If over-spending is your problem, it means you’re not controlling your money.Your money is controlling you. Today on MoneyWise, Rob West has some ideas about how to change that.

While it’s certainly true that God created everything and owns everything, it’s also true that He’s put each of us in charge of just a tiny portion of His holdings, and He expects us to be faithful stewards of His resources.To do that, we have to control money and not let it control us.God’s word contains over 2300 verses about money and possessions and when we follow those principles, we become financially free.When we don’t, we become slaves to money.It controls us.Here are Rob’s key steps to getting control of the money God has given you:

1.Avoid debt. Proverbs 22:7 says, The rich rules over the poor, and the borrower is the slave of the lender.

And Proverbs 21:20 tells us, Precious treasure and oil are in a wise man's dwelling, but a foolish man devours it.If you have trouble managing your credit and debit cards, stop using them. It is possible to use cash for many of your budget categories.The advantage to using cash is you can’t overspend like with a credit card if you separate your cash into envelopes or categories. When an envelope is empty, you can’t spend any more in that category.If you don’t sneak and dig into another category, you’ll still have the money you need for other things. That part is just simple math.

Rob also talks about the strong psychological component to using cash. When you have to hand over actual dollars, it’s much more difficult to part with them. Studies show people spend 10 to 30-percent less just by using cash instead of plastic, so it’s a real help in controlling impulse spending.

2.If you already have debt, pay more than the minimum payment each month. When you pay just the minimum on your credit card, for example, a lot of that money is going toward interest only, so it will take years to pay it off.Instead, pay as much as you can above the minimum each month to get that card paid off quickly.If you have more than one card to pay off, Rob recommends paying the one with the lowest balance off first to get it out of the way, then taking what you were paying each month on that card, adding that amount to what you have to pay on the next lowest card, and pay it off in the same manner. That’s called the snowball method. You’ll get a quick psychological boost from paying off a card. That gives you incentive to keep going. When that’s paid off, you can go on to the next card with the lowest balance and so on.

3.Avoid the lure of credit cards offering big rewards unless you already have a spending plan in place and you’re already using it.Those reward points will be dwarfed by the interest payments you’ll have to make if you don’t pay off the entire balance each month. Many people think they won’t let that happen, but then an unexpected expense comes along and the easy way out is to use the credit card.This leads to the fourth step in Rob’s plan to control your money.

4.Set up an emergency fund. Rob recommends it be able to cover 3 to 6 months of living expenses. Then, when an extensive medical emergency or a job layoff pops up, you use emergency fund money to pay for it and keep you afloat.

Next, Rob answers listener questions including the following:

We applied for a PPP small business loan in 2020, received the money, and then applied for and were granted loan forgiveness.Are there any surprises we should be aware of on our taxes or elsewhere?

I’m getting married in January, and we don’t want to combine our finances until after we’re married.How would you recommend we plan for the time when we DO merge our money?(Rob answers the question, but also recommends the bookMoney and Marriage God’s Wayby Howard Dayton.)

I’m trying to help my mom purchase her first home and may need to co-sign in order for her to qualify for a loan.I don’t really have extra money to help her, so what would you recommend I do?

Remember, you can call in to ask your questions 24/7 at (800) 525-7000 or email them [email protected]. Also, visit our website atMoneyWise.orgwhere you can listen to past programs, connect with a MoneyWise Coach, and even download free, helpful resources like the free MoneyWise app.

Like and follow us on Facebook at MoneyWise Media for the very latest discussion! And remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab on our website or in our app.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

Today, pastor and author Paul David Tripp joins Rob West to discuss how our view and handling of money reveals the contents of our hearts. Paul also explains how to break the grip of money and allow God to reorient our hearts.

Pastor Tripp is the author of more than 30 books and videos on Christian living and his latest book is Redeeming Money: How God Reveals and Reorients Our Hearts.

Colossians 2:8 warns, See to it that no one takes you captive by philosophy and empty deceit, according to human tradition, according to the elemental spirits of the world, and not according to Christ.

Today, Rob and Paul address these topics and questions:

●You say that money issues are heart issues and missing that point is very important. Was that a point that led you to write this book?

●Money is the clearest indicator of what's happening in someone's life spiritually. You talk a lot about identity. What is it about identity that we need to understand?

●We can't solve problems with more money, right?

●How would you articulate a Biblical/world view of money?

●What was the passage in Ephesians that changed everything for your view of money?

●As giving calibrates our hearts to the Ultimate Giver, breaking the grip of money over our lives, what do you believe the act of giving does to our heart?

