Top 10 Financial Tips for 2011

Greg Ulmer
2011

As we move into a new year, many people take a fresh look at their finances and set goals. So we’ve put together the Top 10 Financial Tips for 2011 from a Biblical perspective.

1. Know and understand that God owns it all (Psalm 24:1). Trust God and develop financial contentment. Understand that financial contentment does not result from having a particular lifestyle but rather from living within the means of God’s provisions.


2. Cheerfully and regularly give for a Kingdom purpose (2 Corinthians 9:7). Prayerfully determine what you can give as tithes to your church. As you grow in your Christian walk, seek to increase your giving. Giving is commanded in scripture both for the benefit of the recipient and for the benefit of the giver.


3. Seek Godly financial counsel (Proverbs 15:22). Use this counsel to help you develop, prioritize and review your spending plan. Assess where you are now and determine what about you lead to your current financial situation. Develop a spending plan (based upon who you are and where you are) that balances what you have coming in and what you owe on a monthly basis. Follow that plan, review the results and make adjustments as necessary.


4. Serve God with what He has given you (Matthew 25:21).  Be a good steward by using the resources God has blessed you with for the accomplishment of God given goals and objectives. This stewardship is a life-long process of growth in spiritual character that is evident in you viewing your spending decisions as spiritual decisions. For example, having the proper amount of life insurance to provide for family’s needs upon your Earthly death (rather than for investment purposes) is a good stewardship decision.


5. Spend less than you earn (Proverbs 13:11). Trusting God and prayerfully spending less than you earn over a long period of time is the way to financial success. This allows you to see God work in your financial affairs and provides you with testimony.


6. Spend to please God as an act of worship (John 4:24). Where your heart is your money will follow. If we spend time on get rich quick schemes or seek every opportunity to spend frivolously, then what God are we worshipping. For example: Pay appropriate taxes, do not use your tax refund as a source of cash to buy doodads. Proper tax planning allows you to have and use the lump-sum you would receive as a tax refund throughout the year. This would help you avoid the debt caused by being short of cash monthly.


7. Set long-term financial goals (Philippians 3:14). Your financial goals are to be feasible, specific, measurable and prayerfully considered. Invest by following the biblical principles of diversification, professional advice and steady plodding. Build your resources in a way that honors God, respects His priorities and meets or promotes Biblical values and standards (Proverbs 13:11).


8. Build liquidity (Proverbs 6:6-8). Without an emergency fund you are likely to fall pray to the curse of debt which robs you of so much more than a lot of money. Debt denies you the unlimited possibilities God made available for you to serve him and denies you from being a steward of even more resources.


9. Avoid the use of debt (Proverbs 22:7).  Becoming and remaining debt free is a key to being financially free. Borrowing is not a sin, but it may deny God an opportunity to work and reveal Himself in a way personal to you. Borrowing without the ability to pay is a symptom of spiritual issues. Remember, a believer should always pay what he/she owes (Psalm 37:21). Never seek bankruptcy without first receiving Godly counsel.


10. Leave an inheritance (Proverbs 13:22). Train your children and those who hold you as mentor/guide the truths of money management according the underlying biblical principles of trusting God, stewardship, planning and decision making. This is a practical application of the Spiritual inheritance we are to pass on to our children’s children.

We realize that each of these tips could be expanded into an article, class, series or book. If you would like some Godly financial counsel to help you with these or any other financial issue, please contact the Grace Financial Ministry.