One Money Design

The Crown Money Map by Crown Financial Ministries has been a great tool for my family.  I’m sure I will have many stories to share as we continue our journey to true financial freedom.  If you’re not famaliar, here’s a quick overview of the 7 destinations.

7 Money Map destinations 

1. Begin using a spending plan & save $1000 for emergencies.
2. Pay off all credit cards and increase savings to one month’s living expenses.
3. Pay off all consumer debt & increase savings to 3 months living expenses.
4. 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.
5. Buy affordable home.  Begin prepaying home mortgage.  Begin investing wisely.
6. Home mortgage paid off.  Children’s education is funded.  Confirm estate plan is in order.
7. My retirement is funded.  I am free to to be more generous with my time and money.

10 reasons why I love the Money Map

Here are 10 reasons why I love the Money Map and why I think it’s a great tool for anyone to use on their financial journey.

1.  Logical guide

The map is a logical guide to saving, paying off debt and accomplishing other personal finance goals.  For me, it was a relief to focus on one destination at a time and not all of them like 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 step before taking the 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.

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.  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.

5.  True financial freedom

True financial freedom is the final destination.  At this point, retirement is funded and you are more free to by generous with your time and money.  Sorry, it doesn’t mean you don’t work and sit around all day watching Andy Griffith reruns.

6.  Planning page

The flip side provides a planning page 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 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.  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.

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. 

10.  Roadmap to your finances

It’s truly a roadmap that you can display in your house and refer to each day.  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.

Money Map giveaway!

Okay, considering my appreciation of the Money Map, I’d like to give away 5 copies to 5 winners of a random drawing! 

How does the drawing work?  Let’s keep it easy!  1)  Become a free subscriber to One Money Design posts by email or RSS.  Then, leave a comment here by midnight December 27th letting me know you’ve done so.  I’ll randomly pick five people (you can only win once) from the comments and announce the winners on December 28th.  Winners will be announced on Twitter and an email will be sent to each of them.

By the way, if you already have a Money Map, or you’re not planning to use it yourself, consider signing up anyway and give it to a friend or family member who might appreciate it.

Related Posts:

• The Best of the Money Map and Baby Steps
• The Baby Step and Money Map Dance – Post #6
• The Baby Step and Money Map Dance – Post #4
• The Baby Step and Money Map Dance – Post #3
• The Baby Step and Money Map Dance – Post #2
• Time For A Financial Counselor?