●Can you apply to this in marriage as well?

Through December 31, 2021, you can receive a copy of Redeeming Money with a minimumdonationof $25 to MoneyWise.

Learn more about Pastor Paul David Tripp at his website:paultripp.com

LISTENER QUESTIONS

Next on today’s program, Rob also answers listener questions:

●Where can you put emergency fund money to earn a better return than a credit union savings account?

●Do you need to purchase title lock insurance to keep someone from forging a deed transfer to steal your property?

●Does it make sense to refinance your home when you have a low remaining balance?

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them [email protected]. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our websiteor in our app.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

Today, pastor and author Paul David Tripp joins Rob West to discuss how our view and handling of money reveals the contents of our hearts. Paul also explains how to break the grip of money and allow God to reorient our hearts.

Pastor Tripp is the author of more than 30 books and videos on Christian living and his latest book is Redeeming Money: How God Reveals and Reorients Our Hearts.

Colossians 2:8 warns, See to it that no one takes you captive by philosophy and empty deceit, according to human tradition, according to the elemental spirits of the world, and not according to Christ.

Today, Rob and Paul address these topics and questions:

●You say that money issues are heart issues and missing that point is very important. Was that a point that led you to write this book?

●Money is the clearest indicator of what's happening in someone's life spiritually. You talk a lot about identity. What is it about identity that we need to understand?

●We can't solve problems with more money, right?

●How would you articulate a Biblical/world view of money?

●What was the passage in Ephesians that changed everything for your view of money?

●As giving calibrates our hearts to the Ultimate Giver, breaking the grip of money over our lives, what do you believe the act of giving does to our heart?

●Can you apply to this in marriage as well?

Through December 31, 2021, you can receive a copy of Redeeming Money with a minimumdonationof $25 to MoneyWise.

Learn more about Pastor Paul David Tripp at his website:paultripp.com

LISTENER QUESTIONS

Next on today’s program, Rob also answers listener questions:

●Where can you put emergency fund money to earn a better return than a credit union savings account?

●Do you need to purchase title lock insurance to keep someone from forging a deed transfer to steal your property?

●Does it make sense to refinance your home when you have a low remaining balance?

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them [email protected]. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our websiteor in our app.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

1 Thessalonians 5:18 tells us to Give thanks in all circumstances; for this is the will of God in Christ Jesus for you. And today on MoneyWise, we will do exactly that! Rob West celebrates God’s faithfulness and provision as we mark 400 years of Thanksgiving in America.

In the year 1621, 400 years ago this month, the Puritans of Plymouth Colony in Massachusetts celebrated the first Thanksgiving.The Puritans had intended to get to the New World early in summer, but the crossing of the Atlantic was much rougher and took longer than expected. They didn’t arrive in the New World until November 1620. Planting was impossible and a harsh winter delayed the building of the first houses until late January.

All of that resulted in what became known as The Starving Time for the Plymouth colony. One hundred and two Puritans had crossed over on the Mayflower. Nearly half of their number died that first winter due to disease and starvation.

But spring finally came, and those who survived had established good relations with the Native Americans, who helped them plant crops that eventually became a fair harvest in the fall.That brings us to the first thanksgiving when the Puritans were moved to celebrate and praise God for their survival.

Many have forgotten the reason the Puritans had dared to venture into the harsh New World in the first place: religious freedom.Persecuted for their faith in England, they fled to Holland first. But English authorities even pursued them there, leading many to undertake the perilous voyage to America.

William Bradford would later write of their earliest days in America, Thus out of small beginnings greater things have been produced by His hand that made all things of nothing, and gives being to all things that are; and, as one small candle may light a thousand, so the light here kindled hath shone unto many.

And Four hundred years later, we Christians in America still give thanks to God for His provision. We hope your day is as blessed as the first Thanksgiving.

LISTENER QUESTIONS

On today’s program, Rob West answered the following listener questions:

●Is it worthwhile to pay an extra $50-100 per month toward your mortgage?

●If you’re selling your house but have no immediate plans to purchase another house, what should you do with the proceeds from the home sale? And are those proceeds taxable?

●Is it beneficial to continue working until your full retirement age?

●What should you do with funds in a 403B when changing jobs?

●Can you roll funds from a Roth IRA into another Roth IRA?

RESOURCES MENTIONED DURING THIS PROGRAM:

Sound Mind Investing

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them [email protected]. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our websiteor in our app.

