## __Have you sketched out your 2023 New Year’s resolutions yet? If so, where did “make a budget” fall on your list? 😊__

For most, budgeting is boring and never makes it to the list of things we prioritize.

According to a Gallup poll, only about 1/3 of Americans maintain a budget. And according to Calendar.com, the average American spends less than 4.5 hours on their finances  A YEAR. Why is that?

In my experience, the reason most people don’t budget relates to a lack of know-how (i.e., what it means to budget and how to do it) or a lack of discipline (i.e., our willingness to trade short-term pain for long-term gain).

The problem, unfortunately, is that the unintended consequences of not budgeting are generally not good. For example:

- Over 50% of Americans live paycheck to paycheck (MarketWatch)
- Less than 40% of Americans have enough savings to cover a $1,000 emergency (Bankrate)
- The majority of Americans have less than $50,000 saved for retirement, 36% having less than $10,000 and 24% having nothing saved at all (GOBankingRates)

If this describes you, there IS hope, and you CAN change. It’s a new day, a new year, a new you!!! To learn more about budgeting or getting help, connect with us at [www.compass1.org](http://www.compass1.org). But first, here are a few simple tips to get started building a better budget and a better you in 2023…

__First__, anchor yourself in God’s Word and commit to handling your money His way.

In __[Proverbs 21:5](https://www.biblegateway.com/passage/?search=Proverbs+21%3A5&version=TLB)__, God teaches us the principle of steady plodding and why planning is so important. Your mindset matters a lot when budgeting. If you know where you want to be financially, you have something to strive for. This positive end goal will help you make better day-to-day spending decisions when living your life.

__Second__, get started and trust the math.

Getting and staying on a budget over a long period of time works. A budget will highlight where your money is going, what you can afford, how to discern between your needs and wants, what to plan for throughout the year and where opportunities for improvement may be.

Budgeting is based on a simple formula, and the basic principles are threefold:

1. Spend less than you make
2. Take what’s left to save and give
3. Avoid the bad stuff (like expensive debt or impulse spending)

A great budgeting framework for your income is to give 10%, save 10% and spend 80%. It is also a good rule of thumb to build up at least three to six months of your income for unplanned emergencies.

__Third__, if you can’t afford it, don’t buy it.

I know this is easier said than done. The world wants us to think we “gotta have it now.” There’s danger in this thought process, because it feeds into things like coveting and greed. Or said another way… idolatry.

Jesus, on the other hand, tells us in [Luke 14:28-29](https://www.biblegateway.com/passage/?search=Luke+14%3A28-29&version=TLB) not to buy something if we can’t afford it. He gives us this counsel in the context of living for Him.

## Yes, there is a cost to being His disciple, and it takes humility, surrender and choosing to serve God over money.

When faced with these spiritual vs. spending decisions, lean on the Lord for help. Over time, you will begin to feel the daily victory in improving your finances instead of having the latest shiny object. And long term, you will experience the reward of truly becoming Free to Serve Him in every area of your life.

Have a great 2023!

*[Image](https://compass1.org/wp-content/uploads/2023/01/Compass-Blog-Cover.png) used with persmission. *

Equipping people worldwide to faithfully apply God’s financial principles so they may know Christ more intimately.

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When faced with the following spiritual vs. spending decisions, lean on the Lord for help.

New Year, New Day, New You

The holiday season is upon us. It's that wonderful time of the year. I love Christmas! But I must confess, I get a bit cynical because of the consumerism that accompanies this season.

Last year Americans set a spending record of $886.7 Billion on Christmas gifts, a 14% increase over 2020. It's predicted that Christmas spending will see less of a boost this year. You would think that spending would go down this year due to inflation. Yet, the forecast is that Christmas shopping will increase by [6-8%](https://www.investopedia.com/financial-edge/1112/average-cost-of-an-american-christmas.aspx#:~:text=Every%20year%20since%202009%2C%20American,they%20shelled%20out%20in%202021) over last year.

