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ccording to a 2019 statistic almost 60% of U. S. adults are living paycheck to paycheck. Even more startling, 18% of those made $100,000 or more. There are three basic reasons why individuals and families struggle: First, many folks are financially illiterate and find it difficult making right choices with money. Secondly, a vast majority of working adults are overextended, they have just as much going out as they do coming in. Lastly, a lack of consistent stewardship. Deuteronomy 8:18 declares “God gives us power to gain wealth.” We should earnestly pray and educate ourselves on how to be supreme stewards over His bountiful blessings to us. Here are three basic principles to help us achieve that goal: Spend some, save some, and give some away.
SPEND This principle is important because it impacts the capacity to save and give. Without question, spending is one of the rewards of labor. Admittedly, very few people have a difficult time spending money. Spending includes servicing monthly bills, paying for the emergencies, shopping, and entertainment. If expenditures are equal to income, then we fall into the paycheck-to-paycheck conundrum. The only way out of that malaise is to gracefully reduce expenses immediately. The next step is examining the reasons why it is a struggle for the ends to meet. Are you living above your means? Are you shopping to keep up an appearance? Are you emotional shopping (spending during times of heightened sadness or stress)? Carefully and honestly reflecting upon these questions may solve some of the mystery of financial mismanagement.
SAVE In January of 2022, CNBC reported that 56% of Americans can’t afford to cover an emergency expense with savings. Saving money is critical to financial vitality. Not only must we save to respond to impromptu life events, but we should have enough savings to obey the gentle prodding of the Holy Ghost to minister to the necessities of the saints. Did you know if you save $19.18 every week, you’ll have THE CHRISTIAN OUTLOOK
MONEY MATTERS
Stewardship $1000 at the end of the year? One of the surest ways to save is to make it automatic through payroll deductions. If that’s not an option, most online banking accounts allow automatic transfers from a checking to a savings account. In addition to saving, every working adult should invest a portion of their income towards retirement. While investing can be a daunting task, it doesn’t have to be undertaken alone. Consult a reputable licensed professional to help you navigate through the myriad choices available. Simply put, saving helps us avoid catastrophe in the short-term, while investing builds wealth in the long-term.
GIVE Giving may be the most underappreciated principle of handling our finances. Unfortunately, there are many people who have the willingness to be generous in giving but lack the ability. To avoid being in this quandary we must dutifully discharge the tasks of spending and saving. Paul reminds us in 2 Corinthians 9:7, “…God loveth a cheerful giver.” We should be willing to give to our family, friends, and those in need. In addition, we should gleefully support churches, institutions, and organizations that nurture us spiritually, culturally, and intellectually. I have adopted the 3 s’s approach to giving—Spontaneous, systematic, and strategic. Spontaneous giving means we can respond quickly without concern that our finances will be negatively impacted. Systematic giving is fixed and sustained over a prescribed length of time. Strategic giving is closely aligned to our core values. Whatever matrix we chose to adopt as a format for generosity should be deeply rooted in our belief that giving is the prerequisite to receiving. Pastor Phillip Thompson is privileged to serve the historic Bethlehem Temple in Flint, Michigan. He holds a Bachelor’s degree in Economics and has taught many seminars on how money works.
“AND THEY CONTINUED”
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