Dear Brothers and Sisters,
On 25 May 2026, The Straits Times reported that the number of people being declared bankrupt is on the rise. The report highlighted five common reasons why people are made bankrupt:
Business failure
Overspending on consumer goods and services
Unemployment or retrenchment
Acting as a guarantor for a business or another individual
Insufficient income to meet daily expenses
Today, let us focus on the issue of overspending.
Spending can become a habit, and for some, even an addiction. As believers, we should pray to the Lord for self-discipline and self-control in all areas of life, including our finances.
May I suggest a few ways to guard against overspending?
Firstly, avoid buying things impulsively. Whenever you are tempted to make a purchase, ask yourself this simple question: “Even if I can afford it, do I really need it?”
Many times, you will realise that what you intend to buy is not a genuine need but simply a desire that should be kept under control.
Secondly, never spend money that you have not yet earned. As far as possible, spend only what you already have.
Avoid schemes such as Buy Now, Pay Later (BNPL), which I discussed a few weeks ago. Likewise, be careful when using credit cards. There is nothing inherently wrong with a credit card, provided you have the means and discipline to pay the full amount when it is due.
Of course, I am not suggesting that you cannot enjoy a certain lifestyle. If you are blessed with the means, have prayed about it, and are not overindulging, then there is nothing wrong with enjoying God's blessings. I will be happy for you.
However, it takes considerable self-control to avoid overspending. It requires effort and discipline, but it is far better than experiencing the regret and hardship that many bankrupt individuals face today.
May the Lord grant us wisdom, contentment, and self-control as we manage the resources He has entrusted to us.
Blessings,
David Poh
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