When it comes to financial decisions, such as saving money and building wealth, we can all probably come up with several excuses as to why we haven’t done certain things. And everyone can likely make a long list of bad financial decisions they have made. Though we all have some money regrets, the important thing is that we acknowledge it and take steps to improve our finances!

Regardless of the money choices you’ve made, there is always some room for improvement when it comes to money. And the opportunity to improve can come from learning from other people’s money mistakes!

Especially as women, it is critical for us to get our finances in order. Not only do we earn less than men, but we spend more time out of the workforce having and raising children.

Additionally, we live longer than men on average.

This means we are likely to need more money over the long term to support ourselves, so we have to be smart about our finances.

So, let’s examine the most common bad financial decisions. Then we’ll discuss how to recover and start making better choices going forward!

15 Bad financial decisions to watch out for

Below are some of the most common bad financial decisions people make regarding their finances. Can you relate? Not to worry though! I’m also sharing they key ways in which you can avoid or recover from them.

1. Not saving any of your monthly income

When it comes to saving money, I’ve heard so many people complain that after they’ve paid their bills, they don’t have any money to contribute to their retirement accounts or to add to their emergency fund.

However, some of us still find money to buy non-essential items, go out for drinks and dinner, and so much more! A lot of times, I’ll even hear people say things like, “Well, dinner only costs $20, it doesn’t make a difference.”

However, putting away $20 a week for one year in a savings account with zero interest will give you $1,040 dollars at the end of the year. Imagine if you did that for five years. You’d have over $5,000. And saving $20 on a weekly basis is likely money you wouldn’t miss!

Not putting money into your savings account each month is common but can be harmful to your future self. It often happens when people don’t really have any concrete financial goal setting in place or think they have plenty of time to save in the future.

But by doing this, they end up paying themselves last. It’s definitely a bad financial decision.

What to do if you have not been saving:

One way to easily save is to establish the habit of trying out different budgeting methods and working with a monthly budget. Make it a point to save at least 10% of your monthly income before you spend anything. If 10% seems like a stretch right away, start with 5% and build up to 10% over the next few months.

Consider automating your deposits to your savings account, too—this will make sticking to your savings goals much easier.

2. Living large in your 20s

In your 20’s, you graduate from college, get your first big paycheck, and maybe move out on your own. And now you can do things that you couldn’t do when you didn’t make any money.

Also, you probably don’t have as many financial burdens as someone in their 30s or 40s. So it’s easy to put savings on the back burner while you enjoy those glorious twenties and make poor financial decisions.

Although it’s easy to get carried away when you first start earning money, don’t forget to think about your future.

What to do if you find yourself living large:

Yes, you might be young and yes you might have time to save.

However, nothing can replace lost time, and the power of compounding, so learn how to budget and prioritize your future financial well-being over your wants.

Your financial decision-making in your 20s has a huge impact on your future, and you should start to build wealth in your 20s if possible.

3. Making large purchases and not paying off your credit card

One of the most common bad financial decisions is not paying off a credit card. For many, a lot of credit card debt comes from buying things we don’t really need. From that awesome clothing sale to eating out every day, those small transactions can rack up pretty quickly, and before we know it, we are left with a pretty hefty credit card balance.

Avoid this regret by reminding yourself that credit is actually debt and the available balance on your credit card isn’t real money! It’s money you are borrowing and will have to pay back.

What to do if you have credit card debt:

I like to describe debt as a stumbling block on the path to building wealth. And to get past it, you need to have a plan to roll (or blast) that block out of your way! It can be very difficult to save money when you are paying back debt at high interest.

However, creating and executing a plan to aggressively attack your debt, especially credit card debt, allows you to pay it off as quickly as possible. Then, you can fully focus on saving more money.

If you currently have debt, stop using your credit card and establish a debt repayment plan, like the debt snowball method.

4. Delaying important financial decisions

Putting off important financial decisions, e.g., paying off debt, saving, investing, etc., can be a big financial mistake. Too many people promise themselves to get around to it, but instead of taking action, we waste so much time.

How to stop delaying financial decisions:

To stop delaying important financial decisions, start by breaking down the actions you need to take into smaller, manageable steps. Set specific deadlines for each step to create a sense of urgency.

Educate yourself about the decisions you need to make, whether it’s investing, budgeting, or debt management, so you feel more confident and empowered.

If you need to, seek support from financial professionals or mentors who can provide guidance and accountability. Challenge yourself to take at least one small action every day towards your financial goals, so you can build momentum and reduce procrastination.

Personally, to keep myself motivated I remind myself of the consequences of not taking action (not achieving my goals) and also of the benefits of making timely financial decisions.

5. Not investing

A really bad financial decision is deciding not to invest your money at all. But if you don’t invest, your money will not grow. And you need it to do so to afford the things you want in the future, like retirement.

