Along with other things which we may be worried about as we go through this period, is the nation’s economy. Will we still have employment once we’ve conquered this pandemic? Our savings? Those of us with funds tied up in investments may be worried about their portfolios, will they drop irreparably?
Further, some have already lost their jobs or were searching for one when everything happened and are wondering will we ever secure a steady income? Still, others were almost done with university and were excited because, they were about to embark on their career for the first time. And now, every fear you ever had about money after school is whispering or even screaming at the back of your mind relentlessly threatening your joy and peace. We need help, hope, and perhaps a game-changer that will enable us to stand firm during this and maybe other economic crises that will come.
The good news here, while so many things are beyond our control, we can do something to weather these storms with confidence, peace, wisdom, and strength. Of course, it is key to note that Christ is our only true, lasting, and eternal security and that no amount of savings can give us lasting peace or security. However, in all these things we are called to handle our money wisely and generously.
Here are a few decisions you can make to calm some of your fears during an economic crisis.
- Decide not to make any panicked choices.
No matter what we face or how dire situations seem, remember, God calls us to be wise stewards. That only means make rational and well-thought-out decisions not based on fear. We need to demonstrate the courage and confidence befitting children of God. We may struggle significantly now, but never to a point that we can’t recover because, we belong to a God of hope. In Psalms 50:10 we are reminded that God remains in full control and owns, “the cattle on a thousand hill.”
This doesn’t mean that everything will turn out as we desire but (Romans 8:28) all things will work for our good if we trust in God.
2. Cultivate a long-term perspective.
When our finances feel uncertain, our vision can narrow and all we see is today. Further, we might lose sight of the fact that our decisions today have a ripple effect on our future. (Proverbs 13:22) tells us, “a good man leaves an inheritance to his children’s children.” (Proverbs 21:20) says,” The wise store up choice food and olive oil, but fools gulp theirs down.” In other words, fools live for momentary pleasure without a thought for tomorrow.
3. Decide to avoid unnecessary spending.
This is definitely not the time to remodel your kitchen or refurnish your house. In fact, financial advisors recommend avoiding all unnecessary spending until one has enough funds saved to cover up to at least six months of unemployment. Today’s circumstances reveal why this is important, right? We would be wise to tighten the strings of our wallets and purses today.
4. Decide you will not spend out of emotions.
It is at such moments that you will be tempted to get things on credit because maybe you feel they are running out of stock or something. Also, this involves those small purchases that seem so inconsequential at the moment but ultimately throw our finances off-balance. Basically, if we lack the money, we don’t go for it. It’s the principle of the ages.
5. Decide to use today’s experiences as lessons for a stronger financial future.
You are probably reading this and feeling you are so done! Or it’s too late. Good news right up, you and your family might be headed to zero savings or a significant debt but you can bounce back anything- if you lean on Christ and learn from today. A crisis will come and go, but God remains sovereign and promises to stand with and guide His people forever. He will empower us for whatever challenges we face and will help us respond to our financial struggles with a calm and long-term perspective.