The Dangers of Budgeting With Chad Clark

Show Notes

Chad Clark is Executive Director here at FaithFi.

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.

• Idolizing money can occur when constant monitoring of finances leads to an excessive focus on money instead of God.
• Pride can emerge from achieving financial goals, leading to self-boasting rather than recognizing God's provision.
• Relying too heavily on a budget may restrict following God's promptings that go beyond our financial plans.

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.

• Regularly immersing oneself in scripture helps combat the idolization of money by reminding us that God is our ultimate treasure.
• Acknowledging God as the source of all wealth and success fosters humility and guards against pride.
• 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.

• The app aims to help users steward God's resources effectively while being mindful of the spiritual dangers associated with financial management.
• 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.
• The FaithFi app supports users in their stewardship journey, helping them to balance financial responsibility with spiritual obedience.

• 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?
• 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?
• 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?
• 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.

• Schwab Intelligent Portfolios
• Fidelity
• Howard Dayton's book Your Money Counts
• Bankrate.com for finding high yield savings accounts for an emergency fund.