If you think you must be an expert in the stock market to invest, think again! There are plenty of options, and with technology, learning how to start investing has never been easier.

How to start investing:

You can invest in the stock market, try real estate investing, or invest in a business. Whichever route you choose or if you decide to go with all three, it is critical that you do your research and understand the basics of what you are putting your money into.

The stock market can seem like gambling or a big scary place, but not if you know what you are doing and have investment objectives.

The returns on the stock market average about 10% over the long term and it’s one of the most popular forms of investing out there.

If you’re not confident about investing or don’t understand things like the difference between ETFs and index funds you can always seek help from a financial advisor. Advisors help you set up an investment portfolio based on your risk tolerance and individual situation.

You can also learn a ton about investing by enrolling in our completely free investing course!

Remember that the key to successful investment portfolios is diversification! So, be sure to have a diverse portfolio to ensure you are investing wisely.

6. Not having a backup plan

Not having a backup plan is a pretty bad financial mistake. Having a backup plan protects us from unplanned and expensive life occurrences.

For you to have a positive relationship with money, you need a backup plan—a solid one.

How to establish your back up plan:

Two of the most important aspect of your back up plan are having a fully-funded emergency fund (3 to 6 months of basic living expenses) and ensuring that you have the right types of insurance (health, auto, life, disability, home, renters etc.).

To fund your emergency savings, build it into your budget and put money toward it each time you get paid. Next assess your current life to determine what insurance gaps you have.

For example, do you rent an apartment but don’t have renters insurance? Do you need to increase your health insurance or auto insurance coverage?

Having these things in place will literally save you when life happens and help you maintain your financial plan.

You’ll have money to fall back on rather than having to leverage debt or lose all your savings and investments to cover your situation.

7. Not protecting your personal information

In today’s internet world, identity theft and credit fraud are rampant, and not taking the extra measures to protect your personal and financial information can be a bad financial decision.

So much of our specific information like address, date of birth, and more is information scammers and hackers can easily find due to so many data breaches in recent times.

How to protect your personal information:

Protecting yourself is simple once you get set up. It means staying on top of your credit reports, not entering your data on websites you don’t trust, and putting alerts or freezing your credit cards and credit profile.

Many banks and credit card companies also offer free credit monitoring services. I strongly recommend you take advantage of this.

8. Ignoring the small goals

Think saving $15 a week or paying $20 to your credit card this month isn’t worth noting? As insignificant as those mini goals might seem, they matter.

They can add up a lot over time. In my opinion, our small goals are what help us accomplish the bigger ones because they allow us to get started.

How to focus on your small financial goals:

Some specific examples of small financial goals include things like:

• Establishing a $1,000 emergency fund
• Making an extra payment on your credit card each month
• Finding ways to cut back on certain monthly expenses
• Contributing to your retirement savings account
• Improving your credit
• Exploring side hustles

And remember that having long-term goals is essential to defining your big picture. We all love those yearly goals.

However, if we don’t break these goals down into smaller chunks it’s easy to get overwhelmed. As a result, we’ll feel like we’re making no progress at all.

I like to make long-term goals along with short-term ones. Then, I keep my day-to-day focus on my short-term goals, and I find great progress that way.

9. Lack of accountability

When you have no personal accountability, there is no one to motivate you, remind you, or keep you focused on what you are trying to accomplish.

As a result, you might start getting complacent, putting things off, and finding yourself in the perpetual state of getting things done “later” or, worse still, telling yourself you can’t do it.

How to be accountable:

It’s important to adjust your circle of influence if necessary and get the accountability you need.

For me, this means sharing my financial goals and dreams with a trusted friend who will encourage me and ask about my progress. It stops me from making poor financial decisions.

10. Not checking in on your progress

How do you make progress with what you don’t track? You won’t know when you’ve achieved a goal or hit a milestone.

How to track your progress:

Checking in on your goals is a must. It could be as simple as creating a schedule to check in on your goals, noting both short and long term ones. One great way to do this is to use a planner.

For me, a goal planner can really keep me motivated and focused. It allows me to add a timeline for my goals and record them.

11. Not caring about your credit score

Perhaps you’ve made the mistake of getting into a lot of credit card debt or even missing loan payments. These things can negatively affect your credit.

Your credit can be rebuilt, and while it isn’t everything, it does matter. For instance, you need decent credit to get a mortgage and get a good loan interest rate.

How to stay on top of your credit score:

I like to keep an eye on my credit score and try to improve it as much as possible. Utilizing a free service like Credit Karma to check and monitor your score can be beneficial.

In addition, I recommend avoiding debt as much as possible. Budget and create a plan to pay off anything you spend on a credit card each month so you don’t carry a balance. Doing this will allow you to reach many of your goals more easily.