Retailers make a good portion of their yearly profits this season, so I can't blame them for doing what they can to get our attention. Advertising works, and when you're exposed to thousands of ads and commercials enticing you to spend for weeks, it tends to wear you down. Then there are the expectations of our friends and family to partake in these gift exchanges. It's no wonder most of us spend more than we initially planned for Christmas.

### REMEMBER WHAT THIS SEASON IS REALLY ABOUT

__Christmas is not primarily about buying stuff.__ I like the expression of generosity that's synonymous with celebrating Christmas, and it's an important part of the season. I love seeing my family express joy and gratitude as they receive something they want or long for. But that's not the FOCUS of Christmas.

Christmas is about a baby that was born more than 2000 years ago. __Jesus came as a gift from God to all humanity.__ He was God in human form who came to live and die so that we may have life and be reunited with Him for eternity. It's a gift that's still offered to every person. __You can't earn this gift, and you can't buy it; you just receive it.__

For me, giving and receiving remind me of this *ultimate gift*. And it just wouldn't be Christmas without giving! But there are ways to enjoy this season without overspending and experiencing future financial misery.


## 4 ways to keep your joy this holiday season without going broke:


### 1. SET A REASONABLE AMOUNT FOR EACH GIFT.

If you have lots of family and friends that you're planning on buying a gift for, set a limit for each person. A $20 to $30 limit per person may mean you'll need to be more creative in choosing a gift, but it's worth it if it keeps you from going into debt.

### 2. GRAB BAG IT!

__Doing a gift grab bag is a great option to keep gift-giving in check.__ You still get to enjoy giving gifts but without the stress and financial misery that follows. In the end, what we all want and desire more than gifts is connecting and spending time with the ones we love, and that, my friends, is *priceless*.

### 3. DON'T GO INTO *LONG-TERM* DEBT TO MAKE SOMEONE *TEMPORARILY* HAPPY.

I don't know anyone who would want a friend or a family member to go into debt to receive a gift. __If you don't have the cash to buy gifts this year, don't.__ I know how scary that sounds, but I assure you the more dangerous part is you using your credit cards to finance Christmas gifts for months or years to come. Speak to your loved ones and let them know your situation. Then __find a creative and free way to let them know how much you care about them.__

You may be surprised to find out that your friends and family will probably be just as relieved as you are to forgo financing Christmas gifts.

### 4. DO THE ONE THING THAT MATTERS THE MOST.

__Give of yourself.__ In keeping with the true message of Christmas, __look for an opportunity to do something for someone who cannot do it for themselves.__ Giving really is better than receiving, making for a holiday season you will not soon forget.

What are you doing to combat the message of consumerism and keep your holiday spirit this Christmas season?

## For Further Reading

[Ending your Year with Gratitude](https://www.moneywise.org/christian-stewardship-network/ending-your-year-with-gratitude-4347)

[Do Millennials Have it Harder than Previous Generations?](https://www.moneywise.org/christian-stewardship-network/do-millennials-have-it-harder-than-previous-generations-4249)

[Tax-Advantaged Giving](https://www.moneywise.org/christian-stewardship-network/do-millennials-have-it-harder-than-previous-generations-4249)

[Loveless Giving](https://www.moneywise.org/christian-stewardship-network/loveless-giving-4248)

[5 Keys to Developing Good Money Habits](https://www.moneywise.org/christian-stewardship-network/5-keys-to-developing-good-money-habits-4094)

[image](https://www.christianstewardshipnetwork.com/blog/2022/11/21/christmas-joy-without-financial-misery) used with permission
. . .

*If you're a pastor or spiritual leader, consider joining our CSN community. We are a group of passionate Christ-followers with a burden to teach and equip God's people with God's financial principles so they can live purpose-filled and generous lives. [Sign up for our mailing list](https://mailchi.mp/christianstewardshipnetwork.com/signup) to get new content from CSN directly to your inbox!*

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4 ways to keep your joy this holiday season without going broke.

Christmas Joy Without Financial Misery

## Helmet… check. Flak jacket… check. Last will and testament updated… check. Okay, it sounds like you’re all set to go shopping on Black Friday.

