The economic impact of the previous COVID-19 pandemic became particularly personal to many families as many companies eliminated many of their staff.
Many of you are struggling with job or income loss and the myriad ramifications that come with it, as well as dealing with the worry and stress of an unclear future. To make matters worse, the unpleasant fact of a crisis is that it may reveal our flaws (emotionally, spiritually, relationally, and monetarily), leading us to struggle and lose focus, further increasing our worry and anxiety. This may easily turn into a vicious cycle, leaving you feeling overwhelmed and helpless.
To stop the pattern, I turn to God’s truth in scripture for solutions, as 2 Timothy 3:16 states: “All Scripture is breathed out by God and profitable for teaching, reproof, correction, and training in righteousness…” Thus, I question myself, “Does scripture speak directly or indirectly to my situation?” Furthermore, “How can I best apply it to my current circumstances?”
7 Ways to Handling Financial Crisis
Ask God for assistance
I understand how painful financial hardships may be. You’re anxious, you’re sleeping poorly, and you can’t see the way ahead at times. In certain times, you need actual assistance, direction, and tranquility. When Sam and I were battling, I kept begging God for help. I prayed Him to help us find chances, to give us energy to work, to give us ideas, and even to open our eyes to places where we needed to improve. And God remained loyal.
Seek good, Godly guidance. (Proverbs 11:14; 15:22).
Seek counsel from people who have successfully weathered a financial crisis by managing their money in accordance with Scripture. Seek out testimonies of encouragement.
Do not panic or make rash judgments. (Proverbs 12:15, 19:20–21)
Making a choice in the throes of passion and stress may be the worst thing you can do during a crisis. Slow down and seek Godly wisdom from spiritually mature individuals you trust.
Give an honest evaluation
Determine what’s creating your financial troubles. Is it a spending habit, an addiction, unanticipated expenses, or a lack of income? Ask yourself this question: How am I spending the money God has given me?
Create and adhere to a budget. (Proverbs 24:27; Luke 14:28).
When you have a little or no income, you must account for every dollar you spend prudently. You may construct a crisis budget.
Prioritize your expenditures. (1) Timothy 5:8.
Put your family first, beginning with the “four walls” necessities: food, utilities, shelter, and transportation. After that, rank your costs from most essential (such as medical or insurance) to least important (unsecured debt, such as credit cards), and pay them in that order.
Cut costs and be comfortable with less. (1 Timothy 6:8; Hebrews 13:5)
The Lord advises us to be satisfied after our fundamental necessities are supplied. However, we live in a consumer society that teaches us that our “wants” are really “needs.” Make difficult decisions and eliminate or delay unneeded spending. Some pointers may be found here, here, and here. Many lenders and businesses are prepared to deal with you during this crisis by deferring payment or service.
Powerful Prayers for Financial Blessings
- Every demonic hindrance on my financial prosperity is removed by force, in the name of Jesus.
- Angels of the living God, break into every demonic bank and release my money, in the name of Jesus.
- Any strongman that has confiscated my money, release it and die, in the name of Jesus.
- Let my financial possession in captivity be release to me today, in the name of Jesus.
- I gather my finances that are scattered all over the places, in the name of Jesus.
- O Lord, favor me exceedingly by Your mercy with financial miracles, in the name of Jesus.
- I dismantle evil roadblocks that are mounted for my financial breakthrough, in the name of Jesus.
- Lord Jesus, remove strange finances that are in my possession, in the name of Jesus.
- Father Lord, bless me with a multimillion-business idea, in the name of Jesus.
- Any evil personality that is sitting upon my finances, die, in the name of Jesus.