Common Financial Mistakes

Ever made a mistake with money? Painful isn’t it! I know I have.

We’ve all made financial blunders. And some bigger than others!

Investopedia gathered the 10 most common financial mistakes:

  •     Excessive/frivolous spending
  •     Never-ending payments
  •     Buying a new car
  •     Buying too much house
  •     Buying anything on borrowed money
  •     Using home equity like a piggy bank
  •     Living paycheck to paycheck
  •     Not investing
  •     Paying off debt with retirement savings
  •     Not having a plan

But don’t worry – solutions abound.

Stop overspending, save and plan, monitor all your expenses, don’t add new debt. 

But be careful! Don’t get so focused on becoming debt-free that you fail to see your need for Christ. You see, brokenness is one means God uses to draw us to Himself.

Many Christians have had their egos shattered by financial setback. Some respond by panicking to the point that they abandon their Christian principles. They cheat and lie to protect their security.

Others fall back in defeat and fear, and they lose their trust in God. 

Still, others choose to accept God’s authority over their lives. They see obstacles as an opportunity to trust God and exercise their faith.

We must come to the point where we can say with Paul: Whatever gain I had, I counted as loss for the sake of Christ. (Philippians 3:7)

Maybe credit card debt is on your list of financial mistakes. If you’re struggling and need help, get in touch with Christian Credit Counselors. They’ve been our trusted friends for years and can help you pay off your credit cards. Just go to crown.org/ccc to get started or you can call us 800-722-1976.

Click here for free resources to navigate the financial affects of COVID-19