12. Buying things brand new that you could buy second-hand

Have you ever bought something expensive that is brand new without shopping around? I know I have! The problem is that you could be spending more money unnecessarily when you could have potentially found the same thing for less if you went the second hand route!

What to consider buying secondhand or pre-owned:

For instance, items like furniture, appliances or cars can be cheaper if they’re secondhand in some cases. Or perhaps you want to purchase a designer purse. You may be able to get a good deal on a pre-owned designer handbag and save hundreds!

Although buying used isn’t always the way to go, depending on the item’s condition, it can often be a good choice. When you save money on expensive items by checking for deals, you can use the money you save for other financial goals.

When I shop second-hand, I like to look for items in “like new” or “excellent” condition. This way I know I’m getting value for my money and not just buying something with little value left.

13. Not sticking to a budget

Budgets are a great way to improve our finances, but sometimes, it’s easy to ignore a money plan like this. When we make a budget and don’t follow it, our future selves will pay for it.

Not following a budget can lead to a lack of funds for emergencies, being unable to retire when you want to, feeling overwhelmed by debt, and more. To avoid this, create a budget and promise yourself you’ll stick to it, or start working on better budgeting if you already budget.

How to stick to a budget:

First things first, it’s all about finding a good budgeting method. Finding a budget that works for you might take time, but when you do, you’ll be able to take full control of your money and make real progress.

One you determine your budgeting method, write out your expenses and your income. Then, determine how much your essentials cost each month and what is left over afterward.

Additionally, make a plan for what you’ll do with any money left over. You can make your budget as detailed as you want, but this is a very easy way to begin.

But remember, making a money plan is easy. Sticking to it may not be. So, decide how to handle it when you want to overspend.

You might try using a reward system, getting accountability, or whatever works for you to help you stick to the plan you made.

14. Forgetting to celebrate

It’s easy to think that you should only celebrate the big things or forget to reward yourself for your progress. But it’s what keeps you motivated!

Even if your progress was small it doesn’t mean it’s not worthwhile. Celebrate all victories, no matter how big or small. Not everything you do will result in massive strides, but it all adds up and gets you closer to where you want to be.

And your financial life isn’t going to be just the big moments. There are many smaller things to celebrate, such as paying off a credit card, sticking to your budget for a month, or saving up a few thousand dollars.

How to celebrate your wins!

Celebrate yourself by journaling about your financial victories, cooking a favorite meal, or taking a day or weekend for yourself. It makes everything more worthwhile.

15. Not getting back up after you slip

Don’t settle for a situation because you made a mistake, caught yourself over spending, or bought something you shouldn’t have. Slip-ups will happen. Give yourself the grace to recognize your error or mistake, remember your why, and get back to work!

How to get back up after a slip:

Know that you are not the first or last to make unwise financial decisions, and the important thing is the progress you make over time. One slip-up doesn’t make or break your money goals forever – your daily habits are what matter most.

The worst thing you can do after a mistake is give up. The best thing is to simply try again. So dust yourself off, remember your “why”, review your goals and get back it!

Expert tip: Focus on life beyond your finances

How we handle money is important. But I find that it’s best to keep things in perspective, especially if I feel I’ve made a money mistake. While unwise financial decisions can slow our progress, there’s a healthy way to think about our mistakes.

First, realize what your mistake was, assess the lessons, and then make a plan to recover from it. After that, it’s best not to dwell on your finances all the time or make them overly important.

Remember to enjoy your life and focus on the positive as you work towards a solid financial foundation.

How to recover from bad financial decisions

We have all made mistakes, and sometimes, that includes making bad financial decisions. But don’t beat yourself up over it!

Thankfully, there are plenty of strategies and ways to recover from a past financial mistake. Here are some tips to help you make smart money choices!

Step 1: Acknowledge your bad financial decisions and forgive yourself

To get ahead, you have to forgive yourself for your money mistakes.

So take note of the important life lessons you’ve learned and keep moving. Everyone has made some bad management decisions around their money – even the world’s wealthiest people.

It’s all about acknowledging where you went wrong and figuring out what to do to make things right. Even if you make the same or similar mistake again, you can rinse and repeat (acknowledge, learn, and implement the lessons) until you get past your error. That is how you will succeed with your finances.

Once you’ve committed to forgiving yourself and are ready to move forward, it’s important to recognize where you are with your finances right now. Then, you can determine where you would rather be.

Step 2: Decide it’s time to take action towards changing your financial situation

Once you’ve decided to make good financial choices, put a plan in place. And you don’t have to wait for January. You can start today.

Reduce your spending, expenses & debt load, see if you can boost your income, and make saving money for your future self a priority. All these things will put you on the path to creating a solid financial plan.

