"For God has not given us a spirit of fear, but of power, and love, and self-control." (2 Timothy 1:7)
Looking at those three words of the title for this post and its relation to our finances, think first about what it means to emphasize the last word - It Takes Control. It does take control to put down what our flesh so eagerly wants, which is always beyond what we can afford. Our flesh will want more than we need, of a higher caliber than our budget allows, and sooner than we have the funds to pay for it.
A solid strategy for defeating this is by practicing patience. In Proverbs 16:32 it is written, "Better a patient person than a warrior, one with self-control than one who takes a city." Delaying a sizeable purchase and using patience, you will have time to calculate how much you have available and what it will really cost you, a chance to research if it is a good value, the opportunity to pray to the Lord and to sense His will for it, and the time to see if you really want it as time passes.
Now, think about emphasizing the first word - It Takes Control. This is where we can find ourselves when we let having that "thing" have rule over us. We give into that it has to be bought now - removing any chance to applying the wisdom we could have used in the past paragraph... knowing if we can or cannot afford it, if the price is right, knowing God's will, and sifting if our desire for it continues or not.
A graphic example is in Proverbs 25:28 - "Like a city whose walls are broken through is a person who lacks self-control." Those who repeatedly give in to impulse buying have their "walls" broken through, usually resulting in heavy credit card debt, a multitude of things they do not need, along with the constant burden and stress of how they will pay for it all.
In all of civilization, it has never been easier to do these two things - First, it's never been easier to get into debt and get in rapidly over your head. The ease of obtaining credit cards (at high interest) and their acceptance everywhere - from fast-food places to our government, and even vending machines creates more opportunities to pay interest on almost any purchase. At your computer or device you can buy anything from around the world 24/7 and have it shipped to your home - even next day if you're willing to pay enough.
Second, by leveraging the internet, it's never been easier to obtain information so you can make wise purchase decisions. Starting with the basics, like finding and loading digital coupons for groceries and using an app like Gas Buddy to locate the best gas prices nearby, up to getting reliability/consumer ratings on appliances, electronics, cars and service companies, and then shopping online to quickly locate the best deals. Many restaurant websites offer free and discounted meals, sent right to your e-mailbox, just for signing up with them.
For certain purchases, buying a high quality item is the right choice in the long run, but if your budget does not have room and a long time is required to save enough, consider buying used. For example, you can get a quality 4-year old car up to 40% off from the new price, while benefiting from the updated technology/safety features and improved longevity. You can also shop easily for many used items on CraigsList and other sites, with large savings versus buying brand new.
We all will make mistakes at times with our finances, but if we aim to be patient, humble ourselves and look to the Lord for wisdom and strength we are guaranteed to succeed by Him who empowers us - wrapped up in this verse that contains a promise, from Lamentations 3:25-26:
"The Lord is wonderfully good to those who wait for him, to those who seek for him. It is good both to hope and wait quietly for the salvation of the Lord."
God Bless you and may He show Himself greatly to you,
Paul
