The Bible has a lot to say on this subject
It warns us concerning the acquisition of wealth (Mathew 16:26), borrowing money and going into debt (Proverbs 22:7). It teaches us the proper use of money (Luke 16: 9), integrity in money matters (Luke 16:10-12; Proverbs 20:10) and why we ought to earn money to give others (Ephesians 4:28).
Order your personal finances
1 Timothy 5:8 If one does not provide for his own, and especially for those in his household, he has [1] denied the faith and is [2] worse than an unbeliever. Even one who does not pray or preach has not been given this degree of a condemnation.
Dangers involved in desiring to be rich
1 Timothy 6:9 Those who desire to be rich: [1] fall into temptation [2] fall into a snare [3] and into many foolish and harmful lusts [4] which ultimately drown men in destruction. Money management ultimately boils down to desire management! So let us examine our emotions/attitudes before God. 1 Timothy 6: 10 Not money in itself but the love of money [1] is the root of all kinds of evil and [2] results in straying away from the faith in greediness [3] and hurting oneself with many sorrows. Proverbs 23:4
We are rich! But are we content?
1Timothy 6: 8 According to the Bible if we have food and clothing (inclusive of shelter) we ought to be content. Are we?
Prayer of Agur
Proverbs 30:8, 9 Even a Godly man, Agur doubted that if he was given poverty, he may steal; if he was given riches, he may forget God. Therefore we should not be careless about financial matters.
Decisions to be made
How to make money? How to budget? How to keep accounts? How to use money? How much money to give? Where to give? How much to save? How to save? How to invest? The husband takes his wife (and may be the children also, when they are old enough) into confidence during the decision making process. However, the husband is finally to own responsibility for all decisions taken.
Adopt a One Family-One Purse Policy
All money should come to this one purse and go out from it. Avoid separate accounts. It is always wise to have joint bank accounts/fixed deposits with either/survivor status and a nominee designated. It is also wise to have a Will written and registered to prevent unnecessary squabbles in the event of your unanticipated demise.
Budgeting and Book Keeping
On receipt of your salary/income assign the required sum into separate envelopes (For the LORD/For Food/For House Rent/For Electricity, Water, Telephone and Gas/For Children's education/For Travel (Petrol/Bus) /For Medical Expenses/For Dress and Miscellaneous/For Savings). Limit your expenditure to what amount is available. Book keeping will always help in realizing where all the money has gone and where stringent austerity measures are needed.
Make a living by hard work
2 Thessalonians 3:8, 10-12 The apostles laid an example for us by working with LABOR and TOIL, night and day. If anyone is not willing to work, LET HIM NOT EAT. We are to WORK IN QUIETNESS and EAT OUR OWN BREAD. Proverbs 24:33, 34.
The Corporate Carrot and How far should I excel in my work?
Should I excel in my work at the cost of intimacy with God and/or spouse? Should I do so at the cost of relationship building with my children? Should I do so at the cost of availability for ministry? Should we say ‘Yes’ to every promotion? A believer must live by priorities and not by the pressures of circumstances. Luke 12:15-21.
Are you a hard worker or a workaholic?
Being a workaholic is a socially acceptable addiction! No one looks down on hard workers. Society encourages and rewards them. The difference between a hard worker and a workaholic is control. The hard worker is in control of when and how hard to work. There is a balance between work and the rest of his life. There is absolutely nothing wrong in doing our work well, in feeling satisfied when we have put in a long days work or in going an extra mile to make sure a project is completed on time. The workaholic on the other hand feels anxious when not working. He finds it impossible to relax. Sometimes he resents time spent with family and friends. The key indicator that a person is out of control and a workaholic is the bad state of his personal relationships. Workaholics often end up in burnout. We are not meant to work 24 x 7. It is neither healthy nor desirable to spend more than eight hours working every day. The road back from workaholism and burn out can sometimes feel slow and painful, but it can be done and it must be done. Proverbs 15: 16; 16:8.