Be willing to change and be committed to seizing the moment to start working on revamping your finances.

No more waiting for the perfect moment to sort out your finances. Start now. This means if you can only save $5 a week right now, save that $5.

If it means you can only put $10 towards your debt this week, make that $10 payment. Then, start figuring out how to reduce your expenses and earn more so you can ramp up your savings or debt repayment plans and get back on track with your financial goals.

In addition, identify any spending triggers and devise a game plan to avoid them and minimize the slip-ups!

Your money situation will always change, so look at it as a financial journey. As you save more money, pay off debt, and increase your income, it will be much easier to recover from any past bad financial decisions you made.

If you need help, you could also work with reputable financial advisers or tax professionals depending on your needs. A great attorney for legal advice should also be on your list. Be sure to look into the background of your financial professional to ensure they are a good fit for you beforehand.

Step 3: Get motivated and shift your circle of influence

One of the best ways to begin making smarter money choices is to learn from others. So, start reading personal finance and personal development books and blogs.

Listen to podcasts and watch videos. Surround yourself with people who will motivate you to do better and keep going even when you have bad days.

Make it your mission to shift yourself away from your circle of influence if it is of no benefit to your goal of financial success. Remember, bad financial behaviors from others can affect you, so choose your associations wisely.

4. Define your goals and make them easy to accomplish

My next piece of advice is to define your goals for correcting a financial mistake and then make it very simple to stick with it.

For instance, put your goals where you can see them. A calendar or planner works well!

Next, automate savings, bill payments, debt payoff, etc. It’s one of the simplest ways to ensure success.

Last, find other ways to stay motivated. Talk to your accountability partner, read money books, etc. (Hint: Take our completely free Clever Girl Finance courses), and decide that you will succeed!

5. Be okay with failure and remember to keep trying

It’s completely okay to fail sometimes! The silver lining behind it is the important life lessons you will learn. Take the lessons and apply them to your next steps.

Know that no one is perfect and no one gets everything right with their finances every time.

Most of all, do not give up. Continue to work towards improving your money.

What is considered a bad financial decision?

A bad financial decision is one that throws you off course from your goals or negatively impacts your finances. Some common ones are credit card debt, not saving anything, and overspending.

If you have made poor financial decisions, don’t panic. Simply make a plan to fix them and get back on track. It may require time or financial sacrifice, like a stricter budget or a money savings challenge, but the rewards are worth it!

What is the best financial decision?

One of the best financial choices is to save and invest money for your future self. Saving for our future helps us all to be prepared, and investing allows us to make more money over time.

We all need money to help us with expenses, emergencies, and retirement. Saving and investing allow us to prepare for these life changes and be confident in our ability to thrive with money.

Why do people make poor financial choices?

People may make poor financial decisions for various reasons, including emotions, a lack of financial knowledge, or a lack of planning.

For instance, you might go into debt if you have an emergency expense to pay for and no savings. Or perhaps you don’t know how compound interest works, so you neglect investing in your financial plans.

Knowing financial literacy basics and being ready for expenses are both very important. And anyone can learn how to handle finances and make good money choices, given time and the resources to succeed.

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Now that you’ve learned how to recover from a financial mistake check out these posts for more information!

• I Don’t Want To Work Anymore! 14 Ways To Recover From This Feeling
• 12 Signs You Have A Shopping Addiction. What To Do
• How To Avoid Or Recover From A Shopping Binge
• How To Use A Pros And Cons List For Big Financial Decisions

You can recover from bad financial decisions!

It might feel like there is no light at the end of the tunnel, your debts are so large, you are so behind in your career, and/or you cannot recover from your mistakes. But remember, the only way change happens is by taking the first step and then the next step.

You can totally do this.

Take stock of your finances, learn how to budget, and start saving and paying off your debt. Before you know it, you’ll be on your way to getting your financial house in order and making better money management decisions!

The post The 15 Worst Financial Decisions And How To Recover From Them appeared first on Clever Girl Finance.

Prayers for financial breakthrough can be a powerful way to improve your financial situation. Talking to God about money may be different or new for you. But not to worry, we have 7 prayer examples you can use during financial hardship.

Like budgeting and saving money, prayer can be a powerful tool for financial success. 

By reciting prayers and scriptures for financial breakthrough, you can start to feel more secure with your finances. But first, let’s discuss more about how prayer can help you in your financial situation. 

How prayer can help you achieve your financial goals

Prayer is powerful but not the same as asking a genie to grant you three wishes.

However, with consistent prayer combined with taking intentional action, you can eventually reach financial success.

Helps keep you focused

Repeating prayers for financial breakthrough will help keep your mind focused on what you want.

