Why Can't I Save Money Even With a Good Job?

Nobody gets it. Not your friends, not your parents, maybe not even you. You have a job, you pay your bills, you're trying, but you're still broke.And there's a reason for that, and it's not what you think. Let's get INTO it on today's. Hello and welcome to Financially Confident Christian.I'm Ralph Estep Jr. And today we're talking about something that happens to a lot of really good people. These are people with real jobs. People handle responsibilities, but they're still living paycheck to paycheck.We're going to dig into what that gap is and why it exists and more importantly, what you can do about it. So if you're doing everything right and still feel like you're falling short, today's show is for you.And if you've got a question for this show, I would love to hear it. You can go to financiallyconfidentchristian.com/question We'll put a link in the show notes, but again, that's financiallyconfidentchristian.com/questionLet's get right to today's listener question. Listener writes this hi, Ralph, I'm in my late 20s and I just moved back home with my parents. I've got a good job.My car has paid off, but it's old and always needs repairs. Between student loans, credit card debt of around $6,000, bills, gas, insurance and constant car issues, I just can't seem to save anything.My tax return this year was great, but it's already gone because of bills and some birthday spending. Every time I start saving, something breaks and I'm back to paycheck to paycheck.I also got accepted to a fantastic grad school, but I haven't heard about scholarships or fellowships yet, and the idea of taking out more loans makes me sick. I feel like the only way to make progress is to work constantly and have no social life.But when I overlook things like that when I overwork, my mental health suffers. I tried that during the pandemic and it wasn't sustainable. Ralph, I'm frustrated because I thought I was doing all the right things.Can you help me figure out what's exactly going on? Thank you so much. Well, thank you for sending me your question. Like I said, if you've got a question for this show, I want to hear it.First thing I want to say to you, you're not failing at money. You're managing a broken system with competing demands. You got demands all over the place, but you need to see it clearly before you can Fix it.So today is all about getting in there and understanding where you are. We got to start by naming what you're carrying, and we got to figure out the numbers that really matter. Let's talk about it now.What are you carrying? You've got this debt that's talking to you every month, that credit card debt. I could tell by the tone of your voice. It's annoying you.That needs to be addressed. You've got a car. It's acting like a second job every time. This car, I got to go do something to it.And then you've got student loans hanging over grad school. You mentioned you're living at home, but you're covering most of your own bills. That's a good thing. That's not a money problem.It's a weight distribution problem. But now I want to make it concrete. I want you to write down three numbers. Are you ready?I want you to write down your credit card interest you pay per month. I Suspect it's between 100 and $150 a month on that $6,000 balance. The next thing I want you to write down is your average car repair cost per month.You're probably saying, ralph, I don't want to look at that number, but you've got to look at it. And then I want you to finally write down your minimum student loan payment.That interest isn't money you're choosing to spend, it's money being taken. The car is the same thing. Every repair steals from your future. And once you see those three numbers, you know where your money's going.It's all about clarity. You're not broke because you're bad with money. You're managing more than most people your age are carrying.That's one of the things I wanted to mention. At your age, you're actually doing a really good job.But the next thing we've got to do is we got to stop the bleeding before we try to optimize anything. If you've ever been involved in an accident, what's the first thing they do when they arrive on this screen? They assess you.They want to make sure you're okay. If you're bleeding, they're going to stop that bleeding. Right now you're trying to add income, or you're trying to cut your life to zero spending.That's not going to work. You've said it. When I try to overwork, Ralph, I feel like I'm coming unraveled. What you need to do first is stop the bleeding.Let's talk about where the bleeding is coming from. One of the big bleeding areas for you is credit card debt. Like I said, you're paying between 100 and $150 a month just in interest.That's just money being taken. The next bleeding for you is that car. It's unpredictable. I. I suspect it's costing you thousand dollars a year.And then you've got this idea, this grad school, without any money funding it. You've got a future bleed that you don't want to create. So before you do anything else, you've got to get those three things under control.Once we do those things, then we can talk about saving. So many people want to optimize for perfection while the system still has holes in it. You got to repair the holes first.But I want to give you something really practical. I want you to make one small move this week. Here's something a lot of people don't think about. This one.I want you to call the credit card company and I want you to ask for a rate reduction. Seriously, I want you to do this. I want you to pick up the phone and call them and say, my name is such and such. I have your credit card.I pay it every month in earnest. Can you reduce the interest rate? Many people qualify for this just by asking. And do the math. Let's say that that rate's 18% right now.Let's say that you can drop it to 12%. That rate reduction is going to save you $60 a month. On that same balance, you could