It’s Never Too Late

This article was written by ChristianPF reader Rick Cruse.

“If I had it to do all over again . . .” How many times have you (if you’re over 50) said this to yourself? I certainly wouldn’t want to do the whole thing over again (I mean, nobody wants to re-experience junior high school). But – here’s the qualifier – I do wish I could have a do-over when it comes to finances. I don’t mean being reconstituted as a millionaire. I simply mean not frittering away a great many dollars (and shillings, deutschmarks, euros, pounds) through failure to apply a few basic financial principles.

I’ve invested nearly forty years in Christian ministry of one sort or another on three continents (except for a short, profitable stint as a small business owner while in seminary). I’m a professional Christian, one who has legitimately earned his family’s daily bread as a pastor, missionary, and – once again – pastor. Yet, the principles I’ve failed to employ and am just now building are not unique to this profession. They hold true for all of us zooming into our sunset years with less money than we might otherwise have had.

I won’t bore you with all the money mistakes we’ve made. Some financial decisions, choices to spend rather than save, were made strategic, investments in family times, family memories that I wouldn’t sell for any amount. However, only some fall into that category. Many others were simply short-sighted, focused on the present without adequate thought for the future. Are these principles reversing years of less-than-stellar financial management? Nope. Are they padding our future retirement like winning the lottery? Not hardly. They are, however, helping us squeeze a lot more living out of our limited resources. Lots of information is available regarding foundational financial practices. I won’t reiterate these. Rather, I want to suggest some less obvious, but equally important, steps.

1. Don’t waste time berating yourself for past financial mistakes.

All the “woulda, coulda, shoulda” statements in the world won’t change a thing. They simply squander other essential resources: inner peace, joy in the moment, emotional energy. This doesn’t mean we shouldn’t identify our areas of financial carelessness. We must in order to plan for and make substantive change. We can’t change what we won’t acknowledge. However, once we’ve identified those areas of weakness and have determined specific steps to strengthen and transform them, don’t waste time rehearsing them and beating yourself up!

2. Get on and stay on the same page with your spouse.

It’s difficult to change, especially when it comes to long-standing financial habits. For those who are married, change is almost impossible when only one partner acknowledges and looks for ways to address the problems! If necessary, get outside help that creates an agreement that looks for viable solutions.

3. Make not spending money an adventure.

I confess. This point did not originate with me. I owe it to my wife of 36+ years. Several months ago, due to a bank oversight regarding our property taxes, we were informed that our mortgage payments would go up by more than $200 a month. With an already tight budget, my wife’s response was, “I take this as a challenge. We can do this!” And we have, without a crippling impact on our lifestyle. Yet, it started with an attitude . . . her attitude.

4. Don’t eliminate every discretionary expense.

This is like dieting. Quite often, when every single fun (sweet or salty) food is verboten, the task of weight loss gets torpedoed by an eventual binge. A small square of chocolate (or small, self-limiting bag of chips) as a reward for faithfulness makes it easier to say “No!” at other times. In the same way, as you tighten up the budget, leave yourselves some pocket money—even if it’s just five bucks a week (or month). A bit of mad money for an occasional coffee or some other personal indulgence makes saying no to the big ticket items easier.

5. Take small steps (there’s still time).

• If your bank makes this possible, have every debit rounded up to the nearest round figure, with the difference placed directly in your savings account.
• Use a 5-gallon water bottle (preferably empty) to collect and save your change on a daily basis. I know a family that did this for two years as they saved for a special vacation. This small discipline translated into nearly $1,000 in pocket money for the family.
• Maintain a savings account in a different bank than the one you use for your regular checking. The little bit of extra time needed can mean a nest egg growing outside your immediate vision and immediate needs. How gratifying it is, when a needed purchase arises, to be able to say, “Oh, we’ve got that much in our other savings account. Remember?”
• Only go to the store when you know why you’re going, what you need, and what your limits are. It’s time to remove “window shopping” as a family activity.
• Practice saying “No!” in the small things. This works for diets and for saving money. It’s amazing how much money one can save over time when you don’t end your family outing at McDonalds® or when you do put back that candy bar while grocery shopping or when you consider that you already have three white shirts (or blouses) hanging in your closet.

6. Learn to be content with what you have.

This is the most vital principle, yet contentment is under assault each time we turn on the TV or stroll through the shopping mall. Contentment is the experience of inner peace regardless of outer, external circumstances. It results from establishing and maintaining proper priorities. It’s demonstrated each time you discover that sitting together on the front porch at the end of the day is just as satisfying and restorative as a weekend at the beach. It does, however, require the re-training of our brains, the acknowledgment of the lies we believe, and the embrace of substantive values.

Yes, if I had it to do over . . . but, I don’t, and that’s okay. I’ve found that all is not lost. Not by a long shot. And, remember, life still doesn’t consist in the abundance of our possessions! The one who dies with the most toys is still dead!

Photo by Pedro Moura Pinheiro