Matthew 3:8 (ESV)“Bear fruit in keeping with repentance.”

I am not really a big fan of New Year’s Resolutions but I do believe that when we challenge ourselves to become better, we have a much better chance of becoming better. Thinking about the verse from Matthew 3:8, how can we use the word repentance in order to bear fruit, or become better? When I think of the word repentance, these are some things that come to mind: to see the error of our ways, to feel regret, or to atone for. If one of your goals for this new year is to get your financial house in order, you can most likely relate. This year if you really want a “New Financial You” you don’t have any choice but to change the way you think, the way you feel, and most importantly the things you do. As we talk about change as it relates to financial resources, let’s keep in mind that it is more important to be spiritually rich and financially broke than vice versa, but God still wants from us to be a good steward of what He has given us no matter how much it may be.

See the error of our ways
For any type of change in our lives, we have to acknowledge we are making mistakes. If we are not following a spending plan, not saving for retirement, or as in my case racking up a tremendous amount of credit card debt, we have to acknowledge the error of our ways in order to start changing behavior. For me, I would always lie to myself and say my friends have credit card debt so it is ok that I have it. It wasn’t until I was honest with myself that credit card debt was harmful to my financial health that I was able to take the first step towards getting out of debt.

Feel regret
We have to feel bad for things to change. A great example for me is during the holidays when I eat a lot more junk than I do the rest of the year. I feel bad and I always regret doing it, but afterwards that feeling of regret motivates me to get back on track. Financially, I regretted getting into so much debt and I felt bad because I was paying interest to someone else instead of earning interest on my own money. Unless we feel bad or have regrets about something we are doing, we will not change the behavior.

Atone
Once we admit to ourselves that we have made mistakes and also feel bad about them, we must make up for them but doing things right. As in my situation early in my career with $32,000 of credit card debt, I had to start following a spending plan. I had to start giving because I had a heart issue and wasn’t giving cheerfully or sacrificially. I had to build my savings and at the same time follow a plan to pay off my credit card debt. So I ask you, what will you do differently this year with your finances? Do you need to make a spending plan? Do you want to start saving for retirement or cutting back your spending so you can start giving sacrificially and saving more? What are you going to do in the New Year to start bearing fruit?

We all fall short and cannot change the past but we do have the opportunity to make better decisions starting today!


Steve Repak, CFP®, author of the new book 6 Week Money Challenge: For Your Personal Finances, Financial Literacy Speaker and CFP® Board Ambassador. For more information, www.SteveRepak.com