1 Thessalonians 5:18 tells us to Give thanks in all circumstances; for this is the will of God in Christ Jesus for you. And today on MoneyWise, we will do exactly that! Rob West celebrates God’s faithfulness and provision as we mark 400 years of Thanksgiving in America.

In the year 1621, 400 years ago this month, the Puritans of Plymouth Colony in Massachusetts celebrated the first Thanksgiving.The Puritans had intended to get to the New World early in summer, but the crossing of the Atlantic was much rougher and took longer than expected. They didn’t arrive in the New World until November 1620. Planting was impossible and a harsh winter delayed the building of the first houses until late January.

All of that resulted in what became known as The Starving Time for the Plymouth colony. One hundred and two Puritans had crossed over on the Mayflower. Nearly half of their number died that first winter due to disease and starvation.

But spring finally came, and those who survived had established good relations with the Native Americans, who helped them plant crops that eventually became a fair harvest in the fall.That brings us to the first thanksgiving when the Puritans were moved to celebrate and praise God for their survival.

Many have forgotten the reason the Puritans had dared to venture into the harsh New World in the first place: religious freedom.Persecuted for their faith in England, they fled to Holland first. But English authorities even pursued them there, leading many to undertake the perilous voyage to America.

William Bradford would later write of their earliest days in America, Thus out of small beginnings greater things have been produced by His hand that made all things of nothing, and gives being to all things that are; and, as one small candle may light a thousand, so the light here kindled hath shone unto many.

And Four hundred years later, we Christians in America still give thanks to God for His provision. We hope your day is as blessed as the first Thanksgiving.

LISTENER QUESTIONS

On today’s program, Rob West answered the following listener questions:

●Is it worthwhile to pay an extra $50-100 per month toward your mortgage?

●If you’re selling your house but have no immediate plans to purchase another house, what should you do with the proceeds from the home sale? And are those proceeds taxable?

●Is it beneficial to continue working until your full retirement age?

●What should you do with funds in a 403B when changing jobs?

●Can you roll funds from a Roth IRA into another Roth IRA?

RESOURCES MENTIONED DURING THIS PROGRAM:

Sound Mind Investing

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them [email protected]. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our websiteor in our app.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

Hebrews 12:11 tells us, For the moment all discipline seems painful rather than pleasant, but later it yields the peaceful fruit of righteousness to those who have been trained by it. We’re more than ready to accept God’s blessing, but we should be just as willing to accept discipline when we need it. We’ll talk about that today on MoneyWise.

●We often talk about how following God’s financial principles makes sense. He owns it all anyway and when we follow his instructions on how to manage His resources we usually prosper. What we probably don’t mention enough though is that God also has ways of correcting us when we go astray. Now, we should point out that God’s blessings and His corrections aren’t always financial. We should recognize that the principles taught in Scripture apply to many aspects of life and that certainly includes how we handle money.

●Deuteronomy 28 is a good example of where God clearly lays out His intended blessing for obedience; but He follows up with curses for disobedience. Though these were for the nation of Israel, the principles still apply to us. Verse 1 says, If you fully obey the Lord your God and carefully follow all his commands I give you todaythe Lord your God will set you high above all the nations on earth. All these blessings will come on you and accompany you if you obey the Lord your God. Those blessings include having children and abundant crops and livestock, everything the Israelites could expect if they were obedient. But in verse 15 we see the consequences for disobedience, You will be cursed in the city and cursed in the country. Your basket and your kneading trough will be cursed. The fruit of your womb will be cursed, and the crops of your land, and the calves of your herds and the lambs of your flocks.

●Does this mean that God will curse us and our families for generations if we fail to balance our checkbooks or we make a late payment? No, but we should look at some of the practical ways we are corrected when we mismanage money. If you fail to live within your means or fail to plan for spending, giving and saving for the future, unpleasant things are bound to happen. You’ll run up debt. You won’t have enough to pay your bills. Or you won’t have enough income when you can no longer work. And if you continue living beyond your means, you’ll eventually get to the point where you can’t even make the minimum payments on your credit cards. Creditors will start calling and your stress level will go up. God doesn’t have to curse you for those things to happen. They’re just the natural consequence of not following His financial principles.

●There’s a spiritual component to this as well. God absolutely will use the pressure and the stress in your life to bring you to repentance and to make you realize you have to change your ways. And when you do, He will bless you. So what can we learn from all of this?

●First, unlike the clear warnings we see in Deuteronomy 28 and 1 Samuel 2, we won’t always know what God’s blessings or corrections will look like. But your outcome will ultimately be good when you follow God’s path and not so good when you wander off it.