These sale events have gotten out of control, literally! In 2011, there was a near riot over $2 waffle makers at Walmart, and a woman in California pepper sprayed 20 other shoppers to get to an Xbox video game console.

Well, how can we keep ourselves out of the __Red__ on __Black Friday__? Here are 5 ways that should really help:

1. First of all, have a Christmas shopping spending plan! Know exactly what you’re going to spend beforehand, and stick to it.
2. Do your homework on where the best deals are and make a shopping list for anything you’re not buying online BEFORE you leave the house.
3. Don’t get sucked into opening store credit cards for a discount!
4. Don’t forget about Cyber Monday. It is a really big deal these days, and there are plenty of deals to be had online.
5. You can go to a deal tracking website, such as, [DealNews.com](http://newdeals.com/). They also have a smartphone app that will alert you if a deal pops up that matches what you’re looking for.

## Some Black Friday stories are so silly that you have to laugh. But they are also symbolic of something sad. The world is intent on taking Christ out of Christmas and replacing Him with holiday gift giving. So, make a real effort to keep yourself and your family focused on the real reason we celebrate Christmas: The birth of our Lord and Savior, Jesus Christ.

How can we keep ourselves out of the Red on Black Friday? Here are 5 ways that should really help.

5 Ways to Avoid the Red on Black Friday

## The first time my family moved to Kenya and I experienced interacting with street kids in Nairobi, I was 10-years-old. It was a year of intense learning for me. I learned what it meant to be a minority and to be treated very differently because of my white skin. I also learned that I was *wealthy*, by comparative measures.

I still recall the first time a young Kenyan boy, about the same age as me, came up to me and asked for money. And, although I was only ten, and didn’t have a job, I did have some spending money in my pocket and I had a choice to make. In my developing understanding of the world around me, I began to realize that *capital has influence*.

I suppose that moment in Nairobi could have been the starting point for my now decades-long quest to connect *money with meaning*, and *capital with positive impact*. You might expect me to tell you next that I also was called into overseas missions, like my parents before me, or started a micro-lending organization to help women in Africa start cottage industries. But God has called me into the financial services industry instead, to serve as a professional advisor to the wealthy, and to do what only a few advisors are willing to do for the affluent: *tell them the truth about the connection between their investing and their values*.

It is with that unique viewpoint of one who has had a front row seat to both extreme poverty and expansive wealth that I humbly ask for your attention on a widely overlooked opportunity.

According to the [Faith-Driven Investor](https://www.faithdriveninvestor.org/fdiconference) movement, “It’s estimated that Christians manage over 150 trillion dollars, more than half the world’s wealth. That’s 200 to 300 times greater than what is given philanthropically each year.”

Capital has influence, yet many of us have been content to let others determine our investment strategy, or to broadly invest in indexes, not even knowing what companies we own in our investment portfolios. Even worse, if we are passive in this area, we are most certainly (unwittingly) giving capital companies that advance causes we oppose like gambling and pornography.

This is a problem. But I encourage you not to think of it merely in terms of breaking Christian rules of morality. Yes, I believe that when we invest unintentionally, we are not being wise [stewards with The Master’s “talents” while he is away](https://www.biblegateway.com/passage/?search=Luke+19%3A11%E2%80%9327&version=NRSV) and we are probably investing in the campaigns of *his* *enemy*, buying funds full of companies that *steal, kill, and destroy *in one way or another…all neatly hidden inside of a pleasant-sounding mutual fund wrapper: *The XYZ Growth and Income Fund*. But even more than being passive participants in bad business, we’re missing an enormous kingdom opportunity.