take that $60 and pay down that debt quicker. That's not nothing.That's momentum. And it's just one phone call. But you got to do it this week. That one move today could change the math for the next several months day.I say years, but then once we get past that, we've got to protect your peace before your savings account. One of the things you mentioned was about the pandemic. The pandemic was hard because you were overworking. You said it yourself, Ralph.I didn't have any social life. I was just working and working and working. Well, that's not a character flaw. Don't beat yourself up about that. That's a human limit.A lot of people don't think about this one. But your mental health, not a luxury to you. It's a prerequisite. You can't save your way out of the cost if your life is unstable.You got to stay stable first. Your first win isn't a savings account. It's deciding now that you're not Going to sacrifice your peace for progress.So many people I talk to, the first thing they want to do is they want to fix everything, and they don't care about their personal peace. But if you live like that, you are going to unravel very quickly. The person you're protecting is more valuable than the money you're protecting.You need to hear that, and you need to hear it loud and clear. Now, you said something else that stuck with me.You said, I tried to do all the right things, Ralph, and I still can't afford to do anything more than survive. Here's what faith doesn't promise. Faith doesn't promise that hard work gets you instant results.So many people say, well, Ralph, I'm living in my faith. Why is God not speaking to me? It doesn't promise that. It doesn't promise that doing the right thing is going to buy you comfort.You can do the right thing. The faith doesn't promise you you're going to live in comfort. And it doesn't promise that your resume will fix your broken car or your debt.Those things are all good things. But what faith does promise is something so much deeper than that you're not alone.As you're walking through this, God sees you working hard in a system that honestly is rigged against you. And your survival matters to him. Now, you notice I didn't say success, not optimization. Your survival living paycheck to paycheck.That promise changes everything. If you know that God's with you, that changes the whole picture, doesn't it? You're not failing at being responsible.Hey, you're being very responsible for your age. And you're surviving with dignity through something genuinely hard. So here's the thing I want to tell you. You're still fighting instead of giving up.And that tells me who you are. You're exactly the kind of person who will find a way through. So here's your win for today.I want you to find those three numbers that we talked about and write them down. Remember, your credit card statement gets your current interest rate and the bal, your student loan.Look at how much you owe, and then look at your average monthly car repairs and estimate that from the last six months. Now, you might say, ralph, this is depressing. No, it's clarifying. It's going to give you the information that you need.Those three numbers are your entry point into understanding your situation. So I'm going to encourage you to do that today. Let's get to our Bible verse today. It comes from the book of Philippians, chapter 4. Verses 6 and 7.This is an old favorite we've used on this show many times. It says, do not be anxious about anything, but in every situation, by prayer and petition, with thanksgiving, present your request to God.And the peace of God, which transcends all understanding, will guard your hearts and your minds in Christ Jesus. Friend, you're carrying a lot of weight. Some in anxiety, some instead of action. And Paul isn't saying to pretend the money problem doesn't exist.What he's saying is stop carrying that weight alone. Bring that to God. Bring him those credit card numbers. Bring him that grad school question, bring him that car repair bill.The peace that you're seeking isn't going to come from optimization. It comes from handing over what you can't control and then moving on what you can. How about we pray together right now?Heavenly Father, I'm praying for someone who is working hard. They're managing multiple pieces of debt and they're trying to hold on to their mental health at the same time.So Lord, I just ask today that you would give them clarity about those three numbers we talked about. Help them to truly see where their money actually goes so they can make one move this week that matters, Lord, in all things. Protect their peace.Help them understand their survival is enough. Their life is worth more than some balanced spreadsheet. And give them courage for that grad school decision.Lord, I have a feeling that's what you want for them. But give them courage to do that. Help them to find a path that doesn't require more debt to do that. We ask all these things in Jesus name. Amen.Friend, you're not failing at money. You're managing a complex situation and you're doing it with grace. So just remember, progress doesn't start with earning more.It starts with stopping the bleeding. That credit card interest, the car repairs, they're stealing your future one month at a time. And don't forget, make that one phone call.You might be able to reduce your interest by a lot. And before you optimize, understand something, write down those three numbers and understand what they are.And remember, your mental health isn't worth the price of stability. It's a prerequisite for it. And if you've got a question you'd like to share on the show, how about leaving me a voicemail message?You can do that at financiallyconfidentchristian.com/voicemail we'll put a link in the show notes, but again, that's financiallyconfidentchristian.com/voicemail thank you so much for joining me today. I want to encourage you to stay financially savvy. May God bless you. And you have a truly great day today.