Are your finances in keeping with your faith?

By Terry Frisk

Springtime is coming! As we shake off the winter blues, we look forward to warmer weather that brings new life to plants and trees as well as outdoor activities. However, it also means the dreaded tax time. Every year, as I gather my financial information to prepare my tax return, I ask myself, “Where did all my money go?” Tax time is a good time to look back at what you earned and spent and ask yourself, “Are my finances in keeping with my faith?”

At the end of each year, we receive a W-2 (or similar tax form) from our employer, showing how much income we received during the year. We have worked hard for that money. But we should remember that our ability to earn money is given to us by God. In Deuteronomy, Moses wrote:

“My power and the strength of my hands have produced this wealth for me. But remember the Lord your God, for it is he who gives you the ability to produce wealth, and so confirms his covenant, which he swore to your ancestors, as it is today.” –Deuteronomy 8:17–18 (NIV)

God not only provides us with the ability to earn an income, but He also provides us with ways to enjoy the fruits of our toil. All the worldly possessions we receive during our lifetime are blessings from God, who has entrusted us to manage them. God entrusts us to be good stewards with our finances for which He has blessed us.

People often comment that financial stewardship must come easy to me because I am an accountant. However, there is a huge difference between being a good money manager and achieving financial stewardship. While I am still learning, here is what I have discovered:

1. Recognize that your income is a blessing from God. He has entrusted you to use your money wisely to serve Him. He wants you to achieve a balance between giving, saving and spending so that you do not become a slave to money. Attain this balance through prayer.

2. Give to support God’s work. Start with what you can contribute today and strive to increase your giving to a full tithe or more. 2 Corinthians 9:7 states we should give what we have decided in our heart to give. I believe this is encouraging us to exceed our giving above tithing, not less.

3. Create a spending plan that focuses on your true needs. Allocate an amount for giving and saving first. Also, include an amount for unforeseen expenses that may occur.

4. Prayerfully consider every major purchase. Before shopping, determine how much you are able to pay and stick with it. I maintain a savings fund that I contribute to each month for replacing my auto. When it comes time to trade vehicles, I have a set amount of cash available. This eliminates the temptation to pay too much and reduces the stress of negotiating since I have an established amount to pay.

5. Be careful with debt. Not all debt is bad. Very few people purchase a home without a mortgage. However, your mortgage payments should not exceed 25% of your income. If it does, you are buying a home that you cannot afford. If you use credit cards, pay them off monthly. If you are carrying a credit card balance, then you are spending beyond your means.

You can find a lot of money handling advice in books, magazines, television and on the internet. However, the best advice can be found in reading the Bible and praying to God for guidance. Even the smartest accountant cannot stack up to these resources! n

Terry Frisk is a retired business financial advisor. He also counsels individuals on personal financial matters through the Cathedral of the Rockies Budget Coaching ministry. He can be contacted through e-mail at terry_frisk@msn.com.