Pivotal Biblical Teachings About Managing Finances
Working hard to help others is a big part of a Christian’s life. But learning how to manage finances well can be tricky for many folks since there are a wide variety of options in self-help books, advice columns, finance-related podcasts, etc.
The Bible can advise all aspects of our lives. It can even serve as a practical guide for financial well being. In fact, there are over two thousand of bible verses about money management spread throughout scripture, covering critical fundamentals about charity, investments, and prosperity. Therefore the best way to be a good financial steward is to study and follow biblical teachings.
The following is a list that details some of these important aspects of financial management as taught by the Bible. It can help you handle your accounts efficiently and make sound financial decisions.
Have a Budget
When you read Luke 14:28, you’ll understand why one must create a financial plan before venturing into anything risky. The verse says, “For which of you, desiring to build a tower, does not first sit down and count the cost, whether he has enough to complete it?”
This speaks of the importance of estimating costs before beginning a new venture. Otherwise, one may have to abandon the project midway due to a lack of resources. Invariably, it’s better to make a clear budget beforehand, ensuring you do not incur losses when taking up new projects or starting your own business.
Avoid Going into Debt
A paper called Determinants of Money Management Behavior shows that attitudes matter when it comes to financial management. It even has the power to affect a person’s entire financial trajectory. Therefore, incorporating the right attitude and living within one’s means is an excellent way to avoid living in debt and barely getting by.
The Bible confirms this in Proverbs 22:7, which teaches, “The rich rules over the poor, and the borrower is the slave of the lender,” implying the borrower becomes a servant to the moneylender, which often becomes the case for those in debt.
To avoid going into debt, follow the advice on Proverbs 24:27: “Prepare your work outside; get everything ready for yourself in the field, and after that build your house.” In essence, the verse means one should have sufficient funds in hand before venturing into any big purchase project.
Be Wise With Your Investments
The Bible also teaches the importance of saving for a rainy day. For instance, consider Proverbs 30:24-25. The scripture cites the example of the ants, which are not strong but exceedingly wise, making preparations for hard times. It says, “The ants are a people not strong, yet they provide their food in the summer.”
Furthermore, Ecclesiastes 11:2 states, “Give a portion to seven, or even to eight, for you know not what disaster may happen on earth,” meaning that one should proliferate their investments, effectively increasing them with prudence and diligence.
These verses signify the importance of having a safe fall-back plan, be it for emergencies or for a pleasant retirement. If you’re not sure where to begin, you can opt for trustworthy investors that give you proper financial guidance, counsel on taxes, investments, debts and savings.
Conclusion
Proverbs 21:20 states: Precious treasure and oil are in a wise man’s dwelling, but a foolish man devours it.” In simple terms, it means riches can be found in a wise man’s residence while a fool squanders away what he possesses.
Therefore, it is imperative to understand the critical importance of handling your money. With diligence and proper guidance, it can form a healthy foundation that improves your quality of life, while freeing you up to serve God with your finances.
