Personal finance tips for Christians: Having a good sense of money management skills is an effective way to reduce misery, save marriages, improve health and reduce stress. Raising a Christian family means remembering to incorporate good morals and ethics into your structured home – engulfed in those elements should be the beliefs centred within the Christian faith.
Christians live at a high standard of honesty because God is always by their side. There will be times money will cause disagreements and/or episodes of frustration, however, it’s important to know that even during these times, God is surrounding us.
Therefore, when Christians evaluate their financial situation God should also be considered in the equation.
God is the Provider: Try to engulf Matthew 6:31 in your regiment of money management. Don’t become materialistic but keep in mind Christians are not supposed to constantly worry about money. Living by faith is no longer the way to manage your finances.
God provides you with property to manage and it is your duty to be responsible for those blessings. People who live without being responsible for their funds and leaving it completely in God’s hands will end up being in debt. Be thankful for the opportunities within your career and the financial blessings that God provides but be willing to own your obligations.
Giving is important: Luke 6:38 says, “Give and it shall be given unto you; good measure, pressed down, and shaken together, and running over, shall men give unto your bosom. For with the same measure that ye mete withal it shall be measured to you again.” It’s important to factor in charity when organising your funds. This is another way God is put first on a daily basis.
As a Christian, it’s important to remember that God provides you with the strength to work each day, therefore, it’s only right to give back to the church and to charities that have the intent to better the world.
Saving: It is important to make your money work for you. Proverbs 21:20 says, “There is treasure to be desired and oil in the dwelling of the wise; but a foolish man spendeth it up.”
Christians should be able to see the bigger picture and identify what saving a little money each month can equate to. As a family grows over time, parents will need to get their children ready for college or perhaps embark on new career adventures. Having a savings built up will provide the family with a foundation to stand tall on.
Stay out of debt: A lot of people get caught up with the concept of borrowing money. Borrowing funds for a house or a car is one thing, however, when you’re borrowing to pay another debt that’s another.
In many cases, easy credit causes problems later because the amount you could save on the interest paid is substantial. Proverbs 22:7 says, “The rich ruleth over the poor, and the borrower is a servant to the lender.”
Budget: In order to truly understand your financial situation, you must keep and maintain a budget. Keep records so you can know where and what your funds are being spent on. Proverbs 24:3,4) says, “Through wisdom is a house builded ; and by understanding it is established, and by knowledge shall the chambers be filled with all precious and pleasant riches.“ Families will feel more secure knowing their income and debts – and will be less likely to get into financial troubles.
Luke 14:28-30 says, “Suppose one of you wants to build a tower. Won’t you first sit down and estimate the cost to see if you have enough money to complete it? For if you lay the foundation and are not able to finish it, everyone who sees it will ridicule you, saying, this person began to build and wasn’t able to finish.”
This Biblical saying is about budgeting. You know you need to cover the cost of necessities first – but those costs don’t always come up right away, so you need to plan for them or make a budget.
Some major expenses, such as rent payments, only come due once per year (in this part of the world). Others, like home insurance premiums, only come due once annually. Planning ahead and saving for those intermittent (but known) expenses is a key component of budgeting.
Build an emergency fund: Genesis 41:34-36 – Let Pharaoh appoint commissioners over the land to take a fifth of the harvest of Egypt during the seven years of abundance. They should collect all the food of these good years that are coming and store up the grain under the authority of Pharaoh, to be kept in the cities for food. This food should be held in reserve for the country, to be used during the seven years of famine that will come upon Egypt, so that the country may not be ruined by the famine.
It always makes sense to save resources in good times so you have them to help you get through lean times. In modern-day America, “lean” years are less likely to be a literal famine than some sort of financial crisis, such as a job loss or a health problem that saddles you with hefty medical bills. Regardless, Joseph’s basic strategy – setting aside money for future emergencies – still holds true.
Diversify your investments: Ecclesiastes 11:2 – Invest in seven ventures, yes, in eight; you do not know what disaster may come upon the land.
This line from Ecclesiastes is a short, clear explanation of why it makes sense to diversify your investments. Nearly any type of investment can fall victim to “evil” of some sort, whether it’s a plague of locusts that wipes out a grain crop or a market crash that reduces the value of stocks or real estate. So, it makes sense to put money into many different types of investments so that a single disaster can’t cost you everything you have.
According to crosswalk.com, It’s no secret that the Bible teaches us to live our lives a little bit differently than the world does. And that’s especially true when it comes to money.
Be contented: Practice contentment and don’t covet other people’s stuff, the Bible says in Hebrews 13:5, and Exodus 20:17. But advertisers make you want the life you see in their commercials. You feel incomplete, so you hand over the cash, hoping to buy happiness.
It’s tough trying to resist the world’s ways when it comes to money. We’ve all experienced temptation in that area and have buckled at some point. That’s why keeping God’s desire for our finances front of mind is so important.
Support Adura Foundation
…we have a small favour to ask.
As our reader, we appeal to you to support Adura Foundation from as little as N1, 000.00 (One Thousand Naira). Every contribution we receive from readers like you, big or small, goes directly into funding our faith renewal journalism and helping the very poor in our society.
Adura Foundation International
Stanbic IBTC Bank