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Debt & Money Management

Debt & Money Management

Matters of debt and money is one of the most complex puzzles in life that we all have to deal with. You don’t have to look very hard to find advice…good, bad, and everything in between! As with every other question we have in life as Christians, we want to encourage you to first look to the Bible for answers when it comes to debt and money management. Below are just a few Scripture verses and considerations that address money.

Proverbs 24:27 Put your outdoor work in order and get your fields ready; after that, build your house. There are thousand of ways to make money, but how much are you keeping? This is not a question of “hoarding” or being selfish with your money but rather a question of contentment and wise spending or giving once you have it. Work and income is a means of survival and livlihood…it is a necessity and an example of how we get our “fields ready”. Spending, saving, and giving are examples of how we “build our house” and life. Our ability to have self-control and contentment largely impact debt or the absence of it as well as the wise management of money.

Luke 14:28-30 – Suppose one of you wants to build a tower. Won’t you first sit down and estimate the cost to see if you have enough money to complete it? For if you lay the foundation and are not able to finish it, everyone who sees it will ridicule you, saying, “This person began to build and wasn’t able to finish.” Creating a budget is a basic biblical and practical principle. Clearly identify what you are spending your money on. There will always be “necessity” expenses but look for ways to limit or eliminate expenses that do not fit into the category of “necessity” unless your income allows for it and you are at peace with that expense.

Proverbs 22:7 – The rich rule over the poor, and the borrower is slave to the lender. Everywhere…there are people who have significant mental and physical health issues as a result of the heavy burden of debt. There may be circumstances in life’s journey where borrowing money is unavoidable and temporary…but don’t stay there if at all possible. Explore ways that you can sacrifice some of the little pleasures (expenses) as a trade off for limiting the accumulation of debt and interest charges. It can get out of hand and you can find yourself in a defeated and frustrated position quickly.

Proverbs 21:5 – The plans of the diligent lead to profit as surely as haste leads to poverty. All of this leads to creating a plan! If you want to effectively manage money you must plan. You may resource your information on your own and make those decisions or seek the guidance and council of a competent professional advisor and carefully create a plan together. Set your course for immediate and future financial planning that considers tithing, giving, retirement, college or other training, emergency funds, and other financial goals.

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Debt & Money Management

Debt & Money Management

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