Below is my interview with Jason Price from One Money Design about the Money Map:
What is the Money Map?
The Money Map is a tool which helps guide your financial journey to a destination where retirement is funded and you’re in a position to be more generous with time and money. It has 6 destinations before the final destination of financial freedom.
For me, the Money Map served as the answer to financial disorganization for our family. We were trying to accomplish a little bit of everything (emergency savings, retirement investing, getting out of debt, saving for kids’ colleges, etc.). The Money Map ha helped us prioritize and focus where we could finally gain forward momentum in obtaining our goals.
How do they compare to Dave Ramsey’s Baby Steps?
Both approaches are similar and are excellent tools. I actually came across the Money Map before the Baby Steps. One notable difference is the approach for building the emergency savings.
After saving $1000 for emergencies, the Baby Steps recommend paying off all debt (except the home mortgage). The Money Map recommends paying off credit card debt first and then saving one month’s living expenses before paying off remaining debts (except the home mortgage).
The Money Map is based on practical advice as are the Baby Steps, but also provides a Biblical foundation to each destination using Bible verses.
For more information, I recently wrote a series of posts comparing both the Baby Steps and Money Map.
Is the Money Map only for Christians?
Crown Financial Ministries is a Christian Ministry, but the ministry and its tools aren’t just for Christians. The practical tools can be applied to anyone’s financial situation. As a Money Map Coach, I’ve had the pleasure of working with people who are and are not Christians.
Have you seen people have success using the Money Map?
Yes, absolutely. I visit with a lot of people who are overwhelmed by debt and don’t know where their money is going each month. The Money Map has helped them focus on the most important priorities of first saving a $1000 for emergencies and then focusing on paying off credit cards. I think what makes it a successful tool is the ability to keep the destinations and goals visible. We have a mini version hanging on our refrigerator.
How did you get involved with Crown Ministries and the Money Map?
Several years ago I decided to become a volunteer budget counselor to help people organize their finances, get out of debt and learn more about what the Bible has to say about money. My wife and I have taken a Crown small group study and were also leaders for a group. A few years ago I decided to go through the Crown Money Map coach training program and extend my reach of helping people with their finances.
How can my readers get their Money Map?
You can purchase a map for $3 from the Crown resource store. You can also search for a free in-person Money Map coach or online coach.
Jason Price is a volunteer financial coach and personal finance blogger at One Money Design. He helps people manage money wisely for everyday life using practical ideas and Biblical financial principles. If you want to get his free money management tips and put your personal finances in order, follow him by Email, Twitter, Facebook, or RSS