Should we save?
Some quote Mathew 6:11, 26 and ask: ‘Why Save?’ Proverbs 6: 6-11: He who does not save for the dark day is LAZY. It is not an act of faith. Even the poorest can have a piggy bank to save coins.
What should we save for?
We ought to save for KNOWN FUTURE NEEDS. E.g. If my wife is pregnant, I know we would have to meet hospital expenditure for the delivery. We should trust God for UNKNOWN FUTURE NEEDS. E.g. I should not be saving for an unanticipated future kidney failure!
Where is our trust: in our savings or in the Lord?
2 Corinthians 3:5 We ought to know that our sufficiency is from God. It is not wrong to be rich. Abraham, Job, Jacob, etc were rich. It is wrong to trust in our riches. 1 Timothy 6: 17-19: The rich should [1] not be proud [2] not trust in uncertain riches [3] trust in God who gives us richly all things to enjoy [4] do good works [5] be ready to give [6] be willing to share and thus [7] store up eternal riches. Proverbs 13:7
Live a Simple Life
Buy what you actually NEED. You understand what you actually need by what you actually USE. So what is simplicity to me may not be simplicity for my brother. Let us therefore abstain from judging one another. We ought to subject our WANTS to our NEEDS rather than to our MEANS. Learning to live within your means might mean you look less successful.
Presents/Gifts/Cards/Celebrations
We need not become victims of consumerism. Give those whom you love, your time and your affection rather than expensive gifts (Proverbs 15:17). Celebrations are necessary and good but our focus can be on how to make them more meaningful rather than extravagant. Extravagant marriage functions on borrowed money are a crime. Family suicides are mostly associated with attempts to live beyond ones own means. Believers must be examples in living within their means.
Borrowing and Lending
Owe no one anything except love (Romans 13:8). The borrower is a slave to the lender (Proverbs 22:7). The wicked borrows and does not repay (Psalms 37: 21). We must not withhold from poor believers (Deuteronomy 15: 8) especially if it is a medical emergency, yet with discretion (Psalms 112:5). We must not take interest from poor believers (Exodus 22:25). We may give only that amount which we are willing to give unto the LORD and thus permanently forgo (Proverbs 19:17).
Loans and Insurances
As far as possible avoid loans and all ‘buy-now-pay-later’ schemes. Take a housing loan if it gives you income tax benefits. Take only that much loan as can be repaid by the insurance policy you have, so that in the event of your death, your family will not become bankrupt. Use insurance as a form investment: insurance premiums force you to save on a regular basis.
Credit Cards
Heinous pitfalls await those who depend on Credit Cards. There are rare occasions when Credit Cards can be useful – times of emergencies. But then the immediate goal must be to pay the bill as soon as possible. When people determine to live debt free, it makes them seem like the ‘odd-one-out’ in a society where instant gratification, promoted by the media, has been elevated to the status of a way of life. As believers we should always strive to spend less than we make even if that means sacrificing some comforts.
Surety and Pledges
The Bible has warned us sufficiently against standing as surety and or pledging our material possessions for others sake: Proverbs 6: 1-5; 11:15; 17:18; 22:26.
Giving to the LORD
Giving must be regular and planned (1 Corinthians 16:2); generous, intentional, cheerful and not under compulsion (2 Corinthians 9: 6, 7); proportionate to and at times even beyond our means (2 Corinthians 8: 2-4). In giving we must ask the questions: To whom/where, how much, when and why? The Lord watches and rewards our giving. (Luke 21: 1-4; Philippians 4:17)
Money is a good servant, but a bad master
Luke 16:13 The bottom line is that money management is not so much of a technique. It is basically self-management or control of ones desires. Unless one learns to control himself, he is no more likely to control his money than he is to discipline his habits, his time, or his temper. Undisciplined money usually spells an undisciplined person.
