Soma Family

In the fall of 2008 as the economy tanked, many people drew back in fear and some experienced major financial loss. In the midst of all the turmoil, we (the Harvest Christian Community family) found ourselves in a very secure position to weather the financial storm. In fact, this past year, we saw a healthy increase in church giving even as many churches were financially struggling.

We owe much of our stability and increase to learning from Dave Ramsey’s material for several straight months. However, in addition to the curriculum, another reason for our stability is accredited to our willingness and efforts to apply the principles we learned.

If you apply the principles that you read about in this blog, you will be on your way to financial freedom!

Here is Action Step #5 to Discovering YOUR Financial Freedom!

Once you pay off all consumer debt (excluding your home), start maximizing your investments into company IRA’s that match your contributions or a personal Roth IRA. Shoot to invest 15% of your income into your retirement plans. The earlier you can begin, the better.

Remember, every bit counts when it comes to getting out of debt and moving into financial freedom. Start now and start somewhere.

Next week we will take a look at the last step from Ed Wright’s teaching Discovering Your Financial Freedom.

Stay tuned!

In January of 2008, our church family spent 13 weeks learning God’s principles for financial stewardship. During that year, we collectively paid off thousands of dollars of consumer debt and many families set aside lucrative emergency savings accounts.

If our goal is to be debt free in as many areas as possible, then we must have a strategy of how this is possible. And yes it is possible! We have heard many testimonies from our church after our people began applying some of these principles that you are reading about.

Here is Action Step #4 to Discovering YOUR Financial Freedom!

Once you have an emergency savings account setup and have spending under control, it is time to begin paying off all your debt. You may think to yourself, “There is NO way – I am too far behind.” However, if you create a plan and stick with it – you can eliminate debt in your life! It won’t be easy, but if you are determined, it is achievable!

Try using the “snowball” approach. As a snowball rolls downhill, it picks up more snow and more momentum. Start with you lowest credit balance and pay it off as quickly as possible. Once that debt is paid, take that payment and add it to the next debt payment thus “snowballing” your debt repayment. You’ll be surprised how quickly it adds up.

As with all of these principles – you must start somewhere. Even if it feels like your small steps towards financial freedom aren’t big enough, as ong as you keep moving forward you are heading in the right direction!

I firmly believe that the church’s financial condition is based upon the financial wisdom of the families within the church. If we focus on teaching financial management to each and every member in our churches, we are laying the groundwork for the future financial stability and growth of the Kingdom.

Here is Action Step #3 to Discovering YOUR Financial Freedom!

Start to pay cash for everything. Stop using credit cards. Use cash, checks, or debit cards. If you have to use a credit card, you can’t afford it. Save up until you have the cash. Even when you have a tendency to pay the card off at the end of each month,

Remember, everyone starts somewhere. The important thing is that you start NOW!

Stay tuned next week for Ed Wright’s step number four to financial freedom!

A common myth is that we don’t have enough money because we are not making enough income. The truth is that no matter how much money we make, without personal financial management, we will always outspend our income and be in debt regardless of the size of our income.

It’s time we take better care of our finances.

Here is Action Step #2 to Discovering YOUR Financial Freedom!

Set up a simple monthly spending plan. If all you do is write down your total income and list your total expenses in a month, you’ll be ahead of the game. By listing every expense for a month, you’ll quickly see where you’re losing control.

Remember, everyone starts somewhere. The important thing is that you start NOW!

Stay tuned next week for Ed Wright’s step number three to financial freedom!

Over the next few weeks, we will be taking some of the action steps that Pastor Ed Wright talked about in his featured article in the last Soma Magazine. Ed believes that the church’s financial condition is based upon the financial wisdom the families within the church. If we focus on teaching financial management to each and every member in our churches, we are laying the groundwork for the future financial stability and growth of the Kingdom.

For the next few weeks we will focus on one of his action steps.

Action Step #1 to Discovering YOUR Financial Freedom

Establish an emergency fund of at least $500 (preferably $1000) to be held in a separate savings account. Before we can be weaned off credit cards, we need to be able to handle the car repairs, broken hot water heaters, dental bills, and a thousand other unforeseen events. Without this, we rely on credit cards to handle the emergencies and we will always be in debt.

What steps are you taking to establish an emergency fund? Remember : it doesn’t take a lot to start somewhere, all that matters is that you start!

Stay tuned for Action Step #2 next week!