Have You Fallen In The Money Pit?
Many of you probably remember the movie Money Pit from the 1980s featuring Tom Hanks. The movie was a comedy about a young couple who purchased a home that ended up being a real lemon. No matter how hard this couple tried to appreciate their new home or improve it, nothing worked. Doors fell off, bathtubs fell through the floor & that house they once thought was a deal became a nightmare they now owned. Most of us can relate when we watch this movie to those feelings of anxiety that accompanied this couple’s new home purchase.
Have You Fallen In The Money Pit?
Today, I wanted to discuss a couple of real money pits that many of us find ourselves trapped in. We might be owners of a home that reminds us of The Money Pit but even if we aren’t I am pretty sure one of the Money Pits mentioned here will be relatable. So what are the Money Pits that I believe that many are trapped in today?
What is a Money Pit?
What is the definition of a Pit? Webster’s dictionary states that a Pit is “a hole, shaft, or cavity in the ground.” What does Webster’s dictionary have to say about a Money Pit? They define a Money Pit as “something that uses up a very large amount of money.”
Now I would like for you to really consider what your own Money Pit might be. What is the Pit that you keep digging in your financial life? Can you identify a similar situation in your own life? How has it developed and what can you do to climb back out of this Money Pit and stand over it in victory?
The Money Pits we find ourselves trapped in
For many of us, the Money Pit is something that we allow to drain our finances. The Money Pit is usually self-inflicted and usually something that was at one point preventable. Many times the further we get in the harder it is to pull ourselves out.
Money Pits are not always preventable but they can often be recognized and corrected in our lives. We need to realize that we can still make good financial choices even when things feel like they are falling apart.
A money pit can be many things
Relationships
Vehicles
Homes
Educational expenses
Investments
The situations mentioned above are just a few common examples of ways that we find ourselves in these Money Pits. Once you have determined the Pit in your own life you can begin to make a plan to move forward. You might be asking how can I ever overcome this financial drain? Each situation could be different but most money pits need to be surrendered and recognized for what they are. When you realize that the situation will most likely never improve you can make the smart decision to move on and rebuild. Don’t stay stuck in a financial situation that is unhealthy and isn’t improving your life.
My best advice on handling any Money Pit
Pray about the situation and ask God for wisdom in making the right decision.
Look at the financial drain that the situation has been causing. Analyze your current situation and weigh the pros and cons of walking away. Is it possible to walk away? Will it cost more to walk away or possibly more to keep following the current path?
Look for an alternative situation that could improve your financial situation. Could you make a change in your situation that could lead to better results? Example: Can you replace the lemon vehicle with another new or used vehicle sooner. Sometimes the repairs you are being forced to do frequently can actually be costing you more than a monthly car payment.
Start saying no. Sometimes the drain is caused by a family member or relationship. When this happens it can certainly complicate your relationship terribly. Just remember that if the person does not also want what is financially best for you they could be using you. Have a heart-to-heart discussion on your financial situation and if they do not respond well the choice needs to be made by you to end the financial support. Some relationships will have to end but in some cases, the person may just not realize the strain they are causing and this could be their wake-up call.
Entrusting your finances to God
As you make this decision I want to encourage you that you can do this. Your worth is not defined by this situation or even your poor choices in the past. Your future is affected by your choices today and you have a chance right now to make the future brighter. Surrender your Money Pit today and step into a brighter future. Seek God as you begin the next steps of your financial journey. As you do you will find your finances begin to improve and your faith will grow. Trusting God with your financial life is often hard. When we are used to using our own understanding to make decisions without seeking Him, it is often hard to remember to do so. When I began to trust Him more, seek His wisdom, and commit my finances to Him He began to dramatically change my financial life and my heart. God can help you rise above past mistakes and repair them in a way that you never thought was possible. Find more Joy today by letting go of your Money Pit and allowing God to fill in any holes with His plans for your financial future.
