I’m grateful that my parents prepared for aging in place and for assisted living, if necessary.

Some of my friends’ parents have not, and the financial pressure within those families has been difficult to watch. What tips can you offer people so they can avoid this financial drain in their senior years?

Getting Ready for Getting Old 

Dear Getting Ready for Getting Old, 

Your parents will be remembered for their consideration and wisdom. Hopefully, your question can inspire many other families to “set their house in order” (Isaiah 38:1) to be ready for the financial burden of aging and leaving our earthly home. 

A Serious Financial Shock 

It is a fact that many of America’s elderly cannot cover their overhead. The National Council on Aging reports that 45% of older adult households do not have the income needed to cover basic living costs based on cost-of-living data from the Elder Index. 80% are unable to cover a shock like widowhood, serious illness, or long-term care. In addition, Investopedia gathered data showing that three in ten Americans in their 50s have no retirement account or pension. This is a sad reality.

While the parents of your friends may appear as if they have nothing, it is possible they have lived sacrificially to prepare. Possibly, they have life insurance and invest in assets that children are unaware of. That’s why it’s important to discuss the matter if possible. Unfortunately, not all families have the luxury of transparency due to relationship challenges, mental health, or other issues with children and/or blended-family situations.  

Getting Ready for the Inevitable

Preparing financially for one’s senior years is one of the most important forms of stewardship. It’s not just about having enough money. It’s about creating stability, preserving dignity, and living with purpose. The key is to begin now, long before becoming senior citizens. There is no escaping it. Should the Lord will it, we will become senior citizens ourselves one day! Start now by taking the following steps: 

• Create a will and possibly a trust.
• Purchase health and life insurance.
• Fund an emergency savings account.
• Live debt-free, and give joyfully.
• Invest wisely and consistently.
• Cap or decrease your lifestyle.

The earlier you begin, the better. Time is a powerful factor in financial preparation because of compounding. Consistently saving and investing over decades allows even small contributions to grow significantly. Even if starting late, intentional planning can make a meaningful difference.

A Simple Plan to Follow

A foundational step is to build and maintain retirement savings. Contributing regularly to 401(k) accounts or IRAs provides long-term growth and potential tax advantages. If employers offer a match, take full advantage of that benefit. It’s one of the most effective ways to accelerate savings.

Reduce and eliminate debt. Entering retirement with large financial obligations can limit flexibility and increase stress. Aim to free up income so that resources will support needs rather than cover past decisions.

Plan for healthcare costs. Medical expenses typically increase with age and can become one of the largest financial burdens in retirement. Understanding insurance options, setting aside savings, and considering long-term care needs are all part of wise preparation.

Create a sustainable income strategy. This includes Social Security, retirement accounts, and any additional income sources. A clear plan helps ensure that your money lasts.

Fund an emergency account. Unexpected expenses still arise in old age. Accessible savings prevents the need to rely on debt or having to withdraw from long-term investments at an inopportune time.

Make lifestyle decisions. Living below your means before and during retirement creates margin and reduces financial pressure. It may also open the door to greater generosity and the freedom to act on what God lays on your heart.

Seek wise counsel. Financial advisors, trusted mentors, and knowledgeable friends provide perspective and help avoid costly mistakes. Proverbs reminds us that wise plans succeed with many counselors.

If possible, plan to continue working or pursuing meaningful activity to provide both income and purpose. View retirement as a season of contribution in new ways.

Anchor your preparation with trust. Financial planning is essential, but it does not provide ultimate security. God is the Provider. Preparation is an act of stewardship that must be paired with faith in God, who numbers our days.

The Bible teaches that the way we handle money now impacts our future both here and into eternity. We need not prepare out of fear but out of faithful stewardship. Here are financial actions and attitudes that are supported by Scripture: 

• Plan, save, and multiply: Proverbs 21:5, Proverbs 6:6–8, Matthew 25:14–30.
• Be diligent and intentional: Proverbs 10:4, Proverbs 21:5.
• Provide for future needs: Proverbs 13:22, 1 Timothy 5:8.
• Steward resources wisely: Luke 16:11.

Financial preparation for senior years is more than accumulating resources. It’s about building a life characterized by wisdom, discipline, and purpose. When that season comes, you are not defined by financial stress but by a life that is filled with peace, generosity, and impact. Hopefully, younger family members can serve you without the stress of wondering how to pay for your care. 

More Resources

Financial Literacy Declines in Older Adults

Gen X Facing a Retirement Crisis

Preparing for Retirement Involves More than Finances

Crown offers many biblically based, practical, and empowering courses and studies to help families find freedom with their finances. Learn how to be a faithful financial steward of the resources God provides.

This article was originally published on The Christian Post on May 22, 2026. 

The post Ask Chuck: Getting Ready for the Cost of Getting Old  appeared first on Crown Financial Ministries.

