BMA FINANCIAL: The Five Ds of a Financial Reset

By Steve Crawley, PhD, Executive Director • BMA Financial

      The start of a new year is a great time for a “financial reset.” In a recent podcast, Sharon Epps, President of Kingdom Advisors, shares five thoughts to help guide us through course corrections with our finances:

         • Define your financial vision. The first step in a financial reset is to define your standard of living. This goes beyond just wanting financial health. It’s about understanding your deeper motivations. What is your “why”? The Bible reminds us in John 10:10 that Jesus came so that we might have life and have it abundantly. This abundant life isn’t about wealth but about living a life full of peace and purpose. Define what that means for you and let it guide your financial decisions.

         • Declutter your life and finances. Next, it’s time to declutter — not just your finances but also your physical space.Spend a weekend going through your home, room by room, asking yourself if each item is still useful. If you haven’t used something in the last year, consider selling it or giving it away. Decluttering your home can go a long way toward decluttering your life, making space for what truly matters.

         • Delay impulse purchases. The third step is to delay your impulse purchases. Create a list of things you want to buy and note the date next to each item. Commit to waiting 30 days before making any purchase. More often than not, you’ll find that you didn’t really need or want the item after all. This simple habit can help you make more intentional spending decisions.

         • Detect spending habits. The fourth “D” is detect. For 30 days, track all your spending and review your expenses. With today’s technology, this process is easier than ever since most of us rarely use cash. You can quickly review your bank and credit card statements online. As you do this, ask yourself what you would change. The FaithFi app is an excellent tool for this. It allows you to combine all your accounts in one place and helps you and your spouse stay on the same page regarding your finances.

         • Decide on your spending and giving plans. Finally, it’s time to Decide on your financial future. Overhaul your budget, check your priorities and decide where your money will go. Make “giving” an essential part of your budget. Consider where you can cut expenses to be more generous, whether to your church or a ministry you’re passionate about. This step is about re-establishing your priorities and returning to the basics — financially and spiritually.

      The “5 Ds of a Financial Reset” offers a practical and spiritual approach to managing your finances in today’s complex world. By defining your financial vision, decluttering your life, delaying impulse purchases, detecting spending habits and deciding on your budget, you can regain control of your finances and realign them with your spiritual values.

      At BMA Financial, we desire to assist you in becoming a better steward of God’s resources. Schedule a free Financial Assessment to see how we can help you manage God’s money, God’s way, for God’s glory! Let us know how we can help! Contact us by visiting bmafinancial.org or calling 1-844-262-8637.