Today on MoneyLife with Chuck Bentley

Friday, January 29, 2010

Answering Your Email

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We're going to answer your email questions today. I'm getting a lot of email, most of it is encouraging. (ChuckBentley@Crown.org)

Many of you are sharing your New Year's resolutions and I want to walk with you this year as you achieve your goals.

We also love to get testimonies. It really blesses us to know God is using us to make a difference in people’s lives.

I received an email from a man in Dubai. He was looking for godly counsel, and needed help living on a budget.

He was in jeopardy of going to jail for not being able to pay some of his bills and bouncing checks. His story reminded me of how much pain finances can cause us. I wonder what would happen if more people were faced with having to go to jail if they couldn’t live within their means. I was glad we could counsel him and help him avoid overspending, bouncing checks, and going to jail.

I want to thank all of you who give to Crown and make this ministry possible. I hope you, too, share in the joy of helping people like this man.

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Dear Chuck, my husband and I both work. The tithe on his paycheck goes to the church. Mine goes to various ministries such as Crown, Focus on the Family, a missionary family, and our local pregnancy center. We’re faithful to follow our giving plan, but I’m concerned that our giving is too rigid and structured. I think we fall way short in the area of "freewill" giving or just plain generosity. How can we improve in this area? Should we set up a "freewill" envelope or does that just put us back into a box? - Beth in College Station, Texas

I love this question, Beth. As 40% of Americans live beyond their means and struggle with debt, 60% of the population live debt-free, and pay off their credit cards. Instead of setting up a freewill envelope, I suggest creating one called God’s money. Put any surplus income into it. Surplus income is money your receive above your normal earnings such as gifts, inheritance, bonuses, any money you didn’t expect to get when you budgeted for the year. Check the balance of your surplus income twice a year and ask God what He wants you to do with it. He may want you to give it away, or He may want you to invest it. Be free and allow God to lead. Don’t let giving become legalistic. There’s another way to increase your giving that isn’t as spontaneous. You can do this by increasing the amount or percentage of your giving each year. For example you could increase your giving by 1% each year. This also allows you to grow in generosity. Both methods work well.

Dear Chuck, we receive your Money Matters newsletter and are monthly supporters of Crown. We want to know what you think about a group we recently became involved with called Kiva. This is organization enables donors to provide funding for loans to underprivileged entrepreneurs in third world countries. The loans are made interest free, but they’re managed by a commercial finance company which undoubtedly charges interest to the recipient. Repayment is not guaranteed, but repayment rates are extraordinarily high at over 98%. What are your thoughts about Kiva?

I'm familiar with Kiva and appreciate the organization and its leadership. They do micro-lending, which is a loan to help people start businesses. It's a sound way to help people out of poverty that has become very popular. Micro-lending does have some negatives. It doesn’t address corruption, which will kill an economy in a developing country, so micro-lending isn’t a standalone solution. Repayment rates are high but it’s often because they have borrowed money from other sources to pay back the original loan. Sometimes the repayment loans are given by people practicing predatory lending, charging 300% interest. See this New York Times article for more information.

Dear Chuck, I’m part of a small church that has a limited budget. For the past few years, we’ve supported three different missions each month. But recently, it’s been proposed that we cut this support in order to give the pastor a raise, because he’s making less money through his teaching job this year. I have strong feelings about churches supporting missions, and I wanted some guidance from you about how to approach this. - Lynda in Glendale, Arizona

Lynda, if you and others in the Body of Christ at your church are receiving teaching from your pastor, his support should be a priority for the church. The biggest discouragement pastors have is when their churches ignore their needs. This is an opportunity to demonstrate generosity to your pastor. Take care of his needs first, then focus on missions. That follows the principles taught in God’s Word. If your church’s leadership is recommending that and you can’t go along with it, you may need to be at another church. It's better for you to leave than to cause division in the church. But I hope you’ll see the need to support your pastor.

Dear Chuck, I’m a teacher in Colorado, where budget cuts in education are expected this year. I have some debt on a credit card, and I owe on two cars, so I’m concerned about what’s going to happen. I’m also a pastor, and I’ve been planting a church. However, the church is dissolving. The supplementary income I’ve received from the church has been needed, and without it, I don’t know how we’ll make it. The church is going to pay me a final sum of money for services provided, but it will only be a few thousand dollars. What would your advice be for me? - Gregg

Gregg, thank you for your service to the Lord and your efforts to advance His kingdom. You need to be serious about getting your finances in order this year. Make a plan to get rid of all your consumer debt. Pay off the credit cards first and then focus on the cars. Don’t add any new debt this year. Look for ways to replace your lost income. There are many ways to do that in education such as tutoring, test preparation, or online teaching. When you’re out of debt and have replaced your lost income, start saving more money. Follow the Crown Money Map and let our volunteer coaches help you. Start everyday in prayer and ask God to intervene.

Get your family involved. The best strategy is to divide the responsibilities between spouses. Let each spouse handle what they’re best at. Also let the children know what’s going on, that this is a serious time. Let them know how they can help. They'll want to do their part. Pray together and ask God to demonstrate His faithfulness to your family. God can use this to bring your family closer together. Don’t let Satan destroy your family.

Dear Chuck, I believe the Bible tells us in Titus 2:3-5 that women are to bear children and be homemakers instead of working outside the home. But my husband and I have gotten into financial trouble since we had our little one and I quit my job to be at home with her. My husband wants me to go back to work and put out daughter in daycare. I don't agree, and we’ve had numerous, ugly fights over this. Can you give us some direction? - Cindy in New Prague, Minnesota

Respect your husband and his opinion. Don’t argue about this. Agree to follow his lead and submit to your husband even if he is wrong. God will use your kind and humble attitude towards him. Analyze the financial gap you have. Look at whether it’s possible to close that gap by you staying at home and living on a tight budget. One of our volunteer Money Map Coaches can help with that analysis. Also look at what would happen if you went back to work and started paying for daycare. See if you’d really come out ahead doing that. Pray with your husband. Ask God to protect your marriage and family. Share the results of your analysis with your husband. Ask him what would be best, and be agreeable to what he decides. Protecting your family is most important,

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Don't forget about the God Provides™ film tour coming to Atlanta Thursday, February 11 and Chattanooga, Thursday, February 18. I'll be teaching, too. These events are family friendly and free, so bring your children. We'll be showing Abraham and Isaac and the Widow and Oil films. You can register here.

This is not a fundraising event and there's no charge to attend. I encourage you to see God as your provider during these difficult economic times. I hope you’ll make plans to be there if you live in those areas. If you do, please say hello and let me know you're a MoneyLife listener.

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