> Faith-Driven Investor again sums it up nicely, “We aren’t owners, we are stewards of the resources that God has given us. This knowledge should radically change the how, where, and why behind our investment strategies. Imagine the impact that would occur when all Christ-following investors—from the rich young ruler to the widow and her mite—use investment capital to deliver community impact, spiritual integration, and financial return. We can take what God has given and put it back into the work He is doing on earth by promoting products and services that further human flourishing. It’s already happening.” – [Faith Driven Investor](https://www.faithdriveninvestor.org/fdiconference)

As a Certified Kingdom Advisor™ and a Certified Financial Planner™ professional, I’ve worked with hundreds of Christian investors over my 18-year career in financial services. I’ve seen inspiring dedication to charitable giving from many of them, even sacrificing their own needs and wants to participate in Kingdom-advancing work around the globe. Some of them have homeschooled their kids for the sake of building Christian values and character into the next generation. Others have taken lower-paying jobs or scaled back their businesses in order to honor God and the priorities of family and Sabbath rest that stem from their sincere faith. Several of them have participated in a company boycott or letter-writing to political leaders. But I’ve had only a small handful of prospective investors seek me out because of their desire to align their investments with their Christian values, and that is the area of expertise for which I’ve become known.

I think most Christian investors share a couple of significant concerns with this idea and I’d like to address the biggest one briefly here, and then invite those who are interested to learn more through a [2-part webinar series](http://www.makeyourmoneycount.com/events) that I will be teaching, along with my co-presenter, Jason Myhre of [Eventide](https://www.eventidefunds.com/), a fellow thought leader in the faith-driven investing movement.

### __The top concern is usually performance.__

Let’s answer the question, “What will it cost me (in the form of a lower rate of return) to align my investments with my Christian values?” Many Christian investors worry that if they really want to invest with their integrity in-tact, by eliminating companies and industries that do harm (like pornography, gambling, tobacco, etc.) and intentionally seek companies that are creating valuable, positive goods and services that promote human flourishing, there won’t be many attractive investments from which to choose.

To address the effect of exclusionary screening (taking out the negative stuff) on performance, I think this study from the BRI Institute does a great job of presenting data in an unbiased manner (which is difficult to find in a world where nearly every academic study is tied to an agenda). It also uses a conservative interpretation of Christian values (meaning more companies would have been removed from this sample than many other faith-based investment companies would remove with their less restrictive approaches). So, this may give us a worst-case scenario of sorts, where we are excluding a larger number of potentially profitable companies, purely for ethical reasons.

As you can see from the chart, looking back from 1/1/2000 to 12/31/2019, a 20-year time period, both the “BRI Screened Portfolio” and the S&P 500 benchmark have an identical 6.19% annualized return. While there were shorter time periods where one or the other outperformed, by the end of the sample 20-year period, they were literally neck and neck.

Note: this does not account for the potential positive impact on performance that could stem from trying to identify positive impact companies, whom we might logically conclude should be more inclined to experience a tailwind in business by way of customer loyalty, positive reviews, referrals, etc.

As a [Certified Financial Planner™](https://www.cfp.net/initiatives/driving-public-policy/our-priorities#fiduciary-standard-of-conduct) professional and a Certified Kingdom Advisor™, I have a duty to act in a fiduciary capacity with my clients and to put their interests ahead of my own. And, while I cannot make specific investment recommendations for you here, in my professional opinion, I believe this style of investing has merit as an investment strategy, in addition to the benefits of contentment, joy and sense of wholeness one might achieve from alignment with one’s values.

### __A World Shaped by Intentional Christians__

I want to encourage you to think of something that’s perhaps more powerful than getting a good return on your investment. Imagine with me what might be possible, and how much positive influence we might achieve together if every believer invested intentionally, acting in unity.

- What if every one of those 150 Trillion Christian-managed dollars, invested by people just like you and me, was pulled out of the addiction-profiting, cancer-causing tobacco industry and was instead directed into biotech companies searching for a cure for cancer. Maybe the free cigarettes being routinely handed out to children at sporting events and concerts in Indonesia would dry up. (Sound too horrible to be true? Read the [whole horrible story here](http://eventidefunds.com/wp-content/uploads/Eventide-Blog-15-8-21-The-Smoking-Gun-of-Mutual-Funds.pdf).) *We have the power to change it.*
- What if every one of those 150 Trillion Christian-managed dollars that’s currently invested in companies that disproportionately contribute to the pollution crisis was redirected to clean water and clean energy technologies? According to the World Health Organization, “an estimated 4.2 million premature deaths globally are linked to ambient air pollution, mainly from heart disease, stroke, chronic obstructive pulmonary disease, lung cancer, and acute respiratory infections in children.” If you think pollution is only important to those who are left-leaning politically, I’d encourage you to note that this statistic is about *human* suffering. *We have the power to change it.*

Just like I was before my first trip to Kenya, most Americans are very sheltered from the difficult daily realities in other parts of the world. But *American* Christians hold the lion’s share of Christian-managed investment capital. It’s our retirement funds and education savings accounts that cumulatively comprise a big slice of the total investment capital in the world. We may not always *feel* wealthy, but we are.

