5 Steps to Renovating Your Financial House

What does your financial house look like? Is it a beautiful home you are proud of and are ready and willing to show off? Is it one that God dwells in? Or is your financial house a dump? A fixer-upper? Maybe it needs some small renovations, like learning how to save a bit more here and there. Or maybe it needs a total gut job after you have dug yourself into a pit of debt.

Let’s learn how you can renovate your financial house so it can become something you are proud of and can confidently say it is a place God dwells.

Everyone has something they could work on in order to improve their financial situations. In this article, learn the 5 steps to renovating your financial house in order to make it a place that God dwells and so you can accomplish your biggest goals. — PIN FOR LATER

Steps to Renovating Your Financial House

1. Design Your Master Plan

Before you can start buying new materials, putting in new flooring, or knocking down walls, you need to determine what you want your finished product to look like.

This is my favorite part of the process because it’s where all the dreaming happens. So first decide what you want your own financial house to look like.

Answer these questions:
What goals do you have?
What would you like to be known for?
Where do you want to live?
What are your primary values?
Who will be invited in?
How do you want to spend your time?
What do you want your house to represent?

2. Demolition Plan

You know that in the show Fixer Upper they almost always run into issues along the way

Termines, Mold, Cracks, Rot, Water Damage, etc.

Well the same thing happens to us when we are rebuilding our financial house. As we start demolishing the old, we begin to find scary problems underneath the floorboards and in the walls.

Rather than finding mold, or termites in our financial walls, we find that our financial house is suffering from our poor mindsets and beliefs about what is possible.

Things like doubt, scarcity mindsets, excuses, pain, lies we believe, and laziness creep up and cause us to rethink this full renovation we are doing. We feel like it would just be easier to keep everything tucked away under the floorboards and in the drywall rather than exposing it. But if these mindsets aren’t dealt with, they will cause long-term rot within our financial houses!

Everyone knows that a house has to have a solid foundation and “good bones” in order to withstand all that the world dumps on it. The same thing is true for our financial houses. So before we start putting up new drywall, we may need to rebuild the foundation, and some of the support walls.

Answer these questions:
What foundation is your house built on?
If the foundation isn’t in Jesus, how can you rebuild it on Him?
What part of the house just doesn’t support your overall master plan.
If you have tried to rebuild your financial house before, why did you not follow through?
Are there certain types of mindsets that are keeping you from making renovations?

3. Develop The Foundation

So maybe you realize your foundation is NOT built on the only thing in this world that is never changing, Christ. Building your financial house on the most solid foundation will help ensure that it can withstand the test of time.

Luckily, rebuilding your financial foundation isn’t as difficult as repairing the foundation of a house. But it does still take work!

Here is the 6 point framework of a faith foundation for your finances

6 Point Faith Foundation Framework
1. God is our source
2. We already have all that we need
3. Contentment over consumerism
4. We are money managers / stewards
5. Excellence is worship
6. Abundance comes after we draw near to God

4. Rebuilding

Demolition and building a new foundation can be hard work, and is arguably the most important part of the renovation process. However, the part that takes the longest is the actual rebuilding of the financial house. Why? Because this part needs to be done well.

As you rebuild your financial house, there are 5 core pillars that need to hold up your roof.

The 5 pillars of your house

1. Generosity: Mark 12:41-44; Hebrews 13:16; Luke 21:1-4
Giving is the essence of Christianity. For God so loved the world that he… Gave! Being generous with our own giving, though it will never come close to how much God gave us, is one of the ways in which we can become more like him through the way we manage our money.

2. Budgeting: Luke 16:10-12; Luke 14:28; Matthew 25:21
Wise stewardship requires planning ahead. It is essential that we look at what is in our near and far futures and determine how much money will be needed to pay for those things so we can properly plan. Creating a spending plan or budget is the best way to plan for future expenses.

3. Debt Payoff: Proverbs 22:7; Matthew 6:24; Psalm 37:21
We learn from the Bible that debt is a form of slavery and God desires for us to be free from our bondages. Debt elimination is one way to keep our financial houses strong so they do not crumble when storms come.

4. Saving: 1 Corinthians 16:2; Proverbs 21:20; Proverbs 13:11
Having an emergency fund will ensure that our financial houses will not be destroyed when the unthinkable happens. Saving is also a great way to plan ahead for expected expenses. Take a look at your current expenses and examine areas that you could potentially save more money.

5. Investing: 2 Corinthians 9:6; Matthew 25:24-27; Psalms 63:5
The last pillar that we need in our financial house is investing and growing our wealth. While investing does include risk, we must take calculated risks when it comes to our investing. Before you get started on this pillar, make sure you are absolutely ready to invest with this checklist.

5. Filling Your House

After rebuilding your house on a solid foundation in your faith and after you build up the core pillars that are holding up your house, it is time to fill it up!

You have already focused your primary focus for your finances, but now is when you can add in all of the smaller goals you would like to achieve along the way. God has blessed us with these resources to also enjoy.

So what do you want your house to be filled with? The decorations on the walls and on your tables represent all of your smaller goals you want to accomplish.

Think of all the parties you’d like to host, vacations you’d love to go on, people you want to invite in, and everything else that brings you joy.

I want you to enjoy the best that God has to offer here on earth, but it does take time and a lot of work to get to this place. But if you take the time to renovate your financial house, I know that it will be well worth it.

Most of our financial houses could at least use some kind of renovation. So be honest with yourself as to what kind of renovations need to be done!

If you need help identifying the types of renovations that need to be done to your financial house or don’t know how to go about demolishing your old ways and building up new habits, please ask for help! Whether that is with myself, or another solid money coach out there, don’t be ashamed to reach out for assistance when you really need it.

I’d be honored to get to be your money coach! You can apply for a spot in my group coaching program or private money coaching here at this link.