{"id":1611,"date":"2024-05-15T19:55:31","date_gmt":"2024-05-15T19:55:31","guid":{"rendered":"https:\/\/www.championforest.org\/articles\/?p=1611"},"modified":"2024-05-15T20:41:10","modified_gmt":"2024-05-15T20:41:10","slug":"what-steps-can-we-take-to-achieve-financial-stability-and-security-for-our-family","status":"publish","type":"post","link":"https:\/\/www.championforest.org\/articles\/2024\/05\/15\/what-steps-can-we-take-to-achieve-financial-stability-and-security-for-our-family\/","title":{"rendered":"What steps can we take to achieve financial stability and security for our family?"},"content":{"rendered":"\n

Financial stability is a beautiful idea, but many people feel like they are climbing Mount Everest to reach their financial goals.  Stability is also subjective from one family to the next, depending upon each family\u2019s lifestyle.  If you ask ten different people this question, you’d likely get ten different answers.  That said, please know that I am not a financial advisor, and therefore, I am not saying that the following steps are the only way<\/em> to achieve financial stability. They are helpful steps I\u2019ve tried to incorporate in managing finances for my family, which you may find useful, too.<\/p>\n\n\n\n

Budget<\/strong><\/h2>\n\n\n\n

To achieve financial stability, it\u2019s very important to start with a budget.  Start with what is coming in, then build a plan of where that income goes so that there\u2019s not more going out than coming in.  This is a very simple formula:<\/p>\n\n\n\n

Income \u2013 Expenses = Net Gain<\/p>\n\n\n\n

The net gain, of course, assumes income is greater than expenses.  If you don’t have a plan, it\u2019s easy to allow your expenses to exceed your income.  You should measure your income and expenses regularly because the more frequently they are measured, the better they are managed.  Always measure your income and expenses, even if you know there is substantially more coming in than going out.  Any net gain or excess needs to have a purpose to be stewarded well.<\/p>\n\n\n\n

Tithe<\/strong><\/h2>\n\n\n\n

Money can be deployed in many ways (this is the expense side of the budget formula), but I believe regular tithing is foundational for achieving financial stability. I prefer to manage finances in a way that would be blessed by the Lord rather than not. This doesn’t mean that tithing will result in the Lord giving me more money; instead, it means I strive to handle my finances in accordance with biblical principles. I always want to remember that my money is a gift from the Lord, and giving back to him through a regular tithe honors him and blesses my family. Pastor Jarrett recently shared a wonderful message entitled Jesus on Money<\/u><\/a><\/em><\/strong>.  It is worth listening to this message if you have questions or hesitations about tithing.  What you give to your local church is essential to your budget.<\/p>\n\n\n\n

Debt<\/strong><\/h2>\n\n\n\n

Being debt-free is a great goal to have in your financial plan. Until that day, one cannot ignore how much debt takes out of their regular budget.  A debt payment is owed because of a promise to pay, which is why the payment cannot be ignored.  Understanding that you have a goal to be debt-free, I also know that some debt is necessary.  I believe most people get in trouble with debt or create unnecessary debt when they don\u2019t match their source of funds with their use of funds.  I\u2019ll define the sources and uses of funds here:<\/p>\n\n\n\n