I find that whether I pray for extra money or to pay off credit card debt, by repeating what I desire through prayer, my mind begins to prioritize what I want.

Causes you to stop worrying about money

Prayer can help relieve anxiety and fear. The act of praying fills you with hope.

When you pray about your financial situation, you trust you will be guided in the right direction. You know that by praying, God takes care of what you desire. 

Clarifies your financial goals

Prayer usually involves asking for or reflecting on specific things. It’s easy to ask for more money, but the most powerful prayers are specific.

Using prayers for financial breakthrough helps you get clear on what you want to achieve with your money. 

What to include in your prayer

Whether you’re new to prayer or pray all the time, here is what you can include in your prayers to make them more potent. 

Acknowledge God

No matter your situation or hardships, it’s essential to acknowledge the power of God. God is still providing whether you’re trying to find out how to avoid overdraft fees or you didn’t get paid as much as you’d like.

When you acknowledge God’s presence and power, you are showing that you trust him to provide. 

Express gratitude

Research shows that gratitude can improve your relationships and make you feel happier. Therefore, gratitude in prayer is essential even when things aren’t going your way.

For instance, perhaps my car is run down, and my mattress has some springs popping out; most people have something to complain about. But if I only focus on what’s wrong in my life, I’ll fail to see what’s good.

Your life may not be perfect right now, but there are still many things to be grateful for. In your prayer, make sure to thank God for the things he’s helped provide for you. When you express your gratitude, you show God that you appreciate what you have now and what he’ll give you in the future. 

As it says in James 1.17, ” Every good and perfect gift is from above.“

Ask for what you desire

One of the most critical parts of the prayer is to ask for what you want.

However, it can feel uncomfortable doing this. Perhaps you feel like you are being selfish or greedy, but as it says in Matthew 7:7, “Ask, and it will be given to you; seek, and you will find; knock, and the door will be opened to you.”

Whether you want financial stability, to build wealth, money to pay your bills, or extra money to take a vacation, it’s okay to ask the Lord for money. Express your intention.

For instance, ask God to help you build wealth to provide a safety net for your children. Or ask God to help you eliminate your debt so you learn how to save money.

Thank the Lord for delivering

When finishing your prayer, it’s best to end with gratitude. You are thanking God for not only listening to your prayers but for answering them as well.

When you thank him for delivering what you desire before what you want arrives, it shows faith. And the more you have faith, the less you’ll have self-doubt and worry. 

Additionally, by thanking God in advance, it puts you in the mindset that the money you desire is on its way, helping you switch your scarcity mindset to an abundant mindset. 

7 Examples of prayers for financial success

Now that you see the benefits of prayers for financial breakthrough, here are some examples of different prayers you can use in your financial situation. 

Additionally, we’ve provided some scriptures for financial breakthrough to help amp up your prayers.

1. Example of prayer for better money management

Do you find yourself overspending or relying too much on your credit cards? Maybe you’re having trouble saving. If so, you can use this prayer for how to manage your money. 

Dear Lord,

I humbly come before your good graces. Thank you for providing me with a stable job with a consistent income.

Please help me with my money management. Help me prioritize my finances and also make better decisions with my money.

Thank you for answering my prayers.

Amen.

Scripture: “Suppose one of you wants to build a tower. Won’t you first sit down and estimate the cost to see if you have enough money to complete it? For if you lay the foundation and are not able to finish it, everyone who sees it will ridicule you, saying, ‘This person began to build and wasn’t able to finish. ” Luke 14:28 – 30

2. Prayer example for financial stability

Financial stability is the foundation for building wealth and better money management. Here is how you can use prayer to become financially stable. 

Dear Lord,

I come humbly before you to seek your guidance and help. First, thank you for being open to my prayers as I ask for your help in creating financial stability. I appreciate the resources and income you have provided for me, and I pray that you guide me in making better financial decisions with my money.

I pray for a steady flow of income and that you provide me with the wisdom to manage it well.

By granting me financial stability, I can provide a better life for myself, my family, and my loved ones. With a financially stable life, I can feel secure and confident with my money, meet my needs, and give to those who have less than myself. 

Thank you for answering my prayer.

Amen.

Scripture: “The plans of the diligent lead to profit as surely as haste leads to poverty.” Proverbs 21:5

3. Idea for prayer for getting out of debt

Prayers for financial breakthrough can also work when you want to know how to pay off credit card debt fast.

Whether temptation or misfortune led you to debt, paying back the money you owe as soon as possible is essential. Here is a prayer to help you pay back what you owe.

Dear God,

I pray to you today, asking for your help. I admit to borrowing more money than I could pay back and now seek your guidance to pay my debts and achieve financial freedom. As Proverbs 21:5 states, “The plans of the diligent lead to profit as surely as haste leads to poverty.”