●Second, the reason we’re to follow God’s principles is not because it’s a formula for financial success. Following them usually puts you in a position for financial success, but that’s not the goal. The goal is to be obedient, which makes us more like Christ and enhances our intimacy with Him. That’s what we’re ultimately pursuing with our finances and every area of our lives. 1 Peter 2 tells us, For to this you have been called, because Christ also suffered for you, leaving you an example, so that you might follow in his steps.

LISTENER QUESTIONS

Rob also answers the following listener questions:

●What can you tell me about converting investments into income streams?

●What are your thoughts about purchasing out-of-state rental properties for an income stream and how to do it?

●Should I take my pension in a lump sum or in the form of monthly payments?

●When do you have to begin take required minimum distribution payment in retirement?

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them [email protected]. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our websiteor in our app.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

Hebrews 12:11 tells us, For the moment all discipline seems painful rather than pleasant, but later it yields the peaceful fruit of righteousness to those who have been trained by it. We’re more than ready to accept God’s blessing, but we should be just as willing to accept discipline when we need it. We’ll talk about that today on MoneyWise.

●We often talk about how following God’s financial principles makes sense. He owns it all anyway and when we follow his instructions on how to manage His resources we usually prosper. What we probably don’t mention enough though is that God also has ways of correcting us when we go astray. Now, we should point out that God’s blessings and His corrections aren’t always financial. We should recognize that the principles taught in Scripture apply to many aspects of life and that certainly includes how we handle money.

●Deuteronomy 28 is a good example of where God clearly lays out His intended blessing for obedience; but He follows up with curses for disobedience. Though these were for the nation of Israel, the principles still apply to us. Verse 1 says, If you fully obey the Lord your God and carefully follow all his commands I give you todaythe Lord your God will set you high above all the nations on earth. All these blessings will come on you and accompany you if you obey the Lord your God. Those blessings include having children and abundant crops and livestock, everything the Israelites could expect if they were obedient. But in verse 15 we see the consequences for disobedience, You will be cursed in the city and cursed in the country. Your basket and your kneading trough will be cursed. The fruit of your womb will be cursed, and the crops of your land, and the calves of your herds and the lambs of your flocks.

●Does this mean that God will curse us and our families for generations if we fail to balance our checkbooks or we make a late payment? No, but we should look at some of the practical ways we are corrected when we mismanage money. If you fail to live within your means or fail to plan for spending, giving and saving for the future, unpleasant things are bound to happen. You’ll run up debt. You won’t have enough to pay your bills. Or you won’t have enough income when you can no longer work. And if you continue living beyond your means, you’ll eventually get to the point where you can’t even make the minimum payments on your credit cards. Creditors will start calling and your stress level will go up. God doesn’t have to curse you for those things to happen. They’re just the natural consequence of not following His financial principles.

●There’s a spiritual component to this as well. God absolutely will use the pressure and the stress in your life to bring you to repentance and to make you realize you have to change your ways. And when you do, He will bless you. So what can we learn from all of this?

●First, unlike the clear warnings we see in Deuteronomy 28 and 1 Samuel 2, we won’t always know what God’s blessings or corrections will look like. But your outcome will ultimately be good when you follow God’s path and not so good when you wander off it.

●Second, the reason we’re to follow God’s principles is not because it’s a formula for financial success. Following them usually puts you in a position for financial success, but that’s not the goal. The goal is to be obedient, which makes us more like Christ and enhances our intimacy with Him. That’s what we’re ultimately pursuing with our finances and every area of our lives. 1 Peter 2 tells us, For to this you have been called, because Christ also suffered for you, leaving you an example, so that you might follow in his steps.

LISTENER QUESTIONS

Rob also answers the following listener questions:

●What can you tell me about converting investments into income streams?

●What are your thoughts about purchasing out-of-state rental properties for an income stream and how to do it?

●Should I take my pension in a lump sum or in the form of monthly payments?

●When do you have to begin take required minimum distribution payment in retirement?

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them [email protected]. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our websiteor in our app.

If I told you there’s a surefire way to put tens of thousands of dollars in your pocket, it’s completely legal and just about anybody can do it, would you be interested? This may sound like a get rich quick pitch, but it’s not! It’s more like get rich slowly by paying off your mortgage early. Today, Rob West explains the benefits of paying down your mortgage early and explains how to do it.

When you consider the amount of interest you pay over the life of a 30-year mortgage, that should be all the incentive you need to pay off the loan as fast as possible.

