going slower than intended, the stock market, natural disasters, etc. However, in spite of discouragement being universal to us all, we can overcome it!

Many people will deal with financial discouragement from time to time on their personal finance journey. When that happens, we need to take action. So, here are some ideas on how to overcome financial discouragement:

1. Realize you’re not alone – and reach out for help. Everyone has made mistakes, including financial ones. It’s okay to talk about them in order to learn some lessons others may have learned the hard way.
2. Set realistic expectations. Unrealistic expectations are the root of a lot of discouragement. When things don’t work out, even when reality doesn’t meet an unachievable standard, it’s almost impossible to overcome discouragement. So, be realistic. Know what your tendencies are and where you are starting from, and then focus on being just a little bit better. Once you do that, try to be a little bit better than that.
3. Focus on eternal successes rather than temporary financial struggles. Lay up some treasures in Heaven which will never disappoint. Work on drawing nearer to God.
4. Break the cycle. No longer be your worst enemy. This may involve looking outside yourself; is there a way you can help someone else in need?

Gary and Christy talk with Dale Hubbert about financially preparing for retirement. Dale has worked in financial services for several years, and he is currently employed by a wealth management firm in Madison, AL. Dale is a father of three children and grandfather of 4. He also has experience in being a preacher and in helping charitable organizations, including brotherhood works, with their finances. At PTP in 2018, Dale spoke on topics like Handling the Financial Pressures of Life, Ten Ways to Give Other than Writing a Check, and Financial Planning for Retirement. 

Some things we discussed in this episode include:

• What is retirement?
• When should we start planning for retirement?
• What are some non-financial aspects of retirement planning?
• How do we get started planning for retirement?
• Is it important to work with a professional financial planner?
• Wills, Advanced Medical Directives, and Durable Powers of Attorney
• How much to save for retirement?
• Life insurance options

Dale also visits congregations to present lessons with the theme “Stewardship Sunday.” Dale comments, “I love talking about stewardship. I love talking about how good God is to us and how good we need to be to God.” Dale can be reached via email: [email protected]

Resources

• Definitions & details of some things mentioned on this episode:
  • 401(k): find out some details on http://www.401khelpcenter.com/401k_defined.html#.W4tSDy2ZOi4
  • SEP: some information is on https://www.nerdwallet.com/blog/investing/what-is-a-sep-ira/
  • IRA: Individual Retirement Account
  • information about Roth conversions: https://www.nerdwallet.com/blog/investing/roth-ira-conversion/
  • Advance Medical Directive details are on https://www.thebalance.com/what-is-an-advance-medical-directive-3505180
  • Durable Power of Attorney information is on https://www.investopedia.com/articles/personal-finance/101514/power-attorney-do-you-need-one.asp
• Here are some YouTube videos Dale recorded on various gifting opportunities:
  • Cars, Houses and Trucks https://youtu.be/eDeYsBVgkdE
  • Life Insurance https://youtu.be/dsHPjTS_MJU
  • Retirement Assets https://youtu.be/nLi9XT6sxzE
  • RMD https://youtu.be/62QmbYHrqWM
  • Stocks and Bonds https://youtu.be/UpgMFpbD3P0
  • Trust https://youtu.be/qRBL7_VIMvc
  • Appreciated Stock https://youtu.be/wVGElKHnA6Q
  • Annuity https://youtu.be/7Xyd5HZ_12A
  • Will https://youtu.be/ppALzYoy1i0

Nearly everyone, at some point, makes the decision to move out on their own.  Maybe it’s because you’ve finished with your schooling, and you’re now ready to be independent. Maybe you’re getting married. Maybe you got a job offer in a different city or state, so you’re relocating. Whatever the case is, most of us move out of our childhood home and create our own home. And, for most people, we actually don’t have everything figured out at first. We feel ready for the additional freedom, but we aren’t fully prepared for the additional responsibility. In this episode, Gary and Christy pull from some of their personal experience to help you avoid some of the common mistakes when someone moves out on their own.

There are spiritual things to consider before moving out on your own, so have a game plan to address those. Is there a congregation you can worship with near your new residence? Remember that just because you’re no longer living under another person’s rules doesn’t mean  you live under no rules. God still rules in the kingdoms of men, and we are still His servants (1 Peter 2:16-17).

There are physical things to consider before moving out on your own, so have a game plan to prepare for those. Where will you live? What’s the location like? What will that do to your commute? How will you go back and forth to work or to your daily responsibilities? Also, remember to take care of your health. It’s convenient to let our health slip, but it’s prudent to take the time and make choices that will help our bodies be stronger and healthier.

Finally (and most applicable to this podcast!) there are financial considerations before moving out on your own. Have you calculated how much money you’ll need to afford living independently? It’s important to plan where your money will go, otherwise you’ll wonder where it went. As we’re living on our own and supporting ourselves, let’s remember who gives us the ability to work and return to Him a percentage of those material blessings He richly gives to us. Also, there’s savings, debt, renting vs buying a place to live, being a good employee, and overall responsible spending that we have to juggle. 

Email us at the address below and let us know what you think of this episode. What was your experience like when you moved out on your own?

Episode Resources

• Gary and Christy have talked about some related topics in-depth in previous episodes. Check them out below:
  • Bountiful 101 on credit scores: https://thelightnetwork.tv/bountifuls3e13/
  • Common money myths: https://thelightnetwork.tv/bountifuls3e3/
  • Giving:  https://thelightnetwork.tv/bountifuls1e15/
• https://www.gobankingrates.com/net-worth/financial-planning/cost-moving-out-tips-moving-budget/
• http://www.unpakt.com/blog/8-steps-to-moving-out-for-the-first-time/
• https://www.myfico.com/Downloads/Files/myFICO_UYFS_Booklet.pdf
• https://toughnickel.com/real-estate/How-to-Move-Out-On-Your-Own-for-the-First-Time