Investors, and the businesses they supply capital to, must step forward with redemptive solutions to the problems that cannot be solved by governments and charities. *Will you join the movement?*

Learn more about Rachel at [Wealth Squared](https://www.wealthsq.com/).

FaithFi

Articles

Investors must step forward with redemptive solutions to the problems that cannot be solved by governments & charities.

The Connection Between Investing and our Values

One of the most loved and theologically rich Christmas carols is “O' Holy Night.” But is it just about Christmas? The third stanza of that carol boldly proclaims: “Chains shall he break for the slave is our brother, And in His name all oppression shall cease.” Rob talks with Rachel McDonough about how investing relates to this verse, and how you can be a part of it. This is MoneyWise Live - biblical wisdom for your financial decisions. Rachel McDonough is a Certified Financial Planner and a Certified Kingdom Advisor and she always has her sights set on how we can engage the culture with our investment decisions. Rachel and Rob cover these topics and questions:<ul><li>Faith-based investing continues to grow as a movement and we’re constantly hearing from folks who want to get involved. What do you have for us today?</li><li>Can you give us an example of this type of investing?</li><li>We often think of slavery as having ended in 1865 with 13th amendment was passed, but how big of an issue is it today?</li><li>Can you give us an example of industries that are riddled with slave issues?</li><li>No doubt many of our listeners give to nonprofits that are in the front lines, battling to end slavery but you’re saying that donations alone won’t get it done?</li><li>So, what can Christians do about it? </li><li>I imagine diverting capital away from companies that are using forced labor is going to get their attention over time, right? </li><li>Aligning investments with their values is something you encourage your clients to do?</li><li>What do your clients tell you is important to them?</li><li>We began this discussion with a Christmas carol. During this season and heading into the New Year, it’s a great time to reassess our investments, isn’t it?</li></ul>On-Air Mention:<ul><li>This week’s featured scripture verse is from Deuteronomy 28:12 which says, “The Lord will open the heavens, the storehouse of his bounty, to send rain on your land in season and to bless all the work of your hands. You will lend to many nations but will borrow from none.” That’s good news from God’s Word today. We feature a different scripture passage each week in our Weekly Wisdom email, and it’s a free subscription. Join the thousands of others who are receiving it by going to moneywise.org and click “Sign Up” to register.</li></ul>We’re continuing our $50,000 Matching Gift Offer, and you have through this weekend to take advantage of this special opportunity. <ul><li>To help meet our year-end fundraising goal of $250,000, a generous donor has offered to match donations given this week up to $50,000, which means that your gift is effectively doubled in impact! </li><li>Some gracious listeners who have given are: <ul><li>Deborah in Coeur D Alene, ID gave $100</li><li>Emanuel in Boynton Beach, FL gave $25</li><li>Vicki in Fort Myers, FL gave $500</li><li>Sylvia in West Palm Beach, FL gave $50</li></ul></li><li>If you’ve benefited from MoneyWise and want to help expand the message of financial faithfulness next year, would you consider sending a matching gift this week to support this ministry? Your gift is tax-deductible, and it’s a direct way to help build and strengthen the Kingdom of God. Go to moneywise.org and click “Give”.</li></ul>Next, Rob answers these questions at 800-525-7000 or via email at Questions@MoneyWiseLive.org:<ul><li>What is a fixed annuity investment account?</li><li>If you're finally debt free, what should you do with your disposable income?</li><li>If you received a injury settlement and a company named Synergy put you into a "special needs" trust but you found out that they're being sued for doing so, should you be contacting an attorney about this?</li><li>If you have 2 credit cards totaling about $1,500 at 26% and 29% and you want to get out of them, would it be wise to pay it off with an 11% loan?</li><li>If you have land you've owned for 40 years originally purchased for $25,000 that sold recently for $250,000, are there any good ways to avoid capital gains from this?</li><li>If you're in your 60s and used to brick and mortar banks and getting paper statements, what sorts of cautions should you use regarding scams?</li></ul>&lt;-- Jerry Bowyer Market Analysis --&gt;<ul><li>We're heading toward year end, a lot is going on in the market including another 50 basis point increase, what do you have for us other than that?</li></ul>Be sure to check out the rest of MoneyWise.org to connect with a MoneyWise Coach or access our books and our many free helpful resources. You can also find us on Facebook (MoneyWise Media) and join the conversation. Thanks for your prayerful and financial support that helps keep MoneyWise on the air. And if you'd like to help, just click the Donate tab at the top of the page.