Let’s say you take out a $250,000 30-year mortgage at 4%. At the end of that term, you’ll have paid almost $150,000 in interest. That makes the true cost of the home closer to $400,000.

However, suppose that with 25 years left on your 30-year mortgage, you begin playing an extra $200 a month against the principal. Those extra payments would shave five years of payments off your loan!

FOUR STEPS TO PAYING OFF YOUR MORTGAGE EARLY

1. CREATE A BUDGET:First, you need a spending plan. You can’t start accelerating the payoff of your mortgage until you’re living on a budget, spending less than you earn.

For help in setting up your budget, check out the freeMoneyWise app. It uses the tried and true envelope system to make budgeting easy. It will track your spending and reveal things you can cut out to free up more cash after paying your bills.

2. DETERMINE THE AMOUNT OF YOUR EXTRA PAYMENTS:The next step is to determine how much of that extra cash you’ll apply to your mortgage. You can even make it a budget category all by itself.

You may start to feel deprived because you’ve cut out some of your fun spending. It helps to celebrate milestones along the way. A special dinner out, maybe, whenever you’ve paid off another $1,000 in mortgage principal. Just keep celebrating within the budget.

3. APPLY FOUND MONEY TO YOUR MORTGAGE:Next, consider applying any money that comes your way outside of your normal paycheck to your mortgage. Some call it found money or mad money. This could be a work bonus, freelance income, a cash gift from a family member, a tax refund, or earnings from a yard sale. Make a commitment to put that unexpected cash on your mortgage principal, as well as the surplus money from your budget.

The trick is to apply that money to your mortgage principal as soon as you get it. Don’t let it sit around tempting you. If you haven’t set up an online account with your lender, do that now. Most lender websites now make it easy to apply extra payments to the principal just by clicking a button or two.

4. CUT THE FAT FROM YOUR BUDGET:You may think you don’t have a dime left over at the end of the month, but you really don’t know unless you’ve cut back everything you can.

Here are a few suggestions:

●Cut your cable or satellite service and go with a streaming package. You can probably save $50 or $100 a month just by doing that.

●Look for free entertainment in your community. The library is a good source of information.

●Take a break from eating out. It’s the rare family that can’t save $100 a month by cooking meals at home.

●Try to go six months or a year without buying new clothes. That might save hundreds of dollars.

LISTENER QUESTIONS

●If you only have one beneficiary, do you still need to make out a will?

●What is the importance of updating a will?

●Who is and isn’t required to file a federal tax return?

●Is halting payments to arrange a debt settlement a good idea?

●Are long-term investment retirement policies worthwhile?

RESOURCES MENTIONED DURING THIS PROGRAM

●Christian Credit Counselors (Christian debt management)

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them [email protected]. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our websiteor in our app.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

If I told you there’s a surefire way to put tens of thousands of dollars in your pocket, it’s completely legal and just about anybody can do it, would you be interested? This may sound like a get rich quick pitch, but it’s not! It’s more like get rich slowly by paying off your mortgage early. Today, Rob West explains the benefits of paying down your mortgage early and explains how to do it.

When you consider the amount of interest you pay over the life of a 30-year mortgage, that should be all the incentive you need to pay off the loan as fast as possible.

Let’s say you take out a $250,000 30-year mortgage at 4%. At the end of that term, you’ll have paid almost $150,000 in interest. That makes the true cost of the home closer to $400,000.

However, suppose that with 25 years left on your 30-year mortgage, you begin playing an extra $200 a month against the principal. Those extra payments would shave five years of payments off your loan!

FOUR STEPS TO PAYING OFF YOUR MORTGAGE EARLY

1. CREATE A BUDGET:First, you need a spending plan. You can’t start accelerating the payoff of your mortgage until you’re living on a budget, spending less than you earn.

For help in setting up your budget, check out the freeMoneyWise app. It uses the tried and true envelope system to make budgeting easy. It will track your spending and reveal things you can cut out to free up more cash after paying your bills.

2. DETERMINE THE AMOUNT OF YOUR EXTRA PAYMENTS:The next step is to determine how much of that extra cash you’ll apply to your mortgage. You can even make it a budget category all by itself.

You may start to feel deprived because you’ve cut out some of your fun spending. It helps to celebrate milestones along the way. A special dinner out, maybe, whenever you’ve paid off another $1,000 in mortgage principal. Just keep celebrating within the budget.

