If you haven’t been already, each of us will in some way be affected by the economic decline caused by the novel coronavirus. Jesus calls us not to live in fear, but to trust that He will provide all that we need to glorify Him (Philippians 4:19). In light of this, how should we think about the finances that have been entrusted to us by the Lord in the days ahead?
A. If you have lost or are expecting to lose income
Let your LifeGroup know and visit our needs page to request financial assistance. We are here to come alongside and support you.
In the coming days, depending on your level of income and the number of people in your household, you will be receiving a stimulus check as a result of the recent CARES Act passed by Congress. Use this money to meet your basic needs (i.e. food, housing, utilities, healthcare, transportation).
If you have not already, use this tool to rebuild your budget for a crisis.
If you have an emergency fund of 3 to 6 months of essential living costs saved, now is a good time to use this money. If you don’t have an emergency fund, save as you are able to build one.
Leave any retirement or other investment accounts alone. Although some penalties are being deferred on early retirement withdrawals right now as a result of the CARES Act, this should be avoided. Ultimately, withdrawing money early is putting yourself into debt and will be harmful to you in the long run.
B. If your income level has not changed
The temptation to hoard and self-protect is even greater now than it normally is in our culture. This is a great time to be a light to our culture that our hope is not in money, but in Jesus. Our desire is to be like the church seen in Acts 2:42-47 and 2 Corinthians 8:1-15 where the church was sharing and meeting one another’s needs as anyone had any.
Many of us are working from home, which has decreased our overall cost of living expenses. This is a great time to increase generosity in your life and make cuts on nonessential spending. Continue to tithe or start tithing if you aren’t already. Visit our needs page to see additional ways you can offer support. Share what you have with others around you that are in need. Support local small businesses that are struggling financially. Reach out to a missionary to see if they need additional support.
Again, depending on your level of income and number of people in your household, you will also be receiving a stimulus check from the government. If your essentials are met and you have money saved for an emergency, consider giving to someone who may be in greater need than you at this time.
Regardless of your current financial situation, we would encourage you to use Midtown’s daily Lent Guide as we practice fasting corporately during the Lent season. Make a daily practice of thanking God for his specific provision to you each day and for his ultimate provision in giving us his best in Jesus.
Additionally, here are a few resources to help you think through how to manage your finances in the midst of a crisis: