We receive money questions for the More Than Money podcast. Below is a question and response. If you have a money question, you can ask it here.

Question from Travis:

Art, I am in my mid-forties and feel like I am really behind my peers. Everyone around me seems to be doing better than me, and I feel like I am failing my family. We have $45,000 in debt (truck, car, and credit cards), $25,000 in my retirement account, and about $6,000 in our savings account. We don’t own a home and don’t feel like we ever will. Do you have any advice for me?

Response from Art:

I understand that you're feeling overwhelmed, and I hurt for you. And to be clear, if you are loving your wife and kids, pointing them toward Jesus, and putting food on the table, you are doing something significant. You are not failing your family. However, it does sound like you need to move quickly on some money decisions. Here are some suggestions for your heart and your finances:

First, let’s focus on your heart.

1. Pray and seek God’s guidance.

Spend time in prayer each day. Read the Scriptures. Pour out your concerns to God and seek His guidance. Psalm 55:22 reminds us, “Cast your cares on the Lord and He will sustain you; He will never let the righteous be shaken” (NIV). You have a weight on you right now. Cast it on God. He’s big enough to carry it for you.

2. Avoid comparisons.

It's easy to compare ourselves to others but doing so almost always results in discontentment. Remember these things: You have no idea if you are comparing yourself to real wealth or a façade of wealth. Stuff does not equal wealth. Second, everyone has their challenges. I have yet to meet a person who says that they have no problems in their life. Third, God does not equally distribute resources. To some, he gives more; to others, he gives less. But to all, he requires stewardship. Focus on your stewardship and celebrate the achievements you’ve made, such as providing for your family. Your ability to care for your family is a significant accomplishment in itself.

3. Practice gratitude.

Start a daily gratitude list. By acknowledging and giving thanks for the blessings you have, you shift your focus from what you lack to what you’ve been given. 1 Thessalonians 5:18 encourages us, “Give thanks in all circumstances; for this is God’s will for you in Christ Jesus” (NIV). Gratitude can bring peace and clarity to your situation.

Now, let’s shift to your finances.

4. Develop a financial plan.

Following a plan is crucial. It will make you feel more in control and reduce your stress. Consider following the “8 Money Milestones” plan. It will provide a clear path forward and help you manage your finances more effectively and biblically.

5. Focus on eliminating your debt and start saving.

Focus on paying down your debt systematically. Begin by using the debt snowball method, which focuses on the smallest debts first. Then, build an emergency fund of 3-6 months’ worth of living expenses. As you stabilize your finances, start increasing contributions to your retirement fund and save for a down payment on a home.

6. Meeting with a Certified Christian Financial Counselor (CERTCFC®). 

Consider meeting with a Certified Christian Financial Counselor (CERTCFC®). They can offer personalized advice and support, rooted in biblical principles, to help you navigate your financial challenges. You can find a CERTCFC® here.

Travis, thank you for your question. I’m rooting for you. If you have another question, don’t hesitate to ask.

Live more generously,

Art