Dear Chuck,
I am exhausted trying to make it to the end of the month while remaining within my budget. I feel like inflation is robbing me of more than my money. I am losing my joy every day that this continues.
Exhausted by Inflation
Dear Exhausted by Inflation,
I wish I could tell you that it will soon be over, but since no man knows the future, I steer clear of trying to predict it. We can only look at the facts and adapt to the reality of our circumstances today. My hope is that this reply will help bring back your joy.
We are experiencing both inflationary times and a risk of contraction of economic activity. This can cause great fear and uncertainty. Consumer confidence is shaken when unemployment rises, businesses close, and the stock market grows increasingly volatile.
A Forbes survey of consumers reports that current economic conditions have caused 38% to dine out less, 36% to adjust their budgets, 33% to reduce the miles they drive, and 32% to purchase cheaper or different items than usual. In addition, 23% of Gen-Z consumers plan to take on another job.
If you spend less than you earn, you need not fear a recession or prolonged inflation. How is it possible to spend less than you earn? You either have to earn more money or cut expenses. Pray for wisdom to make wise decisions. Like the Apostle Paul, we can learn to be content in any circumstance, even in the midst of sacrificing comfort.
“Whoever works his land will have plenty of bread, but he who follows worthless pursuits will have plenty of poverty. A faithful man will abound with blessings, but whoever hastens to be rich will not go unpunished.” (Proverbs 28:19–20 ESV)
Budget Wisely
Evaluate your budget every month, and highlight items you can cut if necessary.
Track your spending, and make adjustments quickly.
Meet with your spouse and/or mentor regularly to discuss your finances.
Cut unnecessary spending, and use cash for variable expenses.
Set aside funds for upcoming needs, and delay large purchases.
Avoid increasing fixed expenses.
Find ways to cut major expenses.
Reduce Debt and/or Increase Income
Pay off credit card balances and any payday loans.
Negotiate lower rates with card issuers.
Set up snowball or avalanche methods.
Do not co-sign notes, and avoid any new debt.
Stay Employable
Don’t take your job for granted.
Work as unto the Lord with a grateful heart.
Learn new skills, and embrace new technology.
Be flexible, and willingly take on new assignments.
Be a peacemaker, encourage others, and do not gossip.
Honor your superiors, and treat everyone with respect.
Read widely and study advances in your career field.
Rejoice Today
We only have today, so regardless of our circumstances or what may be looming in the future, we should find reasons to rejoice. Every morning that I wake up, I say this verse in my head or sometimes aloud: “This is the day that the Lord has made; let us rejoice and be glad in it.” (Psalm 118:24 ESV). I then go about doing my duty as faithfully as I can, knowing that He will get me through every storm. I hope your joy returns today.
If credit card debt is adding extra stress during these uncertain economic times, consider contacting Christian Credit Counselors. They are a trusted source of help toward financial freedom.