Listen to MoneyWise Live each weekday at 4pm EST on Moody Radio.

MoneyWise Live

Is O Holy Night” just about Christmas? It boldly proclaims: “Chains shall he break for the slave is our brother, And in His name all oppression shall cease.” Rob talks with Rachel McDonough about how investing relates to this verse.

For-Profit Investing to End Slavery with Rachel McDonough

One of the most loved and theologically rich Christmas carols is “O Holy Night.” But is it just about Christmas? The third stanza of that carol boldly proclaims: “Chains shall he break for the slave is our brother… And in His name all oppression shall cease.” Today we’ll talk with Rachel McDonough about how investing relates to this verse.
Rachel McDonough is a Certified Financial Planner and a Certified Kingdom Advisor.
<ul><li>Faith-based investing continues to grow as a movement, and we’re constantly hearing from folks who want to get involved.</li><li>McDonough says that through our investing we can be ambassadors of Jesus so that investing becomes more than just about risk and return, but it becomes redemptive. </li><li>McDonough calls attention to the connection between slavery and our investing. When people hear “O Holy Night,” they don’t often think about slavery. And they almost certainly don’t think about investing. </li><li>Some of the companies many of us invest in — or from which we buy products — benefits from borderline slavery or even literal forced labor overseas. </li><li>McDonough says it’s estimated that the supply chain currently enslaves more people today than at any other time in human history, more than 50 million worldwide. She adds that these are, sadly, people who are indirectly working for you and me … because of our shopping and investing patterns. </li><li>It’s a problem that’s very hidden deep within the supply chain. Some industries plagued by this evil are the coffee, chocolate, seafood, and textile industries. </li><li>McDonough says that to address this problem, we have to change the way we invest and shop. </li><li>It’s important for us to research the products we buy and the companies from which we buy them to ensure they’re not benefiting from forced labor. </li><li>On the investing side of the equation, she notes that there are now numerous organizations that offer faith-based investing options that screen to ensure they’re operating ethically. </li><li>If we will care enough to slow down and learn about the options, then we can show love for our exploited neighbors across the world by changing how we invest.</li><li>Learn more about Rachel McDonough and her services at <a href="https://www.wealthsq.com/">WealthSQ.com</a>.</li></ul>On this program, Rob also answers listener questions: 
<ul><li> Could a Christian cost-sharing plan be a better alternative to traditional healthcare insurance? </li><li>When does it make sense to cash in CDs early? </li><li>When is it wise to pay off a mortgage early? </li></ul>RESOURCES MENTIONED: 
<ul><li><a href="https://www.chministries.org/">chministries.org</a> </li></ul>Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to <a href="mailto:questions@moneywise.org">Questions@MoneyWise.org</a>. Also, visit our website at <a href="http://moneywise.org/">MoneyWise.org</a> where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

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

Being faithfully faithful until the end, according to Rob West, includes preparing for your departure. Faithful financial stewardship involves planning so those expenses aren’t borne by those you leave behind.

The Faith & Finance Minute is a great way to be reminded of God's financial principles with actionable items you can easily apply to your daily life.

