Recent surveys indicate that 50 percent of all Americans would struggle to come up with $2000 to cover an unexpected financial event like a medical issue or car repair.

When asked how they would handle such an expense, the majority said they would go further into debt on their credit cards, borrow from friends or family, or tap into retirement funds early, incurring taxes and penalties.

Bottom line, most of us live without a financial safety net. But it doesn’t have to be that way, regardless of your income or circumstances.

I recently received a testimony from a 60-something widow who fell into a financial crisis shortly after her husband died unexpectedly. Joan had started a business to compensate for the loss of his income. The business struggled. She used all of her savings and accumulated more than $50,000 in debt before closing the shop. Joan’s situation seemed impossible so she cried out to the Lord for help.

Through Crown, she learned to save a little money even while she began to repay what seemed like a mountain of debt.

The Bible encourages us to save a portion of all of our earnings just as the ant sets aside food during the warm months to prepare for the long days of winter. This establishes a pattern of small disciplines and self-control. The Proverbs refer to this as “steady plodding.”

After years of counseling people with financial problems, I’ve learned that money rarely solves financial problems. While most think that just a little more or in the case of those who buy lottery tickets – just a few hundred million more – will solve their financial woes, the facts support my assertion that it seldom does.

The real issue is almost never a “financial problem,” but a lack of self-control. When the root cause is resolved, we can learn to save money and overcome our financial challenges.

Crown’s late founder, Larry Burkett, was fond of saying, “Saving money is a fruit of the Spirit. If you struggle with saving, ask God to give you self-control.” That’s great advice.

Joan, our financially strapped widow thought so, too. The former business owner committed her finances to God and started very small. She developed a budget and went to work for someone else. After just three months on the job, Joan had accumulated her first $100 of savings while making minimum payments on her credit cards. Little by little, she reduced expenses and increased her savings. By the end of the first year, she had saved $1,000 and increased the amount she was paying on her loan balances.

It took five years, but today Joan is completely debt free with a healthy savings account.

Chuck Bentley is the CEO of Crown Financial Ministries and the author of The SALT Plan, How to Prepare for an Economic Crisis of Biblical Proportions.

Additional Resources

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