So, let’s look at three financial potholes that can wreck your budget. You’ll save money — and a big headache — if you can steer clear of these:   1. SCAMS:New scams are constantly appearing due to technology.  Protection Measures:<ul><li>Keep devices updated with antivirus software.</li><li>Guard your social security number and passwords.</li><li>Learn more about identity theft at the <a href="https://consumer.ftc.gov/features/identity-theft">FTC’s website</a> or call 877-ID THEFT.</li><li>Be wary of money transfer requests, especially if unverified.</li><li>Avoid clicking on links from suspicious emails or texts.</li><li>Do not share personal information over phone or email.</li><li>Double-check claims from suspicious communications before acting.</li><li>Stop and verify the source if feeling pressured.</li></ul> 2. MONEY LEAKS: Small charges or expenses that accumulate unnoticed.Examples:<ul><li>Free trials: Risk of forgetting to cancel after the trial ends.</li><li>Auto-renewing subscriptions: Often forgotten and can renew indefinitely.</li><li>Daily indulgences: Regular small expenses like coffee can add up.</li><li>Grocery store temptations: Stick to the shopping list, especially with kids.</li><li>Stewardship means knowing where money is spent.</li><li>Luke 16:10 — be faithful in small and large matters.</li></ul> 3. IMPULSE SPENDING:  Often only occasional but has both spiritual and financial implications. Spiritual Implications:<ul><li>Impulse purchases are hasty decisions, contrary to Proverbs 21:5.</li><li>Immediate gratification over long-term benefit is warned against in 1 John 2:15.</li><li>Spending on impulse means less for worthy causes, as mentioned in 1 Timothy 6:8.</li></ul> CONCLUSION: By being aware of these financial potholes, one can better avoid them. For more guidance on financial planning, visit <a href="https://www.faithfi.com/">faithfi.com</a> or download the <a href="https://app.faithfi.com/login">faithfi app</a>. On today’s program, Rob also answers listener questions: <ul><li>Is there FDIC-like insurance for regular brokerage accounts, specifically for accounts with Fidelity insured by the SIPC?</li><li>I'm considering buying a house jointly with my daughter in Tennessee; is it wise for us to invest together, and what safeguards do you recommend since I'm providing the down payment?</li><li>How should my daughter's family and I approach buying a home together, considering ownership and mortgage responsibilities?</li><li>Regarding the rule of 55, do I need to have had my 55th birthday before taking advantage, and can I make future withdrawals from the 401k until I'm 59 and a half?</li></ul> RESOURCES MENTIONED:<ul><li><a href="https://www.bankrate.com/">BankRate.com</a></li><li><a href="https://www.annualcreditreport.com/index.action">annualcreditreport.com</a>  </li></ul>Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the <a href="https://www.moodyradio.org/programs/faith-and-finance/">Moody Radio Network</a> as well as <a href="https://afr.net/podcasts/faith-finance/">American Family Radio</a>. Visit our website at <a href="https://www.faithfi.com/">FaithFi.com</a>where you can join the FaithFi Community, <a href="https://faithfi.netviewshop.com/donate2">and give</a> as we expand our outreach.

FaithFi

Faith & Finance is a daily radio ministry hosted by Rob West. The program offers a practical, biblical and good-natured approach to managing your time, talents and resources.

Faith & Finance with Rob West

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Hi, I’m Rob West. Well, you can’t afford to wreck your budget, so today, we’ll help you steer clear of a few common financial potholes. Then we’ll take your calls at 800-525-7000. 800-525-7000. This is Faith and Finance (Live) … biblical wisdom for your financial journey.
A really big pothole can do some serious damage to your vehicle. The same is true for your finances.  Even if you have a budget, there may be times when unexpected expenses or even financial temptations can put your spending plans in jeopardy.

Financial Potholes that Can Wreck Your Budget

FaithFi: Faith & Finance | Oct 5, 2023

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Where Faith Meets Finance

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