Faith & Finance Minute

Being faithfully faithful until the end, according to Rob West, includes preparing for your departure. Faithful financial stewardship involves planning so those expenses aren’t borne by those you leave behind.

Financially Faithful to the End

You’ve heard the saying, “You have to spend money to make money.” We usually think that spending money to make it involves a business, but it applies to folks working for a paycheck, too. We’ll talk about what it really costs to earn that paycheck.
<ul><li>Working, especially working outside the home, has hidden costs — and some not so hidden. Almost all of us have to work, so what’s the point of knowing how much it costs us?</li><li>Knowing how much you’re spending to bring home that paycheck … is information you need to make wise decisions. </li><li>By subtracting those costs from your paycheck, you discover your actual take-home pay. Depending on your situation, that could make all the difference. For example: if you’re a parent deciding whether to enter into the workforce or stay home with your child.</li><li>Let’s start with some of the obvious costs of venturing out into the working world. First, how will you get there? You may need to consider the cost of gas and maintaining a vehicle. Don’t forget about the cost of registering the vehicle and insurance. </li><li>Now, in many cases, you’ll still need a second car if you’re a stay-at-home parent, but in that case, many of your vehicle related costs will be lower. For example, you won’t spend as much on fuel and insurance if you’re not commuting.</li><li>In most cases you’ll need to buy clothing that’s appropriate for your job. A paralegal working in a law office may spend more on clothes than someone working in retail.</li><li>But the biggest obvious expense with working outside the home is childcare. According to the career site Zippia, the average cost of daycare in the U.S. is $340 per child, per week or $17,680 a year. That will take a huge bite out of your paycheck.</li><li>And there are many other, smaller costs of working. Unless you’re very disciplined, you may spend money on coffee and lunches out.</li><li>You may also have dry cleaning costs for that professional wardrobe. Or maybe you need a very nice looking, late model vehicle if you’re meeting with clients.</li><li>Okay, let’s look at some of the less obvious costs to working outside the home. It’ll make you a much busier person. You might get “take out” meals more often or buy more expensive pre-packaged foods. You also won’t have time to shop for deals or clip coupons and you may end up going to stores that are convenient, but more expensive.</li><li>Some of these costs might seem trivial, but small things add up. If you treat yourself to a $9 lunch once a week, that’s about $470 a year. And that’s just a small expense compared to almost $18,000 a year for childcare.</li><li>When you total up all of these expenses, you get a much clearer picture of how much you’re actually making. If you take home $35,000 a year after taxes, but your costs are $20,000, you’re actually bringing home $15,000. That comes to a little more than $7 an hour. And you have to ask, is it worth it?</li><li>We’re certainly not trying to convince you not to work. But it’s important to think about the true cost of working so that you can make an informed decision. In some cases, those who can live without that second paycheck may decide it’s not worth it, especially if “doing without” means you can stay home with your children.</li><li>Not surprisingly, there’s been a <a href="https://www.zippia.com/advice/us-child-care-availability-statistics/#:~:text=The%20average%20cost%20of%20daycare,are%20in%20daycare%20year-round.">13% decline</a> in the number of working mothers over the past two decades, due to the high cost of childcare and other factors.</li><li>On the other hand, if you really need to work, knowing how much it’s costing you could motivate you to look for a better paying job or to finally ask for that raise you deserve.</li><li>In 1 Timothy 5:18, Paul says, “You shall not muzzle an ox when it treads out the grain,” and, “The laborer deserves his wages.”</li></ul>On this program, Rob also answers listener questions: 
<ul><li>How do you determine where to give your charitable gifts? </li><li>Would it be wise to take out a collateral loan for investment purposes? </li></ul>Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to <a href="mailto:questions@moneywise.org">Questions@MoneyWise.org</a>. Also, visit our website at <a href="http://moneywise.org/">MoneyWise.org</a> where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

You’ve heard the saying, “You have to spend money to make money” but do you really know how much you’re spending? ﻿We usually think that spending money to make it involves a business but it applies to folks working for a paycheck, too.

Spending To Make Money

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