Women and Money - She Handled It!Sample

Day 5: Time to think new thoughts

Born again, fully redeemed and now financially wise and secure! Well, not really. I wish I could tell you that after my first mistake of making “a man my financial plan” that I didn’t do it again, but I can’t. I got saved, my soul was going to heaven, but I had a whole lifetime of thinking (mine) to renew (Romans 12:2).

Sadly, I found out I was repeating the same pattern when, at 32, the Great Recession of 2008 came in like a raging bull and nearly ruined us financially, reducing our income by 66% in one and a half years. We were committed to our business, employees and not declaring bankruptcy, but something had to give. Our home, my sanctuary, the place where our youngest son was born, was taken back by the bank. Our family was displaced, and I was humiliated. I was devastated and filled with shame. How could I ever lead people to a place of financial security when I couldn’t even lead myself? I felt like a fraud. But God still believed in me (John 8:2-11).

We made some of the common mistakes I see couples and individuals make; one of them was not having enough in financial reserves when the hard times hit, plus we were carrying too much debt. We found ourselves more than half a million dollars in debt between our business and personal lives. The seven-year financial pit we dug out of sobered me up. I began devouring financial books. Understanding where I was financially was up to me and I had to learn new ways of thinking, so I didn’t repeat old patterns (Proverbs 31:25-27)).

Let me tell you, it may be a bit uncomfortable, but it starts with education and thinking new thoughts. We eliminated all consumer debt and we built up our personal and business emergency reserves, ready for the next battle (or pandemic) to come along.

Reflection: What financial books have you read (Joshua 1:8)? If none, why? Commit today to reading three books this year on personal finance (specific to women) and be determined to change -- become empowered.

Tip: You should work to have a bare minimum of three months expenses saved up for emergencies. Just like an automatic saving plan for investing, you should automatically have a little money from every paycheck going into a separate savings/cash account, every month, for tough times. The day will come, and you need to be ready.