Many people separate the Bible from their finances, sorta like the argument of separation of church and state. But, in reality, financial principles begin with the Bible and, in fact, are found and grounded in scripture.
Here are seven principles you’ll find in the Bible that you can make the basis or your money journey. Whether it’s retirement, saving, giving, getting out of debt or just your perspective on money, you’ll find a strong foundation in these precepts and fundamentals.
God owns it all.
When we recognize this principle, pressure and stress are removed or greatly reduced. Immediately. If God owns it all, we are simply stewards and managers of everything. Whew, that takes a load off, doesn’t it?
Saving money.
Proverbs 21:20, Genesis 41:35-36, Proverbs 24:27.
Financial principles encourage us to save for emergencies, purchases and even long-term goals like retirement or education. That’s in the Bible too. That’s one reason your emergency fund is so critical. While we can plan for Christmas gifts, birthdays, vacations and groceries, setting aside money in your emergency fund is the best way to prepare for pandemics, economic downturns, job loss or unexpected medical bills.
If it’s good enough for the ant (Proverbs 6:6), shouldn’t it be good enough for us?
Living on less than we earn.
1 Timothy 6:6, Proverbs 14:29, Job 36:11.
Whether it’s money, possessions, status or position, the Bible encourages us to be content with what we have. Keeping up with the Joneses is a thing of the past. They’re broke anyway, so that should want to make you run fast in the other direction!
Being discontent with what you have leads to discourgement and overwhelming loss of joy and peace. Go where the peace is and that starts with being content in all things, especially with your money and possessions. You don’t have to keep up with the Joneses.
Life after debt.
Proverbs 22:7, Proverbs 6:1-5.
We need a plan to get out of debt systematically. The Bible provides proper guidance here too, and it’s a relief to no longer be the “…lender’s slave”. Most of America is living in debt today. Heck, America herself is taking a deep dive into more debt these days. Nearly 80% of Americans are living paycheck to paycheck. There is a better way.
If you want to be strange — or peculiar as the Bible says — get out of debt.
Having a written cash flow plan (your budget).
Luke 14:28-30, Proverbs 21:5, Proverbs 24:3-4
Luke 14 lays out the best case for budgeting and planning. It doesn’t matter whether you’re buying a car, a household appliance or planning how often you’ll eat out this month, a game plan is critical. That game plan is your budget, and it works every time.
The Four Walls.
1 Timothy 5:8, Proverbs 18:10.
Sometimes, you have to circle the wagons. Read a recent post on this subject of The Four Walls. Doesn’t matter if you’re up to your eyeballs in debt or doing well in your finances, this applies to you. Your four walls are crucial. Protect them at all costs. Take care of them first, and they’ll help take you through a crisis—Circle the wagons. Protect you, your family and your four walls.
Giving.
2 Corinthians 9:7, Malachi 3:10, Luke 6:38.
There are tithes, and there are offerings (giving). We discussed that in a recent post entitled Money and the Bible. Elizabeth and I have a category for giving in our budget, and we try to spend it every month. Giving doesn’t have to be money necessarily, but you may buy a Bible for someone, purchase a card, flowers or candy to send to someone, pay someone’s electric bill or give to some program at your church.
Have questions about your finances? Chip Bailey is a Dave Ramsey Preferred Coach and helps people live stress-free and debt-free. Email us with your question, or schedule a free 30-minute consultation.