The Covid-19 pandemic has led to many countries being placed on lockdown in order to stop the spread of the virus. This has caused repercussions in the world’s economies and, according to the World Bank forecasts, the global economy will shrink by 5.2% this year (https://www.worldbank.org/).
World leaders are very much concerned, as are economists and market analysts. They are alarmed because they don’t see the light at the end of the tunnel. They don’t have a road map for this crisis. However, we know better! The Bible tell us that we’ll face dangerous times and economic hardship (2 Tim. 3; James 5; Rev. 18).
This is the time, more than ever before, we need to trust in our Lord and not panic. He surely has a plan for each one of us and He indeed has a road map for us to follow. Let us be faithful to what He has outline in His Word… “now set your sights on the rich treasures and joys of heaven where he sits beside God in the place of honor and power. Let heaven fill your thoughts; don’t spend your time worrying about things down here” (Colossians 3:1,2 LB).
Following is some practical advice that has helped me and others and can assist you in facing the financial crisis that is affecting all of us in one way or another. Additionally, there are available professional advisors in the area of finance/investment, etc. that can assist you in your own personal situation.
- Don’t put your trust in money but put your money in trust. Seek the Lord in prayer for guidance and advice.
- If you are in debt, make a commitment with the Lord to use His blessings to assist you to liquidate your debts.
- Preserve your job by showing a good attitude, being more efficient, and doing your tasks with excellence.
- Decrease the level of your personal expenses. Tighten the belt and avoid spending on things that are not of first priority.
- Save as much as you can. It is very important in the midst of the uncertainty in which we live.
- “Sit down and count the cost” (Luke 14:28). Reduce the level of your debts as much as you can. Start with those debts that are of high interest or variable interest, the sooner the better, since interest rate will increase.
- Understand the difference between using a credit card and using it to get in debt. Pay off the balance at each billing period.
- Live within your income; don’t live on “OPM” – Other People’s Money. Make a balanced budget and live by it.
This is the time not to get discouraged; we need to put our trust in God and faithfully follow His Word. Our hope is in his ability because He holds the future in His capable hands.
Now retired, Jose Lizardo served as Associate Treasurer at the General Conference of Seventh-day Adventists.
3 thoughts on “8 Tips for Dealing With the Financial Crisis”
Many Thanks, I found this very helpful.
Thank you, Priscilla. We are happy to hear you’ve found this article helpful. Blessings!