The Crown Money Map by Crown Financial Ministries has been a great tool for our family. I’m sure I will have many stories to share as we continue our journey to true financial freedom (the mission of this blog). If you’re not familiar, here’s a quick overview of the 7 destinations.
7 Money Map Destinations
- Begin using a spending plan & save $1000 for emergencies.
- Pay off all credit cards and increase savings to one month’s living expenses.
- Pay off all consumer debt & increase savings to 3 months living expenses.
- Begin savings for major purchases (home, auto, etc.). Begin saving for retirement. Begin saving for children’s education. If you want to start your won business begin saving for it.
- Buy affordable home. Begin prepaying home mortgage. Begin investing wisely.
- Home mortgage paid off. Children’s education is funded. Confirm estate plan is in order.
- My retirement is funded. I am free to to be more generous with my time and money.
Benefits of the Money Map
Here are 10 benefits for using the Money Map and why I think it’s a great tool for anyone to use on their financial journey.
1. It Provides a Logical Guide and Plan
The map is a logical guide to saving, paying off debt and accomplishing personal finance goals. For me, it was a relief to focus on one destination at a time and not many goals as I had been doing before using it for the first time. But before focusing on my first destination, I love the fact that the map recommends giving to the work of the Lord as a first step on your financial journey.
2. Retirement Contributions
The Map is open about retirement contributions. If your employer matches, you should take advantage of this match and begin investing in retirement (even if you’re in debt) as long as you can continue to make forward progress. This makes sense since it’s so important to invest early in life.
3. Save for Major Purchases
When do you save for major purchases such as a new car? This is clearly spelled out in destination 4. However, it’s important to build up your emergency fund before saving for other big items.
4. Begin Using a Spending Plan
Begin using a spending plan is the first step at Destination 1. A spending plan is what will help you complete each destination and greatly improve your chances of reaching the final destination.
5. True financial freedom
True financial freedom is the final destination. At this point, your retirement is funded and you are free to by generous with your time and money!!! Sorry, it doesn’t mean you don’t do any work and sit around all day watching Andy Griffith reruns. You have the opportunity to volunteer your time and focus 100% on the mission God has given you.
6. The Planning Section
The flip side of the map provides a planning section to help you determine your life purpose. After reaching true financial freedom (the final destination) knowing your life purpose will help you determine what you’ll be doing with all of that time to give.
7. Emergency savings
Before paying off all debt (destination 3), the Money Map directs you to increase your emergency savings to one month’s living expenses. I think this is a good risk averse way to approach emergency savings because you focus on building some savings to help prevent credit card debt. The alternative is to pay off all debt first and then fully fund the emergency savings.
8. Biblical finance
It’s biblical! Each destination has a scripture memory verse that provides encouragement and motivation for completing the destination. The Money Map is built upon the principles of good stewardship.
9. Money Map Coaches
You can get personalized help. Crown has trained volunteers (Money Map coaches) to assist people with specific questions and planning associated with each of the destinations. Money Map coaches help people learn biblical principles to managing money along with implementing practical financial tips and tools such as a budget.
10. Roadmap to your finances
It’s truly a road map that you can display in your house and refer to each day to be reminded of the goal of true financial freedom. I keep my personal copy with me and refer to it often to reflect on the goals we’ve achieved and where we’re going.
Begin using a Crown Money Map to manage your finances.