3. APPLY FOUND MONEY TO YOUR MORTGAGE:Next, consider applying any money that comes your way outside of your normal paycheck to your mortgage. Some call it found money or mad money. This could be a work bonus, freelance income, a cash gift from a family member, a tax refund, or earnings from a yard sale. Make a commitment to put that unexpected cash on your mortgage principal, as well as the surplus money from your budget.

The trick is to apply that money to your mortgage principal as soon as you get it. Don’t let it sit around tempting you. If you haven’t set up an online account with your lender, do that now. Most lender websites now make it easy to apply extra payments to the principal just by clicking a button or two.

4. CUT THE FAT FROM YOUR BUDGET:You may think you don’t have a dime left over at the end of the month, but you really don’t know unless you’ve cut back everything you can.

Here are a few suggestions:

●Cut your cable or satellite service and go with a streaming package. You can probably save $50 or $100 a month just by doing that.

●Look for free entertainment in your community. The library is a good source of information.

●Take a break from eating out. It’s the rare family that can’t save $100 a month by cooking meals at home.

●Try to go six months or a year without buying new clothes. That might save hundreds of dollars.

LISTENER QUESTIONS

●If you only have one beneficiary, do you still need to make out a will?

●What is the importance of updating a will?

●Who is and isn’t required to file a federal tax return?

●Is halting payments to arrange a debt settlement a good idea?

●Are long-term investment retirement policies worthwhile?

RESOURCES MENTIONED DURING THIS PROGRAM

●Christian Credit Counselors (Christian debt management)

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them [email protected]. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our websiteor in our app.

Record low interest rates have brought on a flurry of home refinancing and with it, a very big temptation. Refinancing your home provides the opportunity to take cash out of your home while increasing the size of your loan. Today, Rob West takes you through a refresher course on biblical borrowing.

You’ve probably heard ads for mortgage refinancing that offer the option of taking money out at the closing table. They might lead you to believe that the equity in your home is money that belongs to you. But until you actually sell your home, any cash you receive from a home equity loan or cash-out refinance is just another loan.

The money isn’tyours.You’re just renting it for a while, and there is always a cost for that borrowing.

While the Bible never calls borrowing a sin, it also never speaks of it in a positive sense.

So when is borrowing okay? Simply put, it’s only okay to borrow if it makes financial sense to do so. For example, a business owner might borrow to expand the operation and increase revenue, but only after due diligence shows it will increase revenue or lower overhead. In other words, the economic return on the amount borrowed should be greater than the cost.

DO NOT PRESUME ON THE FUTURE

Borrowing should follow the biblical principle of not presuming on the future. You should only borrow when you have a guaranteed way to pay it back. That means you’re putting something up as collateral in case of default.

What about student loans? Odds are, you have no collateral to borrow against, but you likely have a reasonable expectation of greater earning potential to enable you to repay the loan.

However, if you’re borrowing for education, you have to choose a major that gives you marketable skills, and you have tofinishyour studies and graduate. Otherwise you’ll have a lot of trouble paying back those student loans.

AVOID DEBT WHENEVER POSSIBLE

The Bible makes it clear that we should make every effort toavoiddebt. Proverbs 22:7 says,The rich rule over the poor, and the borrower becomes slave to the lender.

The less you owe, the more freedom you have to answer the Lord’s calling for your life and reinvest in kingdom purposes.

PAY IT OFF AS QUICKLY AS POSSIBLE

Another biblical principle about borrowing might be described as, the shorter, the better. Deuteronomy 15 teaches that debts in ancient times weren’t to exceed 7 years. If you borrow, pay your debts off as quickly as possible.

AVOID CO-SIGNING

Another biblical teaching about borrowing is to avoid co-signing for someone else’s loan, which the bible calls surety.

Proverbs 22 says,Be not one of those who give pledges, who put up security for debts. If you have nothing with which to pay, why should your bed be taken from under you?

ALWAYS REPAY YOUR DEBTS

And that leads us to our last biblical teaching on borrowing. God commands each of us to Pay what you owe. Ecclesiastes 5 says,It is better that you should not vow than that you should vow and not fulfill it.

And Proverbs 3 says,Do not withhold good from those to whom it is due, when it is in your power to do it.

LISTENER QUESTIONS

On today’s program, Rob also answers these listener questions:

●What is the best way to make out a will?

●Why does the United States seem more reluctant than some other nations to embrace cryptocurrencies?

●How should a single parent balance retirement savings with paying down debt?

RESOURCES MENTIONED DURING THIS PROGRAM

●Splitting Heirs: Giving Your Money and Things to Your Children Without Ruining Their Lives(BOOK)

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them [email protected]. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our websiteor in our app.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29