Recovering Women Wealth - Page 2 of 42 - Sober Women Managing Money & Mental Wealth

Helping (not Enabling) Family Members Financially

August 17, 2020 By Deanna 6 Comments

Today’s post is somewhat of a continuation of last Monday’s post. However, this one is geared at helping family members with living expenses rather than end of life expenses. Additionally, I touch the difference between helping and enabling our loved ones.

I still stick to the basic rule that if you are convicted to help a family member financially, consider it a gift rather than a loan.

Gifts come with fewer expectations for both parties. Moreover, if you are gifting someone the money, you may be more inclined to be careful in considering how to help them.

That being said, I’ve thought of some ways, we can help family members who are struggling financially. These ideas will be more likely to make sure the money goes where it’s intended.

How to Best Help Family with End of Life Expenses

August 10, 2020 By Deanna 1 Comment

Sometimes we get our finances to a good place where we feel peace but we may still have family members with financial woes. We may have convictions to help them but I find there is a fine line between helping & enabling.

A reader presented the following question to me, “how does one manage someone else’s issues so they don’t become YOUR debt?” To give a little more context they were specifically speaking about in-laws who may need help with the end of life expenses.

This is a really great question and I suspect may affect many of us. This article is geared to inspire thought on how to best help our families with end of life expenses. My article next week is geared at how to help family members in ways that aren’t enabling.

How to Prioritize Your Debt Payof

August 3, 2020 By Deanna 4 Comments

Today I want to talk about something near and dear to my heart which is how to prioritize your debt payoff. There are many theories of how to do this but I’m going to speak from experience and practicality.

First and foremost, here are my thoughts about debt. Debt is tough. Debt costs money. Debt can be avoided. The bible, which is where I get my source of truth states in Proverbs 22:7, “The rich rule over the poor, and the borrower is slave to the lender.” I can agree with that. Whenever I’ve owed someone money, I know that they own part of my paycheck.

I’ve experienced much of my life in debt and then more recently experienced some of my life out of debt. I’ve found that I much prefer the latter but getting there and staying there takes intentionality.

The other thing I want to say about debt is that it’s not wrong. Sometimes, debt is needed. Additionally, the bible doesn’t say it’s wrong. Rather it talks about how it limits our ability to live generously.

Learning to be a wise steward of our finances is a fabulous way to bless others and care for yourself and your loved ones. The mind frame I like to use here is that God owns all the money but He generously asks me to manage 90% of a particular pot. I tithe (give 10% to my church) off the top which leaves me with 90% to manage. I work for God and I want to do a good job with the money He entrusts me with. This mindset keeps me focused on being a wise steward.

In Recovery, How do you Know When it’s Time to Work on Your Finances?

July 27, 2020 By Deanna Leave a Comment

Most recovery programs have steps and a specific order in which they are to be worked. There’s a reason for that. Some things are more urgent and need prompt attention; otherwise, the thing you are in recovery for might be in jeopardy.

This post is designed to give you some insight into knowing when to work intensely on your finances. Additionally, I’ll share some small ways to stop the bleeding now with your financial life. Everything I share is spoken from a place of experience. I share what worked for me as well as any mishaps I’ve had along the way. As always, I suggest consulting God for his directives and order of precedence on your unique journey.