Keep your lives free from the love of money and be content with what you have, because God has said, “Never will I leave you; never will I forsake you.” So we say with confidence, “The Lord is my helper; I will not be afraid. What can man do to me?” — Hebrews 11:5-6

When money is tight, remember this simple truth: financial success always means keeping your spending under control. While it’s seldom easy to reduce expenses, careful planning and determined effort always works, even during the current recession. Don’t let yourself be paralyzed by fear. Instead, focus on ensuring your financial future.

More than anything, remember that God wants to guide you in this process. Use a “Cash Only” System for spending. Here’s how it works. When you get paid, tithe first, pay the rest of your regular bills next, then write yourself a check for the remaining money and cash it. This cash goes into a series of envelopes for each category of spending where you decide, in advance, how much you can afford to spend until your next paycheck. When the cash is gone, stop spending. This is the single most powerful step you can take if you really want to get your spending under control.

Here are a few of the keys that will help you right now:

1. Say “no” to new debt. This is especially true on big-ticket items. Even if you need a new car right now, don’t assume the 0% interest rates justify a new commitment.

2. Make and follow a realistic spending plan (AKA, “Budget”). Don’t wait another day to figure out what you can and can’t spend. Base your spending on your income, not your past expenses. Be tough on yourself at first; then, when you’ve truly followed the plan, you can reevaluate and possibly readjust.

3. Pay down any outstanding credit card balance. Forgive me for being blunt, but credit card debt is the dumbest debt in the world. You pay a fortune in interest on the unpaid balance and, if you miss even one or two payments, you could see your interest rate sky rocket. Instead put every dollar you can on the balance. This reduces your debt and the interest you’re paying on it. Once you get started, you’ll be surprised at the difference small, consistent steps can make.

4. Save all you can. Get ready for a shock — Federal Reserve statistics indicate that 40% of Americans spend more than they make. That’s crazy! There is no way to succeed without saving money. So, follow the first three keys and, at the same time, save some money every month. Also, don’t get greedy and simply “chase rates.” Look for safety and an above average rate of return. As Solomon said many years ago, “…he who gathers money little by little makes it grow” (Prov. 13:11).

5. Avoid “impulse purchases.” The marketing “gurus” in our culture are working harder than ever to tempt you to spend more than you should. One way to derail their strategy is to save up for all your purchases and wait until you’re sure you need them.

6. Stay home and cook. You can often buy groceries for three to five home-cooked meals for the same price of one meal eaten out. Remember-the money saved is not extra spending money. Use it to pay down your debt.

7. Take your lunch to work. This is a quick way to save $25 to $30 per week. That may not sound like much, but it’s over $100 per month! Take the money you save each week and add it to the amount you’ve been paying on a credit card.

8. Take a “Shopping Sabbatical.” Some of us go shopping because it relaxes us. Others shop because they’re bored. Whatever your reason, make shopping as functional as possible and watch out for any trip that takes you to a place where you might be tempted to buy something you don’t really need.