The Bible, your money and you

The Bible contains money management principles that can be very beneficial to your family. 

Even in the most prosperous countries of the world, most people have little financial reserves and live from salary to salary with many debts and without a family budget.

In a recent survey by the United States Federal Reserve, almost half (47 percent) of those interviewed confessed that they were unable to obtain $ 400 without having to ask for a loan or sell something in an emergency.

In another survey, 75 percent of Americans admitted to living paycheck to paycheck, with just enough to make ends meet, at least occasionally. All this is much more serious in other countries, such as in Latin America. It should come as no surprise that a third survey (conducted by Gallup in 2013) revealed that less than a third of American households are governed by a detailed budget.

These results are physical evidence of what could be a spiritual problem. In fact, one of the indications of the sin of greed is the tendency to acquire unnecessary material goods, even when it involves incurring a debt. Doing this regularly demonstrates a lack of character in setting and following a realistic, debt-free budget. These are all Biblical principles that we will discuss below.

First, a clarification

The purpose of this article is in no way to criticize those going through financial difficulties due to external reasons. Not all financial problems are the result of spiritual or character weaknesses. For some, the reason is simply a lack of financial education or limited opportunities.

The Bible describes situations like persecution, trials and "time and occasion" (accidents or disabling illnesses, or the premature death of a provider, for example) that can lead even people who are faithful to God and with a lot of character to suffer serious problems. financial. In these circumstances, the lack of a budget or self-control has nothing to do with it. What is required in such cases is compassion and help, not trials or convictions.

Biblical Principles of Money Management

On the other hand, under normal circumstances people do have good control over their finances. Most of us can make decisions about what to do with our money, and in such cases, there is almost nothing as important as having and following a family budget. In fact, that is probably the most common recommendation among professional financial advisers. And most importantly, it is the recommendation of the Bible!

Going by a budget involves many spiritual principles, such as avoiding greed, having self-control, developing faith, and having patience and gratitude. Put into practice, for the purposes of this article, having a budget primarily means four things:

Realistically estimate our available resources to carry out a project.  

Estimate the resources we will need to carry out the project.  

Carry out the project only when our available resources are at least equal to the necessary expenses.

Do everything necessary not to spend more on the project than is available.

This definition applies to all kinds of projects - from supporting us day by day, to paying for an education or acquiring something. Budgeting requires an honest assessment of what we can afford, considering our needs over time. (Some of our needs will occur in the future, and this will require discipline not to spend everything available now so we can save for those needs.)

Biblical examples

The Bible contains many examples, principles, and direct advice on how to budget, plan, and live according to our means. Some of them are:

Joseph planned and saved some of the resources available in Egypt's "good years" so that he could feed people during the "bad years" (Genesis 41).

Both the tabernacle (in Moses' time) and the temple (in Solomon's time) were built only when all the necessary building materials had been gathered (Exodus 35 and 1 Chronicles 29).

The good and wise man leaves some of his assets even to his grandchildren, which suggests that he budgets, plans, saves, lives and consumes within his means, motivated by the desire to share his blessings with others (Proverbs 13:22). .

God created the ant with the instinct to do what He advises us to do: set aside some of our resources in good times and then use them in less abundant circumstances (Proverbs 6: 6-8; 30:25).

Jesus Christ told everyone who wanted to follow him to "calculate the cost." This involved making a realistic assessment of how much it would cost them to be his disciples, and determining in advance whether their available (spiritual) resources would be sufficient to complete the project. In giving this advice, Christ also noted how foolish it is not to budget, even in secular matters (Luke 14: 28-31).

The Bible harshly condemns - as "worse than an unbeliever" - anyone who by negligence or conscious negligence does not provide for the basic needs of those who depend on him - "those of his house" (1 Timothy 5: 8). This kind of irresponsible behavior and attitude often becomes apparent when there is no planning, budget, or good management of family resources. Instead, it is only wasted and consumed carelessly, often with greed and selfishness.

Creating and maintaining a budget sometimes requires both faith and works. There are times when even with our best efforts, our budget simply will not be enough. And it's OK. We must do the best we can — put the works in place — and believe in faith that God will make a difference. Going through moments like this, where we see the loaves and the fish multiply, can strengthen our faith much more.

Finally, we must remember that, as weak and imperfect human beings, we cannot give more than the best of ourselves. God knows it, and in fact He reminds us. We cannot control our future (although we should realistically try to budget for it). As the saying goes: "Man proposes, but God disposes" (see Proverbs 19:21; James 4: 13-15; Ecclesiastes 9:11).

An annual budget — with God, “Caesar” and own expenses

Taking all this into account, my suggestion is to make an annual individual or family budget. In many cases, we will have (perhaps large) expenses that are paid only once a year — such as certain types of insurance and taxes, for example — and having an annual budget where we consider them will help us ensure that we will not forget them.

The first step is to estimate the family's income for the next year. For most, this translates to wages or earnings from self-employment. Include only the income that you are sure you will receive, and count only the bonuses that have been consistently and historically delivered to you. Do not include any bonuses or income that you “probably” receive, for the obvious reason that if you counted them in your budget but do not receive them, your expenses will end up exceeding your income.

The next step is to estimate the annual expenses of the family divided into three categories: God, "Caesar" and own expenses. As in every aspect of life, God must go first. His tithes and freewill offerings should be the first and most important expense in a Christian's budget (Proverbs 3: 9; Leviticus 27: 30-32; Deuteronomy 12: 17-18; 16:16; Matthew 23:23).

Jesus Christ well said that we must give "to God what is of God" (Matthew 22:21). 

But in the same verse Christ also said: "Give therefore to Caesar what is Caesar's." This means that as Christians we must pay our taxes to the governments that direct us (Romans 13: 6-7).

After fulfilling our financial responsibilities with God and with the government, we are left to plan our own expenses and / or savings.

Within this third category, the main appropriate and correct expenses are:

Housing (mortgage or rent, property taxes, maintenance, furniture, etc.)

Public services

Feeding

Dress

Transport

Insurance (various types)

Health

Savings (emergency fund, university fund, retirement fund, etc.). Plan to save even a little money a year, if possible. This is a way to develop self-discipline, combat greed and materialism, and responsibly provide for future needs.

Debt payments

Entertainment and recreation (if possible, in modest amounts)

Help those in need (if you are not needed). Remember that giving is a biblical principle.

Various (you probably haven't thought of everything).

Now, compare the two totals (income and expenses) to see if they match. If your expenses exceed your income, take out the calculator again. Think of ways to increase your income or reduce your expenses. Those are the only ways to eliminate the deficit.

Ask God to give you wisdom and help you throughout the process. Seek to do His will, and trust Him.

Then, when you've managed to create a balanced budget, another essential step comes: track your actual expenses week by week and month by month, checking each expense against your budget. Do not make an expense if adding it causes it to be exceeded.

Start now!

There are many spiritual principles related to good money management, such as learning to be content with what you have, having faith and self-control, being obedient, grateful and responsible. The best time to start budgeting is when we are young, because later it can be more difficult and require more patience to reap the benefits, especially if we are already in a financial slump.

But, determined to do the right thing, with patience, faith and trust in God, it is never too late to start being faithful even in what seems "little": your finances. The reward will certainly be worth it (Luke 16: 10-12)!