Faithful Finances
How you can live a financially stable life without compromising your faith. Yes, it might be difficult to find the right balance between our faith and making ends meet but all of us should make an effort to do so while still living in accordance with what we believe. Here are some ways you can place your faith-based beliefs at the forefront of your everyday life.
- Thou shall limit unnecessary spending by purchasing only what is needed for the coming week or month.
- Thou shall save money by not investing in stocks or other financial products that are likely to fluctuate in value.
- You shall avoid carrying any credit card balance or paying for items with cash instead of plastic to reduce interest charges and debt.
- Thou shall not acquire any debt more than you can afford to pay back within three months.
- You shall invest in low-risk investments that are more likely to retain value or appreciate over time rather than depreciate.
- Thou shall avoid being ripped off by investing wisely and seeking honest financial advice from a trustworthy source, as many people who take risks with their investments end up losing value instead of actually gaining any.
Let's take a look at these in a bit more detail
#1 Thou shall limit unnecessary spending by purchasing only what is needed for the coming week or month.
Even though it might seem difficult at first, avoiding impulse purchases can help a lot on curbing any negative effects they have on your financial standing. By limiting spending on things you don't really need, you can set aside that money for more important bills.
#2 Thou shall save money by not investing in stocks or other financial products that are likely to fluctuate in value.
Stocks and other investments are generally done with the intent of increasing your wealth, but sometimes it might decrease instead. This is why you should avoid these kinds of investments if you're trying to live a financially stable life with your faith in the forefront of everything you do.
#3 You shall avoid carrying any credit card balance or paying for items with cash instead of plastic to reduce interest charges and debt.
Carrying balances on your credit cards is never advisable when you're trying to live within your means because it easily leads to debt and other financial problems. If you want to remain financially stable it is best not to put yourself in a position where these problems can occur by using your debit card instead of your credit card whenever possible.
#4 Thou shall not acquire any debt more than you can afford to pay back within three months.
Paying for items that are needed with cash instead of credit is one way to limit debt. The same thing applies for not being able to afford payments for things that are necessary at the moment. If you don't have enough funds then it's best that you wait until you have enough money to handle all your expenses before making any additional purchases.
#5 You shall invest in low-risk investments that are more likely to retain value or appreciate over time rather than depreciate.
Investing in stocks and other financial products can be risky, but you can still do it if you make an effort to minimize any chances of suffering a loss by investing in what is considered to be "safe" such as savings accounts and treasury bills.
#6 Thou shall avoid being ripped off by investing wisely and seeking honest financial advice from a trustworthy source, as many people who take risks with their investments end up losing value instead of actually gaining any.
By avoiding getting involved in risky situations when it comes to investing you can ensure that you won't get ripped off by unscrupulous people. Seek the advice of a trusted person or read some financial literature on your own to make sure you can make wise decisions when it comes to your investments.
Conclusion
In today's economy, it's hard to keep track of your finances. There are so many options for how you can spend or invest your money that it becomes difficult to determine what is a wise investment and which choices will set you up with long-term financial stability. In this article, we've provided some helpful ways to limit unnecessary spending and save more than ever before by investing in low-risk investments like stocks and bonds. And don't forget: cash always trumps credit cards! Each of these small steps can lead to huge gains!
