Chad Clark is Executive Director here at FaithFi. WHAT ARE THE DANGERS OF HAVING A BUDGET?A budget, while essential for managing finances, comes with potential dangers such as idolizing money, succumbing to pride, and relying more on the budget than on God.<ul><li>Idolizing money can occur when constant monitoring of finances leads to an excessive focus on money instead of God.</li><li>Pride can emerge from achieving financial goals, leading to self-boasting rather than recognizing God's provision.</li><li>Relying too heavily on a budget may restrict following God's promptings that go beyond our financial plans.</li></ul> HOW CAN WE AVOID THESE DANGERS WHILE USING A BUDGET?To safely use a budget without falling into these traps, it is important to renew our minds with God's Word, give thanks to Him for His provisions, and prioritize obedience to God over strict adherence to the budget.<ul><li>Regularly immersing oneself in scripture helps combat the idolization of money by reminding us that God is our ultimate treasure.</li><li>Acknowledging God as the source of all wealth and success fosters humility and guards against pride.</li><li>Being flexible with our budget allows us to respond to God's leading, even when it doesn't align with our financial plans, ensuring our trust remains in Him rather than our financial strategies.</li></ul> WHAT IS THE FAITHFI APP AND HOW DOES IT SUPPORT GODLY STEWARDSHIP?The <a href="https://www.faithfi.com/manage">FaithFi app</a> is designed to assist users in managing their finances in a way that honors God, incorporating budgeting tools along with spiritual resources to encourage stewardship that aligns with biblical principles.<ul><li>The app aims to help users steward God's resources effectively while being mindful of the spiritual dangers associated with financial management.</li><li>By integrating budgeting with spiritual guidance, the FaithFi app encourages users to view money as a tool for God's kingdom, not an end in itself.</li><li>The <a href="https://www.faithfi.com/manage">FaithFi app</a> supports users in their stewardship journey, helping them to balance financial responsibility with spiritual obedience.</li></ul> ON TODAY’S PROGRAM, ROB ANSWERS LISTENER QUESTIONS:<ul><li>I have enough to hire a financial advisor who uses Charles Schwab. Can I have a faith-based type of investing to avoid supporting companies against my values?</li><li>I'm paying around $1,300 monthly for a car that's not affordable anymore due to high insurance from accidents. What's the best option for handling this financially overwhelming situation?</li><li>As a recent homebuyer with a 30-year mortgage at 5.625% and about $140,000 owed, how should I consider refinancing, and what factors should influence my decision?</li><li>My 17-year-old son is making about $30,000 a year from his first job and wants to know how to invest his money wisely without any current bills to pay.</li></ul> RESOURCES MENTIONED:<ul><li><a href="https://www.schwab.com/intelligent-portfolios?gclid=Cj0KCQiA64GRBhCZARIsAHOLriJfLLh_oQ8g4d2jt_IHA10Jq9qXpmgrZs7egrKIDBp0VKUIC2_Qf80aApwKEALw_wcB&amp;src=SEM&amp;ef_id=Cj0KCQiA64GRBhCZARIsAHOLriJfLLh_oQ8g4d2jt_IHA10Jq9qXpmgrZs7egrKIDBp0VKUIC2_Qf80aApwKEALw_wcB:G:s&amp;s_kwcid=AL!5158!3!547096471357!e!!g!!schwab%20robo%20advisor!657672170!33393814556&amp;keywordid=kwd-88755627620">Schwab Intelligent Portfolios</a></li><li><a href="https://www.fidelity.com/managed-accounts/fidelity-go/overview?imm_pid=700000001446522&amp;immid=100725_SEA&amp;imm_eid=ep57308439305&amp;utm_source=GOOGLE&amp;utm_medium=paid_search&amp;utm_account_id=700000001446522&amp;utm_campaign=DPA&amp;utm_content=58700006352861560&amp;utm_term=fidelity+roboadvisor&amp;utm_campaign_id=100725&amp;utm_id=71700000072766603&amp;gad=1&amp;gclid=Cj0KCQjwpPKiBhDvARIsACn-gzDXXkbBpvdGXisPPeWcEhXwQZ97ZN2SAmuChsqHR8j8V3l9_e_k5xYaAtIOEALw_wcB&amp;gclsrc=aw.ds">Fidelity</a></li><li>Howard Dayton's book <a href="https://compass1.org/product/your-money-counts-audiobook-digital-download/">Your Money Counts</a></li><li><a href="https://www.bankrate.com/">Bankrate.com</a> for finding high yield savings accounts for an emergency fund.</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://www.faithfi.com/give">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

The philosopher of baseball Yogi Berra once said, ““If you don't know where you’re going, you'll end up someplace else.” So it’s important to plan where you’re going, and financially, that plan is called a budget — planning where your dollars will go. But there may be some dangers associated with budgeting. Chad Clark joins us today to talk about it.

The Dangers of Budgeting With Chad Clark

FaithFi: Faith & Finance | Feb 21, 2024

Show Notes

Where Faith Meets Finance

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