Is it not one of the great contradictions of the Christian life that we who have trusted Christ with our eternity sometimes struggle to trust Him with our money? God promises to meet our needs, and we all have testimonies of specific times and ways that He has done so. Yet, we still sometimes find a gap between wanting to trust Him with our finances and actually doing so.
So what are some of the regular financial practices that help us exercise trust in God?
Understand the biblical principle of stewardship
Everything we have—including our earning power and income—is a stewardship from God. Deuteronomy 8:18 teaches us to “. . . remember the Lord thy God: for it is he that giveth thee power to get wealth . . . .” It is God who blesses us with jobs and the health to work them. It is the Lord who blesses us with wise choices, good timing, and profitable return on our investments. Everything we have comes from God and belongs to God. He has entrusted us to manage His resources for Him.
Honor God by tithing
The Bible instructs us, “Honour the Lord with thy substance, and with the firstfruits of all thine increase” (Proverbs 3:9). We are to set aside the first 10 percent (tithe) of our income and financial increase (passive income and capital gains) to give to the Lord. The tithe is holy and belongs to the Lord (Leviticus 27:30). Giving it back to God allows us to see His continued blessing in our lives in a way we would not otherwise see. “Bring ye all the tithes into the storehouse, that there may be meat in mine house, and prove me now herewith, saith the Lord of hosts, if I will not open you the windows of heaven, and pour you out a blessing, that there shall not be room enough to receive it” (Malachai 3:10).
Give generously to God’s work
Be ready to give an offering to the Lord over and above your tithe as the Lord impresses upon you to give. This would include participating in special offerings at church as well as regular giving to missions and other special funds through your church. We should “be rich in good works, ready to distribute, willing to communicate” (1 Timothy 6:18).
Create and live within a balanced budget
We must live within our means as well as planning for the future. One of the best ways to do this is to create a budget that takes into account our current income and regular expenditures. Our budget should include categories for both present and reoccurring needs. (For instance, some bills come only once per year, but you can set aside money toward the upcoming bill each month. Additional reoccurring needs that may not be present in every pay check include activities for your children, clothing, etc.) Creating and living within a budget helps guard against impulsive or excessive spending.
Save diligently for the future
Be sure to include savings in your budget. It is wise to save a minimum of 20 percent of your take home pay for emergencies and long-term investments. (Of this 20 percent, many people find it helpful to save up to a certain amount for an emergency fund and then redirect that part of their budget to investments until they need to use their emergency fund.) Any gifts and inheritances you receive can also be saved and invested. If available to you, it’s good to participate in your employer-sponsored pretax retirement 401(k) or 403(b) plans, especially when they include matching funds.
Do some research on investing basics to learn how to grow your money, and seek counsel for these decisions. Hard earned money is what we are paid for our labor. Smart money is when we have our money work for us. It’s a good plan to use hard earned money to create smart money. It is important that you establish predetermined checkpoints to see how well you are on track in accumulating money for your future retirement needs.
Pray over every financial decision
One of the great indicators of our faith is our prayer life. Part of trusting the Lord with our finances is seeking His direction in them. When it comes to creating a budget, determining your giving, setting up investments, and making large purchases, be sure to seek God’s face and ask Him for wisdom.
Establish a will
It’s important that you establish a will and trust for the proper distribution of your assets in the event of your death for the care of your survivors. You should also invest in adequate life and disability insurance to fill in shortfalls in your savings and accumulation goals.
Live for eternal goals
Be careful that you don’t fall into the trap of living for money and riches. First Timothy 6:9 warns, “But they that will be rich fall into temptation and a snare, and into many foolish and hurtful lusts, which drown men in destruction and perdition.”
Trust in God
It’s all too easy to begin trusting in our budget or our income to meet our needs rather than trusting in the Lord. But riches are uncertain. Instead of trusting in “uncertain riches,” we should “trust . . . in the living God, who giveth us richly all things to enjoy” (1 Timothy 6:17).
And you can trust God. You can be faithful in your tithes and offerings, trusting God to provide for your needs. You can trust Him when you are called upon to make financial sacrifices for the Lord’s work or to help someone in need. You can trust God when you have a job layoff. You can trust God when the economy is in a recession. You can trust Him when unexpected expenses arise or when your children go to college. You can trust Him if you are called upon to help take care of your parents. You can trust Him to help you make wise choices. You can trust Him in helping you to manage and steward your finances well.