Please forgive me for the financial shortcuts I have taken that have led me into debt. I come before you now, ready to change. I am willing to plan and work hard to get myself out of debt. Thank you for showing me the way and helping me to stay disciplined and focused. 

Amen.

Scripture: “Let no debt remain outstanding, except the continuing debt to love one another, for whoever loves others has fulfilled the law.” Romans 13:8

4. Example of prayer to help build wealth

Prayers for financial breakthrough can be applied to building wealth. It might feel uncomfortable, or you may feel greedy if you pray for wealth.

However, building wealth means you can provide for others, give back to the church, and live a life with less worry. Try one of these prayers for financial breakthroughs and building wealth. 

Dear Lord,

I want to thank you for the abundance you’ve provided for me in my life. Thank you for the income, resources, and money you gave me through various means. I ask you from a place of humility to help me build up the abundance you have provided.

Please help me to lead a life of prosperity through building wealth. And with this wealth, I can better preach your word and support the church and others in need. 

As you help me to build my wealth, I know you will guide me to make the right financial decisions.

Amen.

Scripture: “Wealth and riches are in his house, and his righteousness endures forever.” Psalm 112:3 

5. Prayer idea for when you’re worrying about money

Everyone worries about money at some point in time, even the uber-wealthy.

However, worrying about money never made anyone richer. If you feel overwhelmed with worry and fear, you can turn to prayers for a financial breakthrough and learn how to stop worrying about money.

Whether you’re concerned about paying your bills or having enough money, this prayer can help ease your stress. 

Dear God,

I come to you seeking peace from my worry about money. As Psalm 55:22 says, “Cast your cares on God, and he’ll sustain you.” I thank you for the times you have provided for me in the past, and I know that you will continue to in the present and the future. 

I trust you will resolve my money situation and provide me with what I need. My focus has shifted from worry to the current blessings in my life. My faith in you is unwavering.

Amen.

Scripture: “This is why I tell you: do not be worried about the food and drink you need to stay alive or about clothes for your body. After all, isn’t life worth more than food? And isn’t the body worth more than clothes? Look at the birds: they do not plant seeds, gather a harvest, and put it in barns, yet your heavenly Father takes care of them! Aren’t you worth much more than birds? ” — Matthew 6:25-26

6. Prayer example for financial miracles

Miracles happen daily, and chances are you’ve experienced some miracles in your lifetime.

Have you ever reached the gas station when your tank was empty? Miracle!

Or perhaps you lost your wallet and a stranger returned it to you, with everything in it. Miracle!

With the unpredictability of life, everyone can use a miracle, and here’s the prayer for one. 

Dear Lord,

Thank you for the miracles you’ve provided for me in the past. I know your ability to perform the unimaginable as I’ve witnessed it in my life many times. I come before you today humbly asking for a financial miracle.

Due to unexpected experiences, I need a miracle to help me through this delicate financial situation. Although I don’t know how things will come together, I trust you are taking care of it. I know a miracle will occur at just the right moment.

Thank you for continuously performing miracles in my life.

Amen.

Scripture: “Ask, and it will be given to you; seek, and you will find; knock, and the door will be opened to you.” — Matthew 7:7

7. Thoughts for prayer to find employment

Have you recently lost your job, or are you looking for a new one? Maybe you need to find a new job that is more suitable to your needs. Here is a prayer to help you with your employment search.

Dear God,

I come before you to ask for your assistance in finding employment. Please guide me in finding work that will allow me to use my skills to help others and be fairly compensated so that I can provide for myself and others. 

I know that you have the ideal job waiting for me. As you lead me to employment, I will stay open to your guidance. 

Thank you for helping me find employment.

Amen.

Scripture:  “And my God will meet all your needs according to the riches of his glory in Christ Jesus.” — Philippians 4:19

Expert tip: Pray daily

We often turn to prayer when we are in need. However, if we use prayer daily, we can see more financial breakthroughs. Additionally, I’ve tried reading scriptures with reviewing my finances. Also adding bible verses to my budgeting sheets.

Scriptures for financial breakthrough to pray and reflect on

The word of God has messages of encouragement and guidance. Use these scriptures to reflect on or add to your prayers.

“Consider the ravens: they neither sow nor reap, they have neither storehouse nor barn and yet God feeds them. Of how much more value are you than the birds!” Luke 12:24

“But seek first the kingdom of God and his righteousness, and all these things will be added to you.” Matthew 6:33

“Sovereign Lord, You made the heavens and the earth and the sea, and everything in them.” Acts 4:24

What is the strongest prayer for financial breakthrough?

Prayers for a financial breakthrough are most potent when you believe in them and also take action.