I’m what you’d call a “soccer mom.” We have three kids, and I feel like I run a taxi service for all their sports. Our health insurance is going up, gasoline prices are up, and groceries are killing our budget. I doubt we can afford a bigger house now that interest rates are high. How do good stewards deal with all of this at once?

Overwhelmed With Family Expenses 

Dear Overwhelmed With Family Expenses, 

That is a lot of concern packed into a small paragraph! Whether you are a “soccer mom” or a “dual-income no-kids family” (DINK), many Americans are feeling the same financial pinch. Let’s look at the big picture and then narrow it down to some of your specific areas of pain. 

Widespread Economic Concerns

Most Americans have negative views of the U.S. economy right now. According to Pew Research, “About three-in-ten U.S. adults (28%) rate economic conditions in the country as excellent or good, while roughly seven-in-ten (72%) rate them as only fair or poor.”

Experts Agree

Sarah Foster at Bankrate says, “The massive post-pandemic price burst hasn’t just challenged consumers’ ability to afford the items they want and need. It’s also damaged their personal finances, making it harder for consumers to take the prudent financial steps that could set them up for success in the long run… Those steps include saving for emergencies, investing in retirement, and covering expenses without incurring credit card debt.” 

Taryn Phaneuf at Nerdwallet writes, “No single factor can explain why food is so much more expensive now than before the pandemic. Food prices—which are up 34.6% since 2019—remain high because of the combined impact of rising input costs, supply chain disruptions, and corporate profits.” 

Little Decisions Can Lead to Big Relief 

Sports

I have a friend who is the father of six children. He and his wife made a decision to simplify their lives and ease the cost of youth sports. Their rule was that if the child wanted to be in sports, the only sport they could do was running because it was the least expensive, it was good for them, and they could practice it anywhere. All of them turned out to be capable runners. Consider a similar narrowing of sports options to protect your time and expense. Furthermore, ride sharing with other moms can help ease your costs and nerves. 

Health Care 

Look into health care co-ops. Many people are moving to this lower-cost alternative to health insurance. Practice preventive medicine by monitoring your children’s diet with healthy options instead of fast food. 

Groceries 

It is wise to purchase in bulk to capture available discounts. Check into: 

• Planting a victory garden.
• Stocking your pantry.

Housing 

While I understand you may be cramped in a smaller home, find joy and contentment where you are now. Stress increases when we live in the future. We know young couples who rent to enjoy low maintenance and flexibility, while others are looking at smaller homes to avoid the high costs associated with a bigger one.  

Steps to Avoid Being Overwhelmed

Be optimistic and grateful. Invite the children and like-minded friends to participate so you can encourage one another. Limit time with those who are big spenders. Here are some other ideas:

• Track your spending.
• Analyze your overall financial status. 
• Create and stick with a realistic budget.
• Negotiate insurance, phone contracts, medical bills, etc. 
• Drop unnecessary streaming services—even if just for a period of time.
• Shop sales and thrift stores for clothing and household needs.
• Determine what you can do without, and ask God for self-discipline and contentment.
• Find free entertainment for the family and friends this summer.

Got Debt? 

Credit card bills that are not paid off monthly are harming the financial state of many American families. Aim to pay off the one costing you the most in interest first. Apply any extra income (raises, tax refunds, gifts, etc.), savings from cooking at home, and reduced expenses (like a low utility bill) to that debt. When that one is paid off, direct the money toward other interest-bearing debt, and put some toward building your emergency fund. 

Set specific goals, and eventually build short- and long-term savings. Plan ahead for future needs: car and home repairs and maintenance, school supplies and uniforms, etc.

Study your bills to gain insight into how to reduce them. For example, what grocery or household purchases are more inflated than others? Try doing without, finding substitutions, or making your own, like salad dressing, bread, and cleaning supplies. Research options online.

Use “Taxi” Time Wisely

• Stock up on staples to avoid picking up fast food. Carry and restock a cooler with fruit, vegetables, homemade snacks, sandwiches, etc. Use refillable water bottles. 
• Have a picnic at games rather than eating out, or “tailgate” with other families. 
• Use driving time to teach the children basic financial principles. 
• Aim to turn complaining into praise and thanksgiving.
• Run necessary errands when in the vicinity to reduce gasoline expense.

Keep It in Perspective 

In November 2008, Zimbabwe experienced the second-highest recorded inflation rate in history. It reached a peak of 89.7 sextillion (10²¹) percent.

Not long ago, I was attending an economic forum where a panel of Americans discussed their concerns over “double-digit” inflation, as if it were unbearable. During the exchange, a few Zimbabweans offered consultation by explaining how they survived the second-worst hyperinflation ever recorded. They watched their money become worthless; yet they found joy in the midst of a financial meltdown. God brought them through the crisis, and many look back on their losses as a blessing in disguise, as their priorities dramatically shifted toward appreciating all the things that money cannot buy. 

