What does The Bible say about Personal Finance? Come, let us find it out.
Paying our tithe to the Lord
A tithe is 10 percent of a person’s “increase” (Deuteronomy 14:22), which is given to support the ministry and work of the Church. When we tithe, we show God that we are putting Him first in our lives. Tithing is not to make the Churches rich but it is to help the needy. It helps us to live unselfishly. Tithing also helps to trust GOD more and build up a more personal relationship with HIM. Give back to God what is already His. When you tithe, you are showing God that you not only follow His commands, but that you trust that He will care for you.
Honor the Lord with your wealth, with the firstfruits of all your crops. – Proverbs 3:9
Make a Budget
Bible stresses on how important it is to plan for things. And a budget is a written plan to track and control income and expenses. We need to be aware of how we’re using our income, so we can know whether we need to make adjustments in our spending. Budgeting helps us live within our means, avoid impulsive and unnecessary spending, and prepare for future needs. If we don’t carefully plan our finances and direct them where to go, we will one day find ourselves broke.
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? – Luke 14:28
Save for a rainy day
Life is unpredictable and can have its own surprises on the way and some of those surprises can be very unpleasant. We may require some huge medical expenses to be made for ourselves or for our dear ones. Or we can get laid off from work due to some problems which may not have anything to do with our performance. It is for this reason that God has encouraged us to have a savings, which may become fun money in your retirement, or security money when a steady paycheck is no longer there. Like the ant, who saves during a time of plenty for a time when there will be need, we, too, should save now for future expenses.
The wise man saves for the future, but the foolish man spends whatever he gets. – Proverbs 21:20
Debt makes you a slave to your creditors. You lose that complete freedom on how you want to spend your salary as this debt might be eating up a considerable portion of your monthly paycheck. Change the way you handle debt and the financial habits that put you in debt including overspending and borrowing (loans). After tithing, pay yourself first by saving money so you don’t have to borrow. Be very careful about buying on credit because there is the villain named interest enslaving you. Do not spend money you don’t have.
The rich rules over the poor, and the borrower is servant to the lender. – Proverbs 22:7
Don’t agree to guarantee another person’s debt or put up security for someone else. If you can’t pay it, even your bed will be snatched from under you. – Proverbs 22:26-27
Work is a blessing. By working hard and not falling to slothfulness, we will benefit both financially, emotionally, physically, and spiritually. Do not rely on get-rich-quick schemes but invest your time to upgrade your own work skills which will lead you to a higher paycheck and promotions and more prosperity. Never find happiness in free money like winning a lottery ticket. Make sure you deserve every penny that arrive in your coffers.
Wealth from get-rich-quick schemes quickly disappears; wealth from hard work grows over time. – Proverbs 13:11