Therefore, choosing and reciting a prayer that aligns with your beliefs and needs is essential. When you believe in something, it’s easier to take action to try to achieve your financial goals. You can also add scriptures for financial breakthrough to your prayers to make them more powerful.

For example, “Dear God, I kneel before you in prayer, believing in your ability to help me succeed financially. I know you will provide for me, help me make the right decisions, and relieve me from my financial turmoil. I trust you will help me pay off my debt and build wealth.” 

“If you believe, you will receive whatever you ask for in prayer.” Matthew 21:22

What is a good prayer for financial blessings?

A good prayer for financial blessings can also be a simple one.

Something like, “Dear God, thank you for all the blessings in my life. Thank you for blessing me with excellent health, loved ones, and a safe place to rest my head every night. I come before you asking for financial blessings among the many benefits you have bestowed upon me. Please grant me economic prosperity, and I will always try to honor your name.”

As it says in Philippians 4:19, “And this same God who takes care of me will supply all your needs from his glorious riches, which have been given to us in Christ Jesus.“

How do I pray to God for financial miracles?

You can pray to God for financial miracles by using prayers and scriptures for financial breakthroughs. As it says in Luke 18:27, “What is impossible with man is possible with God.”.

Therefore if you need a financial miracle, ask for one. Whether you need an extra $500 for a car repair or need money to pay rent, asking for blessings is the quickest way to get your prayers answered. Acknowledge that God is a provider and will provide for your needs. 

How do you pray for a financial breakthrough with a Bible verse?

You can pray for a financial breakthrough with a Bible verse by reciting it at the beginning or end of your prayer. If you don’t have any memorized, you can read verses from the Bible at the beginning or end of your prayer. 

After reciting Bible verses, take a moment to reflect on them. How can you apply them to your life? What significance do they have in your current situation?  

What to do after you pray?

The most important thing you can do after using prayers and scriptures for financial breakthrough is trust and take action. If you want financial stability, focus on budgeting weekly and allow God to guide you while putting together the numbers.

If you prayed to eliminate your debt, start taking action by creating a debt repayment plan, and trust God will help you choose the right one. 

It’s important to trust the prayer by taking action. Act as if your prayer has been answered. 

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Prayers are a powerful way to create financial change!

There is no shame in asking God for financial success. Prayers for financial breakthrough can not only help you out of difficult situations but also help you focus on being financially stable and starting a new chapter in life.

Choose a prayer from the list above or create your own based on your financial needs. Remember to commit to the prayer daily, believe, and take action. When you trust the power of prayer, your prayers for starting a new life with your money will soon be answered. 

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In times of economic uncertainty, or due to performance or work dynamics, you might get to a point where you start to worry about losing your job. The loss of a job can be extremely stressful and can also create a lot of financial hardship.

If the thought "I'm worried about losing my job" has crossed your mind, it's time to create a plan to minimize the financial impact in the event that you do lose your job.

Constant worrying can cause physical and emotional stress and in turn, inhibit your ability to take strategic action before anything actually happens. Creating a financial plan is one way to help manage your fears and reduce stress and anxiety about a job loss.

We are going to provide key actionable steps to take if you have a fear of losing your job or what to do if you lose your job, so you can prepare yourself financially!

7 Key Steps to take if you are worried about losing your job

Here are some key money tips to help you ease the transition until you find new employment if you have a fear of being fired or do happen to lose your job.

1. Start bulking up your savings

The first thing you want to do if you have a fear of being fired is to start saving as much money as you can while you are still employed. Studies show that people who have access to financial resources cope better with the overall impact of job loss.

This is because when you are less worried about finances, you do better from an emotional and mental health perspective.

So it's essential to prioritize the importance of savings.

To bulk up your savings effectively, it's important to lay out all your expenses. You also need to determine how much it costs each month for you to survive. A good starting point for how many months you should save for is 3 to 6 months.

As you determine what this amount is, also consider what things you can cut back on to minimize your expenses during the period you may be out of work. This would include any non-essential spending and purchases.

This savings is essentially your emergency fund and you should build funding it into your budget as soon as possible. This is the most important step if you are afraid of losing your job.

2. Be more frugal

So, what's one of the best things to do if you are about to lose your job? Learn how to be more frugal! Reducing expenses is essential, but you also need to become savvier with your money so you can keep more in your wallet.

Start couponing to cut your grocery costs, shop secondhand for clothing when you need it, and use cashback apps. There are tons of crazy ways to save more money, so you can bulk up your bank account and reduce your job loss anxiety!

3. Begin the process of looking for another job

The next step of taking strategic action is to get ahead by beginning the process of finding another job. So, start your job search now if you have a fear of being fired. Carve out some time to update your LinkedIn profile and make your resume attractive to employers.

