Six Key Financial Principles
Recently in worship we looked closely at biblical principles of money management and learned how they apply to our daily lives. We reviewed some common pitfalls and cultural traps and discovered how to avoid them. As a group, we also learned about the Six Key Financial Principles, which are summarized below. The hope is that you will take time to read these principles and Scriptures. They make a great table devotional for you and your family. By practicing these biblical principles, all of us can find greater simplicity, contentment, generosity, and joy for our lives.
1. Put God first in your living and giving. (2 Corinthians 9:6-7)
Put God first in your living and your giving. Give your tithe and offering from the “top” of your paycheck, and then live on whatever remains.
H3>2. Prepare a spending plan and track all expenses monthly. (Proverbs 27:23-24)
Creating a budget means developing a plan in which you tell your money what you want it to do. Tracking your expenses is like getting on the scales to see how you are doing.
3. Simplify your lifestyle; live below your means. (Matthew 6:19-33)
Because this discipline is critical to the success of any financial plan, next Sunday’s sermon will be devoted to this topic.
4. Provide immediately for an emergency fund. (1 Timothy 6:9-12)
An emergency fund is an account separate from checking or long-term savings that is set aside specifically for emergencies.
5. Pay off all credit card debt; use cash or debit cards, not credit cards. (Proverbs 22:7)
As you are building your emergency fund, begin to pay off your credit card debt and start using cash or debit cards for purchases. If you must use a credit card, be sure to pay off the debt monthly.
6. Practice long-range saving and investing habits. (Luke 14:28)
Saving money is the Number 1 wise money management principle everyone should practice. There are three types of savings we should have: emergency savings, savings for wants and goals, and retirement saving.