Navigating financial hardship is challenging. As a mom, I understand the stress of managing finances during uncertain times. It’s easy to panic and make hasty decisions that can worsen the situation.
Yet, in these moments of financial strain, it’s crucial to remember God’s unwavering promise to provide and protect. His plan is perfect, even when our circumstances seem dire. Dwelling on our struggles won’t change them, but shifting our focus to God, the ultimate Way Maker, will bring peace and clarity.
Here are seven things you should never do when facing financial hardship.
1. Make Decisions Based on Panic and Fear
In times of financial uncertainty, it’s crucial not to let panic drive your decisions. Fear can cloud your judgment and lead to poor financial choices. Stay calm and focus on what you can control. Remember, God is in control, and this season will pass.
2. Cash Out Your 401(k)
It might be tempting to cash out your 401(k) during a financial crisis, but resist this urge. Withdrawing retirement funds early can incur hefty penalties and taxes, and you’ll miss out on potential market rebounds. Keep your long-term goals in sight and trust in God’s provision.
3. Go Into Debt
Avoid the temptation to rely on credit cards or loans to get through tough times. Debt can quickly spiral out of control and add to your stress. Instead, find ways to cut expenses and increase your income. Living within your means will bring peace and financial stability.
4. Neglect Your Budget
Now more than ever, sticking to a budget is essential. A well-planned budget helps you track your spending and ensures every dollar is used wisely. If you don’t have a budget, create one. Prioritize necessities like food, shelter, utilities, and transportation.
5. Ignore Necessary Changes
Financial hardship often requires adjustments. Review your expenses and identify areas where you can cut back. Pause unnecessary subscriptions, sell items you don’t need, and focus on the essentials. Making these changes can provide immediate relief and help you regain control of your finances.
6. Keep Your Debt Snowball Going if Money is Tight
If you’re aggressively paying off debt, it’s okay to pause your debt snowball when money is tight. Build a small emergency fund to cover unexpected expenses. Once your situation improves, resume your debt payoff plan. Remember, taking a temporary break is not failure—it’s wisdom.
7. Focus on What You Can’t Control
Dwelling on factors beyond your control, like market fluctuations or others’ reactions, can lead to anxiety. Instead, focus on what you can control: your spending, saving, and attitude. Trust in God’s plan and stay diligent. Proverbs 21:5 says, “The plans of the diligent lead surely to abundance, but everyone who is hasty comes only to poverty.”
Financial hardship is temporary, you’ll make it through.
Final Thoughts
God’s word assures us that He will never leave us nor forsake us. When you feel the weight of financial strain, turn your eyes to Him. Pray for guidance, lean on His promises, and trust that He is working all things for your good. Keep faith, for He is with you in every step, guiding you towards a brighter future. Let go of fear and embrace the hope and assurance that only God can provide.
In times of uncertainty, anchor your trust in God. He is your provider, your protector, and your guide. Keep your eyes on Him, and you will find the strength and wisdom to navigate through any financial storm. God is the Way Maker, and with Him, you will overcome.