You can also start doing research on companies and positions you can apply to. If you need assistance updating your resume or preparing for interviews there are several amazing websites with career advice that you can leverage. Be sure to check out our list of the best recession-proof jobs too!

You can also find tons of job postings on sites such as Indeed, Careerbuilder, and LinkedIn.

Don't forget to dig into your professional and personal network to let people know you are looking for work. You never know who might give you a lead to help you find a new job.

4. Take advantage of current employment benefits

Be sure to take advantage of any current employment benefits before losing your job. For instance, leverage your health insurance coverage to get any medical concerns you have attended to and fill your prescriptions.

Choosing multi-month over monthly prescriptions if possible can save you a ton of money and carry you over while you are out of work. You can ask your doctor about this option.

Healthcare can be a massive out-of-pocket expense. So you want to make sure that if you have benefits to use, you actually use them if you need to before you lose your job.

Be sure to find out what the options are to extend your healthcare coverage after you are laid off.

Also, if you have vacation or sick days, ask your employer what happens in the event of a job loss. There might be a payout for the unused days and you can put this money towards your emergency fund. Knowing these details in advance can help reduce job loss anxiety.

5. Research unemployment benefits

The next step is to research the details of unemployment benefits if you are about to lose your job. Unemployment benefits are intended to replace lost wages in the event that you get laid off and qualify to receive this benefit.

Formally known as unemployment insurance benefits, this benefit covers workers who have lost their jobs through no fault of their own and meet certain other eligibility requirements.

You can determine the qualification requirements for unemployment by visiting the website for your state's unemployment insurance benefits. Your state's website will also provide you with specific details on how to file. Filing for unemployment compensation immediately is what to do if you lose your job.

6. Explore additional sources of income

Exploring additional sources of income can help to minimize the impact of losing your job until you find a new one. Some ideas to make money without a job include:

Sell stuff for cash

The first thing I did when I was worried about losing my job was look for stuff to sell for money. You won't believe how much stuff you have that you probably don't even use that you can sell to sock some money back. So start looking through things you own that you can sell online for cash!

You can sell stuff on sites such as eBay, Etsy, and Facebook Marketplace. Not only do you make some extra income, you declutter your home too! So, it's a win-win.

Start freelancing

If you think you are about to lose your job then consider finding freelance work to supplement your income. You could start it as a side hustle beforehand so you can have money flowing in. There are plenty of ways to start freelancing.

For instance, you could become a freelance writer, virtual assistant, or even a freelance marketer. Plus, these freelancing gigs pay pretty good money so you can easily bulk up your emergency savings fast.

Find a part-time job

Another option is to find a part-time job. That way, you have additional income just in case. You could even find work-from-home jobs.

For example, data entry, transcription, and bookkeeping are just a few good-paying part-time jobs you can do from home. You could also work them as weekend jobs. Having a backup job reduces job loss anxiety.

Keep in mind that in order to stay afloat, you might need to take a job below your skillset or work multiple jobs and that's ok. There's no shame in doing what you need to do to boost your income before you find another job.

Start your own business

You may be thinking "How can I start my own business if I don't have the money?" Well, the great news is, there are plenty of businesses you can start with no money! For instance, pet sitting, flipping free items, and cleaning houses, are all things you can start with no money.

For more ideas check out our post "A Guide For How To Start A Business With No Money."

This is the perfect way to boost your income if you are about to lose your job! Plus, it may just be the motivation you need to finally pursue something you love instead.

Get a roommate or rent out a spare room

Basic living expenses are on the rise. Which can make things much more difficult financially. However, you can get crafty and reduce even your essential living expenses.

For instance, you can get a roommate to split the rent with. Or, you could even rent out a spare room on Airbnb! This can drastically reduce how much you are paying in rent or mortgage payments.

Of course, creating multiple streams of income is a fantastic financial move whether you are about to lose your job or not. In fact, millionaires have an average of seven income streams...so keep that in mind! The more income streams you create, the less financial worry you have.

7. Expand your skills

Expanding your skillset is one of the best things you can do if you are worried about losing your job. Learning new skills can make you a valuable employee or even help you continue on a new career path.

The great news is, there are plenty of ways to learn new skills without spending a ton of money. For instance, Google offers free career courses on topics such as UX Design, Data Analytics, IT Support, and Project Management. You can also take free courses on Canva Design!

Learning new skills will drastically reduce your job loss anxiety because you will feel confident in your ability to find another job fast.

Make a backup plan if you're worried about losing your job!

Now you know what to do if you lose your job or have a fear of being fired. Thinking about losing your job can be scary and stressful but with a plan in place, you'll be in a better position to weather the worst-case scenario.

Don't allow job loss anxiety to prevent you from taking action. Instead, plan ahead for the worst and hope for the best. It will give you the peace of mind that you will get through any temporary impact of a potential job loss.

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