Today on MoneyLife

I get a lot of emails from people wanting to know how to make wise financial decisions. I believe the Lord wants us to seek out wisdom to make the best decisions about our finances.

I recently received this email from a listener:

Hi Chuck,
 
I just wanted to let you know that I have been listening to MoneyLife since the first day it was called MoneyLife. I wrote down your Internet address and I have been listening on your Web site every morning when I first get up. I get SO much out of most of it.
 
Three months ago I finally began to keep a 3x5 card in my purse and write down all of my purchases. It is incredible how much less I spend now since doing that one little thing. It has enabled me to finally pay down my credit card. So far, in 3 months, I have paid $2,000! And I am just a substitute clerk for my local school district. I only owe $800 on my credit card now and hope to pay that off soon.

Recently I started to sell things on Ebay and have sold $500 worth in 3 weeks! Thanks be to God and to you on MoneyLife for your encouragement to keep reminding us to GET OUT OF DEBT so that we can spend our money the way God wants us to. Oh, and I have $1,450 in savings now too. Thanks again and God bless you.

Patsy in California

Today we’re going to talk about how to make a wise financial decision. We'll give you seven clear steps to follow. You don’t want you to be a fool with the money God has given you.

You can make foolish decisions whether you have a lot or a little. I want to encourage every listener to be wise. Here are my insights on making a wise financial decision. It's a seven step process:

1. Understand the big picture, circumstances, and context before making a decision
   
   
2. Understand the real problem, what’s driving the problem
   
   
3. Understand the consequences of choices, good and bad; it's a false assumption that more is always better, a second income doesn’t always add value to a family
   
   
4. Understand God’s Word, Psalm 1:1 gives an example of a financial advisor in the world encouraging people to concentrate their investment money in one thing they know well, Ecclesiastes 11:2 tells us to diversify
   
   
5. Seek wise counsel, worldly advisors are often wrong but never in doubt; Proverbs 22:4 says be humble, fear God, ask godly people for counsel
   
   
6. Pray and fast, interact with God and ask for His counsel
   
   
7. Make a decision, accept the consequences, don’t worry

I hope you’ve been encouraged to make wise financial decisions!

***

The Crown Reunion this year will be held at Ridgecrest Conference Center in Asheville, North Carolina. All listeners are invited to come.

The Reunion will be Thursday, November 19 – Sunday, November 22. It's a time when the Crown family gets together to equip and encourage one another to serve. We'll hear testimonies of what God is doing all over the world.

The deadline to register is Thursday, November 12. You can register online or by phone at 800-722-1976.

Steps to Making a Budget

In making a budget, there are several steps, each requiring individual effort.
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Need for a Spending Plan

Without a spending plan, it is impossible to know where your money goes each month and whether you will have available funds for the things you need.

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Budget Busters

Budget busters are areas that can result in financial disaster if not accounted for properly.

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Finding Financial Freedom

The Lord owns everything and we are merely stewards of what is His. He has clear ideas on how He wants His people to function as His stewards.

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Other Resources:

• ABCs of Money Package
• Career Direct
• God's Principles for Operating a Business
• Business By the Book
• Crown Mvelopes