These powerful Biblical principles of money management will help you stay ahead to overcome financial struggles and tensions.
Managing finances is one of the areas that creates the most tension between families and friendships. Thank God that in the Bible we find wise financial advice!
5 Biblical principles of money management
Just as it happens in other spheres of life, obeying God in the financial area will bring blessing and peace, and will help us to better relate to others.
Let’s look at some biblical advice on money and learn to manage our finances according to the principles we find in them.
1. We must manage our resources well
The first thing we must understand is that everything in this world belongs to God. He is the Creator and owner of the universe. Yes, it is true that God grants us many things—money, for example—according to his will and purpose for us. But he does it with a clear mandate: that we take care of and manage well everything that he allows us to have. How do we achieve this? Remember that we are God’s collaborators and, therefore, we must seek his will and his direction in everything.
When God created Adam and Eve, he commanded them to take good care of everything he had created. We need to do the same with everything God gives us. Our effort should be focused on governing, caring for, and managing well all the things that God grants us. That is our responsibility!
And God created the human being in his image; he created him in the image of God. Male and female he created them, and blessed them with these words: “Be fruitful and multiply; fill the earth and subdue it; dominate the fish of the sea and the birds of the sky, and all the reptiles that crawl on the ground.
1 Chronicles 29:14
But who am I, and who are my people, that we can give you these freewill offerings? In truth, you are the owner of everything, and what we have given you, we have received from you.
(1 Chronicles 29:14)
The earth belongs to the Lord and all that is in it, the world and all those who inhabit it; because he established it over the seas, he established it over the rivers.
1 Corinthians 3:9
Indeed, we are collaborators in the service of God; and you are God’s cultivation field, you are God’s building.
(1 Corinthians 3:9)
2. Avoid Debt
The Bible calls us to be very cautious about taking on debt. The best option will always be not to get into debt. But if we have to acquire a debt, we must strive to pay it off as soon as possible.
The Bible does not refer to debt as a sin, but it does warn us that it enslaves us financially.
The things we owe don’t really belong to us, they can be taken from us at any time. And that is a situation that generates anxiety and uncertainty.
On the other hand, the Bible encourages us to be generous and willing to lend. This will only be possible if our personal finances are solid. The fact of being able to lend allows us to collaborate so that there is more justice in this world. Therefore, we must be willing to lend when we understand that the Lord so desires, not to obtain benefits or collect interest, but so that more of God’s justice flows in the society where we live.
The rich are the masters of the poor; debtors are slaves to their creditors.
Pay each one what corresponds to him: if you owe taxes, pay taxes; if you owe contributions, pay the contributions; to whom you owe respect, show respect; to whom you owe honor, honor him. Do not have pending debts with anyone, except to love one another. In fact, whoever loves his neighbor has fulfilled the law.
Well it goes to the one who lends generously, and manages his business fairly.
The wicked borrow and do not pay, but the righteous give generously.
Some give with full hands, and receive more than they give; others do not even pay their debts, and end up in misery.
3. Save and plan
The Bible encourages us to save to avoid debt and in anticipation of future needs.
Even though we can only save a small amount each month, saving must be one of our priorities. Thus, when unforeseen events arrive or we find ourselves in a period of unemployment, we will be able to continue with a certain normality.
What we should not do is hoard without meaning or put our trust in our savings. God is not pleased that we hoard resources to feel secure and self-sufficient. Our dependence and our security must always be anchored in God. Money can vanish in a second: they can steal it from us. Banks can go bankrupt or block our savings. But God is and always will be God.
On the other hand, the Bible encourages us to meet the needs of other brothers and we can do this when we have something saved. We don’t save just for ourselves. We must be willing to help our brothers in specific situations when a difficult economic moment arrives.
In the wise man’s house riches and perfume abound, but the fool squanders everything.
Come on, lazy, look at the ant! Look at what he does, and be wise! She has no one to command her, no one to watch over her or govern her; however, in the summer she stores provisions and during the harvest she gathers food.
Do not accumulate for yourselves treasures on earth, where moths and rust destroy, and where thieves break in to steal. Rather, lay up for yourselves treasures in heaven, where neither moths nor rust eat away, nor thieves break in to steal. Because where your treasure is, there your heart will also be.
Suppose one of you wants to build a tower. Doesn’t he sit down first to calculate the cost, to see if he has enough money to finish it? If he lays the foundation and can’t finish it, everyone who sees it will begin to make fun of him, saying: “This man could no longer finish what he started to build.”
Don’t worry about accumulating wealth; don’t obsess over them. Have you been able to see them? They do not exist! It is as if they grew wings, because they fly away like eagles.
4. Be Generous
There are many verses in the Bible that encourage us to share what we have with those in need. In fact, the Bible says that there is a blessing for those who are hospitable and practice generosity.
One of the hallmarks of the early church brethren is that they were very generous to one another. What was left over from one was used to meet the needs of others and that way, everyone had what they needed to survive. It is good to follow their example and look for opportunities to share the resources that God has provided us with our brothers in Christ, with our family, and with all those in need. Let’s practice generosity!
He who is generous will be blessed, because he shares his food with the poor.
1 Peter 4:9
Practice hospitality among yourselves without complaining.
(1 Peter 4:9)
All the believers were of one feeling and thinking. No one considered any of his possessions their own, they shared them. The apostles, in turn, with great power continued to bear witness to the resurrection of the Lord Jesus. The grace of God was poured out abundantly on all of them, since there was no needy person in the community. Those who owned houses or land sold them, took the money from the sales and gave it to the apostles to be distributed to each one according to their need.
2 Corinthians 9:11
You will be enriched in every way so that you can be generous on every occasion, and through us your generosity results in thanksgiving to God.
(2 Corinthians 9:11)
Help brothers in need. Practice hospitality.
5. Be content with God’s provision
Many times we feel dissatisfied because we keep our focus on the material. We see that others have more and we want to be like them, to have exactly what they have. However, as children of God, our gaze must be on the Lord and on his will for our lives. Living within the will of the Father is, and always will be, the best for us.
Our goal in life should not be to accumulate wealth. We should not live to satisfy all our material dreams. Our greatest desire should be to live for God and allow the purpose for which he created us to be fulfilled in us (Psalm 138: 8). This is where our contentment must come from! That must be our greatest satisfaction!
I’m not saying this because I’m in need, because I’ve learned to be satisfied in whatever situation I find myself in. I know what it is to live in poverty, and what it is to live in abundance. I have learned to live in each and every circumstance, both to be satiated and to go hungry, to have plenty and suffer scarcity. I can do all things through Christ who strengthens me.
1 Timothy 6:6-8
It is true that true religion brings great gains, but only if you are satisfied with what you have. Because we brought nothing into this world, and we can take nothing with us. So if we have clothes and food, let’s be content with that.
(1 Timothy 6:6-8)
Keep free from the love of money, and be content with what you have, because God has said: «I will never leave you; I will never leave you.”
Who loves money, money is not satisfied. Whoever loves riches never has enough. This too is absurd!