5 Financial Red Flags That Can Sink Your Family

by | Nov 18, 2014 | Man

The joke—and it’s an old one—goes like this: Fred receives a windfall of $1,000. He asks a friend what’s the best thing to do with his money.

“Open a checking account,” his friend said. “Then, whenever you need some money, you just write out a check.”

Fred thinks that is a great idea and does exactly that. A few weeks later, he receives a letter from the bank saying, “You have an overdraft of $273.”

So Fred goes in and meets the bank manager.

“What’s an overdraft?” Fred asks.

“Well,” the banker replies, “I’ll keep this straightforward. It means that you owe us $273.”

“No problem.” Fred responds. “Do you accept checks?”

The story may sound absurd, but we’re doing exactly what Fred tried to do every time we extend our credit a little more. We’re sinking deeper and deeper.

Keep your family’s head above water by watching out for these 5 financial red flags that can sink your family:

1. You have no budget. If you’re saying, “What’s a budget?,” that’s an extra red flag! Do you know how much you earn? Do you know how much you spend? Is there a plan? These questions must be addressed if financial peace has even a chance. The cliché that applies here: “If you don’t know where you’re going, you’ll probably end up somewhere else.”

2. You find yourself agreeing with the commercials. Do you want everything you are told you “need”? Are you tempted that “more” will satisfy? If you’re not satisfied, then that’s a sign you’re pursing the wrong treasure. More of something that doesn’t satisfy is never going to be enough. It’s time to reevaluate.

3. Your credit card balance is going up, not down. Try this simple equation: Always pay what you spent the previous month, plus one twelfth of the balance. It’s a great way to drive the balance down. If that sounds too hard a plan, then revisit No. 2.

4. You and your wife argue about money constantly. If money has become a relationship issue, then you must be running too close to the wire. Your marriage does not benefit from that level of stress. If there are any questions regarding expenditures, then see No. 1 above.

5. You “can’t afford” to give to your church or favorite charity. Many times, we plan to be generous “when the money is better.” The ability to give is more than a convenience—it’s critical for the balanced life.

What other red flags can you identify? Share with the AllProDad community.

Huddle Up: Take Monopoly money, give your kids the amount of a monthly paycheck and have them pay you for the amount of each monthly expense.

© 2014 All Pro Dad. All Rights Reserved. Family First, All Pro Dad, iMOM, and Family Minute with Mark Merrill are registered trademarks. Used with permission.

For the original article, visit allprodad.com.

CHARISMA NEWSLETTERS

Stay up-to-date with current issues, Christian teachings, entertainment news, videos & more.

The latest breaking Christian news you need to know about as soon as it happens.

Prophetic messages from respected leaders & news of how God is moving throughout the world. 


MORE FROM CHARISMA

This Coach Can Help You Destroy Your Addiction to Pornography

This Coach Can Help You Destroy Your Addiction to Pornography

Let’s talk about a subject most people want to avoid. Let’s talk about pornography. According to Covenant Eyes, statistics show that 28,258 users are watching pornography every second, and 20% of mobile online searches are for porn. Among Christians, 20% of youth...

The Real Truth About the Marriage of Politics and Faith

The Real Truth About the Marriage of Politics and Faith

As I look back, I realize that God has given me a career path with some rather unique experiences. I have built bridges at the intersection of faith and government my whole life, and I have learned that serving people through a role in government can be just as...

Joyce Meyer: Winning the Battle Against Satan in Your Mind

Joyce Meyer: Winning the Battle Against Satan in Your Mind

If you have received Christ as your Savior, then you have an enemy. Did you know that? I know some people feel uncomfortable talking about the devil, but he is real and it’s important for us to face the truth about him so we can have a victorious life in Christ. Now,...

It’s Time to Rebuild Love and Unity in the Church—Part 2

It’s Time to Rebuild Love and Unity in the Church—Part 2

Note: As we move towards Yom Kippur/Day of Atonement, Grant Berry, a Messianic believer, speaks about the deeper repentance needed in the Messianic part of the family. As you have read part one of this article during the month of Av and are now reading part two in the...

Will Many of the Elect Really Be Deceived by the Antichrist?

Will Many of the Elect Really Be Deceived by the Antichrist?

The most sobering and troubling statement in the Olivet Discourse is where Jesus says, “For false messiahs and false prophets will appear and perform great signs and wonders to deceive, if possible, even the elect” (Matt. 24:24). This statement cries out for an...

RECENT ARTICLES

Prophetic Lessons in the Hurricane-Force Storms of Life

https://www.youtube.com/watch?v=qe34pxhddd4 With Hurricane Ian slamming Florida, it's a time to reflect on the storms of life. As I was preparing for the hurricane, I documented some thoughts about...
Why God Cares About Your Physical Health

Why God Cares About Your Physical Health

God doesn’t care if I am fat. He wants me to enjoy my life. He wants me to live, love and be happy. Food makes me happy so I’m just doing what He wants me to do. That was just an excuse and at its core it is untrue. God really doesn’t care about our outward...

An Unborn Baby’s Heart Is Beating—Stop Denying It

An Unborn Baby’s Heart Is Beating—Stop Denying It

Georgia gubernatorial candidate Stacey Abrams turned heads last week in Atlanta when she defiantly announced during a political event that an unborn baby doesn’t have a heartbeat at six weeks gestation. “There is no such thing as a heartbeat at six weeks,” said...

Prophecy: We Are in a Season of Blessings

Prophecy: We Are in a Season of Blessings

We are kingdom citizens, and not of this world. We don’t abide by this world’s economy and the natural things that happen. Repeatedly, over the last four weeks, I’ve been hearing not to look at the circumstances of this world. We are not of this world. Get your eyes...

Pin It on Pinterest