Consider posting a card or note in a prominent place in your home that expresses your gratitude for all the small things that bring you joy each day. Counting your blessings will have a positive impact on you and your family. 

Additional Resources

• Crown Calculators 
• Crown Inflation Survival Guide
• Save Money Cooking at Home

Crown has many biblically based, practical, and empowering courses and studies that can help you find freedom with your finances. Learn how to be a faithful financial steward of the resources God provides.

This article was originally published in The Christian Post on April 10, 2026. 

The post Ask Chuck: “Soccer Mom” Overwhelmed With Family Expenses appeared first on Crown Financial Ministries.

Is there such a thing as depression brought on by financial stress? We have reached midlife and have very little to show for it. It seems we had money but not enough common sense to set some aside for our retirement years, which are quickly approaching. 

Depressed About Our Finances 

Dear Depressed About Our Finances,  

I am sorry that you are experiencing depression; your comments remind me of what Christ taught us: “Life does not consist in the abundance of possessions” (Luke 12:15 NIV). Your finances should not determine your worth, happiness, or meaning and purpose in life. 

Have you ever made a list of the things that have brought joy to your life that money cannot buy?  It is a great exercise to fight off the grip of depression. The list could include friendships, shared experiences, love, children, church, and the things you have done to serve God and others. This will help you see the truth that your true riches in life do not come from money and possessions. 

Change Is Possible 

It is true that the use of money and resources early in life strongly impacts one’s future. The reality of past spending and lack of preparation can cause deep guilt and fear.

According to an article at Mental Health Hotline, the toll of financial stress has been linked to the following:

• Irritability and mood swings.
• Trouble sleeping.
• Lack of concentration.
• Panic attacks.
• Feelings of hopelessness or despair.

Thankfully, those actions or past mistakes do not have to be final. The financial, emotional, and relational challenges are real, but it is never too late to change course. In fact, midlife can be the most powerful season for transformation because your motivation is stronger, your awareness is higher, and your understanding of what habits need to change is clear. Comparing your life to others may only add to the financial stress. The strain can lead to hopelessness if relief is not in sight.

“Therefore do not be anxious about tomorrow, for tomorrow will be anxious for itself.
Sufficient for the day is its own trouble.” 

(Matthew 6:34 ESV)

Take Agency—Plan for a Better FutureSome simple steps can set you on a path to find hope:

1. Gain clarity. Stress often grows in the unknown. Face the numbers: income, debt, spending. Set specific goals, and create a budget that allows you to get there. A simple plan, even if not perfect, can bring a sense of control and direction.
2. Be consistent. Progress is made by changes, even small ones, like building an emergency fund, paying down debt, and automating savings. Delay purchases, and reduce unnecessary expenses. Focus on what you can control to begin to build margin. This is foundational for financial stability and hope. 
3. Renew your heart and mind with spiritual truth. Ultimate security is not found in worldly wealth but in God. He is the source of true riches. Money is simply a tool, not a measure of your value. It does not define your worth, and it does not last. 

Money Doesn’t Last—Eternal Riches Do 

What we accumulate on earth can be lost, stolen, or devalued. It will ultimately all be left behind. No matter how big or how small your net worth is, you won’t be taking it with you. We come into the world naked and leave the same way. Remember, a naked person has no pockets.  

Earthly wealth will provide temporary comfort and hope for provision later in life. But eternal riches will grant you lasting peace and reward. Choose to live with an eternal perspective. You will find that stewarding what God gives you has a whole new meaning and purpose. 

Take this time in your lives to surrender everything to Him. Then ask Him to give you the wisdom, discipline, and desire to live as His financial manager. He is faithful, merciful, and abounding in steadfast love and kindness. Refuse to listen to the attacks of your accuser—even if you have setbacks. Stay the course, and remain faithful to Him. 

One day, you can look forward to hearing, “Well done, good and faithful servant. You have been faithful over a little; I will set you over much. Enter into the joy of your master” (Matthew 25:21 ESV).

“Do not lay up for yourselves treasures on earth, where moth and rust destroy and where thieves break in and steal, but lay up for yourselves treasures in heaven, where neither moth nor rust destroys and where thieves do not break in and steal. For where your treasure is, there your heart will be also. 

 (Matthew 6:19–21 ESV)

Financial stress isn’t just a numbers issue; it’s a trust issue. Inviting God into our decisions replaces fear, guilt, and anxiety with His peace that passes all understanding.

Additional Resources

• 7 Rules for True Riches
• 30-Day Reset
• 5 Reasons Your Finances Are About More Than Money

If credit card debt is adding to your stress, consider reaching out to Christian Credit Counselors. They are a trusted partner of Crown and are able to help consolidate debt and get one on the road to financial freedom.

This article was originally published on The Christian Post on April 3, 2026.

The post Ask Chuck: Can Money Cause Depression? appeared first on Crown Financial Ministries.