Episode Transcript
[00:00:00] Speaker A: It's time for Take Control Tuesday. Mansa Musa is on the phone with me. Mansa, we started this great series last week because everybody is dealing with the economy right now and everything is so expensive.
We have some strategies that we're working on and we named it Survive, Stabilize and Recover. Today we're going to cover what
[00:00:23] Speaker B: we're talking about stabilizing today. But last week we talked about surviving when the money isn't enough.
[00:00:29] Speaker A: Right.
[00:00:29] Speaker B: You know, but what happens when you make it through this week only to face the same shortage two weeks later?
That's why we're talking about stabilizing, creating some breathing room even though you're managing your money just fine. As you said, Randy, groceries, gasoline, housing and insurance are taking a bigger bite out of our checks. So here's what you do. First, find out how much you're coming up short.
Say you got 2,500 coming in every month, but your basic expenses are $3,000.
[00:01:03] Speaker A: Right.
[00:01:03] Speaker B: You're $500 short.
Now you may get through this month, but that recurring shortage drains your financial safety net. That's $3,000 out of your savings in six months. If you've got savings.
[00:01:18] Speaker A: Right.
[00:01:19] Speaker B: And with less savings, you're more vulnerable to the next emergency.
So here's how to find out where you stand.
Look at your take home pay and what you're actually spending on necessities.
Use your bills and bank statements to compare what comes in with what goes out.
[00:01:39] Speaker A: Okay.
[00:01:40] Speaker B: Now you know the size of the gap.
Second, look at all the resources available to your household.
Randy, we've talked for years about watching your spending, but there's only so much you can cut.
Saving another five or $10 won't solve a $500 shortage.
[00:02:00] Speaker A: Yeah.
[00:02:01] Speaker B: So look beyond your paycheck. Is additional income available?
Does anyone in your household qualify for food assistance, utility assistance or other benefits?
Call 211 to find out what help may be available.
[00:02:18] Speaker A: Okay.
[00:02:18] Speaker B: Now some folks have worked all their lives and asking for assistance makes them uncomfortable.
And we've talked for years on Take Control Tuesday about the blessings of giving. But somebody has to receive.
[00:02:32] Speaker A: Yeah.
[00:02:33] Speaker B: In Matthew 25, Jesus identifies himself with those receiving help.
Ye have done it unto me.
Giving and receiving are both part of God's design.
[00:02:51] Speaker A: Yeah.
[00:02:51] Speaker B: God is on both sides of that exchange.
Sometimes you're in a position to help somebody else, and sometimes you're the one who needs help.
There's no shame in God's eyes in either position, nor should there be in yours. And if you find help with groceries, utilities, it frees up money for rent, medicine and other necessities. You're using the resources available to your family.
Don't let embarrassment keep you from getting help during economic conditions you didn't create.
[00:03:28] Speaker A: Yeah.
[00:03:29] Speaker B: Third, reduce the cost that makes the shortage worse. Randy. When money is tight, timing matters.
[00:03:36] Speaker A: Yeah.
[00:03:36] Speaker B: Bills are due before payday. Could mean late fees or overdraft charges. Some households even use overdrafts to cover monthly shortages. That's expensive borrowing, and repeated overdrafts can put your banking relationship at risk.
So contact your creditors.
Ask your credit card companies whether you can move your due date closer to payday.
Check with your car lender and utility providers, too.
Ask about changing due dates or arranging payments around your schedule. And if you're already behind, call before another payment becomes due to see how you can avoid additional late fees.
[00:04:20] Speaker A: Okay.
[00:04:20] Speaker B: The goal is to line up your bills with your income and avoid charges that make the shortage worse.
Randy. Stabilizing starts with knowing the shortage, using available resources and reducing avoidable costs. Every dollar you preserve gives your house a little more breathing room.
And that's another step to regaining sustainable financial well being. Survive, stabilize, recover.
[00:04:52] Speaker A: Yeah, it's so important. Right now I'm just thinking about some of the things that we do at home together in order to help each other. If you have that as well.
It helps so much to be able to chip in with the groceries and the utilities if you have that available to you.
[00:05:10] Speaker B: Yeah. Let me add this quickly. If you read Acts chapter 11, a famine was predicted in the Antioch church was predicted in Judea. They collected goods for the saints in Judea. So what you're talking about, community, is exactly how God addresses situations like this. And we as believers need to lean in on that on both sides as givers and receivers.
[00:05:37] Speaker A: Thank you so much, Mansa. And we're again putting this on the website. You can check all our archives and share this information at Take Control Tuesday.com thanks, man.
[00:05:48] Speaker B: Thank you.
