Taking the Fear out of Finances for Women
WOMEN AND MONEY
Mother daughter team, Miriam and Valerie understand that many women often find money matters boring, confusing, and overwhelming. Their goal is to help women gain confidence in this area, know God is with them, and believe that they can win at managing money.
Miriam and Valerie consider money management for females an important issue to address when you consider the facts: (1) Most women at some point in their life will manage their finances and others as well; (2) Over 50% of women in the United States today are single – solely responsible for their financial affairs; and (3) Women direct over 70% of spending in the United States. They say, “Money is a powerful thing. Direct it or be directed by it. Your money will either go where you tell it to go, or it will take you places you do not want to be.”
With more than two thousand references to money in scripture, the best workbook for finances is the Bible. God’s word is full of wisdom, guidelines, and examples of how to view and handle money. 1 Chronicles states, “Everything in Heaven and on earth is His. He owns it and loans it to us. We have the privilege and responsibility of stewarding (managing) it for His purposes.” God loves a wise steward.
YOUR FINANICAL SITUATION
The first principle in money matters is to “work and earn first, and then spend.” It is biblical. “Put your outdoor work in order and get your fields ready; after that, build your house” ( ).
The culture today tries to get you to spend first and hope that your income will cover your expeneses, but that is bad advice. Instead, the best way to address your financial situation is to track your income and your expenses, pay your bills promptly, keep track of how much you have in assets and liabilities, organize your documents, and talk to other wise people about their choices.
Miriam and Valerie encourage you to establish a Board of Directors (made up of six people) that can offer financial wisdom. These people should include a godly person who has had similar experiences, a non-relative wise in finances, a practical friend, an encourager, someone with spiritual discernment and courage, and a relative whose priority is your well-being. Keep in mind the final financial decision rests with you.
HABITS OF WISE WOMEN MANAGING MONEY
Habits are hard to change. In fact, it can take 18-25 days to form a new habit. When it comes to finances Miriam and Valerie suggest developing the following habits and review them quarterly:
- Acknowledge all you have is God’s on loan for you to steward. God will guide you on money matters when you pray for direction.
- Take responsibility for knowing your finances. Know where your money is going or not.
- Create a spending plan based on your income and values. Earn first then spend. Spend less than you earn.
- Prioritize money management health as an indicator of your heart. Develop healthy money habits. Avoid “budget busters” like emotions which can negatively impact financial decisions and lead to unwise purchases. Take a closer look at the rationale for recent purchases. Consider waiting thirty days before you buy certain items to see if the desire is as strong at the end of the month.
- Do not make excuses about your finances. Be wise with the things that are in your control.
- Take personal responsility for all financial actions. Know where your money is going and direct it. As a steward of God’s resources, it is important to take responsibility for the assets God has given you. Increase your financial literacy by educating yourself on stocks, mutual funds, etc. so you can make better decisions. Keep learning and don’t let the industry jargon intimidate you.
- Regularly revisit your spending plan and revise with wisdom.
- Be generous for kingdom purposes. We are made in God’s image. He is generous and we should be too. Leave a legacy for your children. Bless them financially by being wise with your finances today. Give generously to the kingdom. In addition to finances, God is building valuable equity in your “kingdom equity.” This is God’s investment in you. Life experiences whether positive or negative give you wisdom, experience, information, and faith to help others.
MIRIAM’S STORY
Miriam is an author, former school counselor, and the founder and president of Widow Connection (a not-for-profit organization that informs, encourages, and equips widows for economic independence). She started this organization after her husband, Bob, died in 2006 after a three-year battle with ALS. He was the former Vice President of Moody radio.
The first year after Bob died she traveled to Burkina Faso, Africa. While there she was asked to speak to hundreds of young hungry widows of God’s love for them. She began to see the need for more resources and support for these women. Shortly after this experience, Miriam started Widow Connection as a resource for widows, wrote the book, From One Widow to Another: Conversations About the New You and started New Beginnings, which were one-minute features on radio.
Today the feature is carried on over 1200 outlets. She is a frequent guest on Moody Broadcasting and other networks and the co-creator of a video series entitled, Wise Women Managing Money, with Valerie. She sponsors sewing projects and bakery training for widows in Africa and Albania. She is also a speaker, mother, and grandmother.
VALERIE’S STORY
Valerie is a lawyer and Certified Financial Planner. She works with National Christian Foundation, Orchard Ministry Development, and Widow Connection. Valerie has also served at church leading groups and individuals toward good stewardship with Christian Financial Concepts, Crown Financial, and Financial Peace University. She is married and has three adopted children.
