Students and families are skipping meals. This is the reality of how tough the cost of living crisis has hit us today. Looking to the future, you may be thinking of how you can circumvent any personal financial issues that could rise.‘How should I manage my money during this financial crisis?’, you may ask. Let’s see what money management from a Biblical perspective looks like so that we don’t lose our way in the current economic upheavals.
But before we look at money management, we need to first know more about money in the Bible. Below is a quick navigation around this article:
- What Does the Bible Say about Money?
- Money Management Tips From the Bible
- Recommended Books on Money To Read
What Does the Bible Say about Money?
Money is Not Ours
All the money that we have is not ours. It is God’s money. Haggai 2:8 (NKJV) states, ‘‘The silver is Mine, and the gold is Mine,’ says the Lord of hosts.’ When we let this truth settle in our hearts, our perspective on how to manage money becomes godly-focused. We won’t be spending money aimlessly or be greedy with it. Any worldly get-rich-quick schemes wouldn’t be on our minds because we know that God is in control of all the money since it is His.
God Empowers Us to Get Money
A self-explanatory Bible passage says:
‘In the wilderness it was He who fed you manna which your fathers did not know, in order to humble you and in order to put you to the test, to do good for you in the end. Otherwise, you may say in your heart, ‘My power and the strength of my hand made me this wealth.’ But you are to remember the Lord your God, for it is He who is giving you power to make wealth, in order to confirm His covenant which He swore to your fathers, as it is this day.’ (Deuteronomy 8: 16-18, NASB2020).
Be Content with What You Have
Here are two clear scripture passages informing us to be content with what we have in life:
‘Keep your life free from love of money, and be content with what you have, for he has said, “I will never leave you nor forsake you.” (Hebrews 13:5, ESV)
‘But godliness with contentment is great gain, for we brought nothing into the world, and we cannot take anything out of the world. But if we have food and clothing, with these we will be content.’ (1 Timothy 6:6-8, ESV).
The Love of Money is the Root of All Evil
‘But those who desire to be rich fall into temptation and a snare, and into many foolish and harmful lusts which drown men in destruction and perdition. For the love of money is a root of all kinds of evil, for which some have strayed from the faith in their greediness, and pierced themselves through with many sorrows.’ (1 Timothy 6:9-10, NKJV).
Money in itself is not evil. Money is a necessity for us in this world. It is the love of money that the Bible warns against.
‘He who loves money will not be satisfied with money, nor he who loves wealth with his income; this also is vanity.’ (Ecclesiastes 5:10, ESV)
‘Do not weary yourself to gain wealth; Stop dwelling on it. When you set your eyes on it, it is gone. For wealth certainly makes itself wings Like an eagle that flies toward the heavens.’ (Proverbs 23:4-5, NASB2020).
We Cannot Serve God and Money
‘“No one can serve two masters, for either he will hate the one and love the other, or he will be devoted to the one and despise the other. You cannot serve God and money.”’ (Matthew 6:24, ESV)
When we follow Christ, we must follow Him wholeheartedly. We cannot afford to be lukewarm Christians with one foot in the world and one foot in the kingdom of God. Serving the Lord means we give our all to God.
We must therefore let go of anything that entangles us back into the lusts of this world, and this includes the love of money. Let’s not be seeking to gain great wealth for self-gain and glory. If we have all these things what will it profit us? The Bible says ‘For what does it benefit a person to gain the whole world, and forfeit his soul?’ (Mark 8:36, NASB2020).
Now that we have looked at some Bible verses about money, let us now dive into some money management tips from the Bible.
Money Management Tips From the Bible
Be a Good Steward
‘“He who is faithful in a very little thing is faithful also in much; and he who is unrighteous in a very little thing is unrighteous also in much. Therefore if you have not been faithful in the use of unrighteous wealth, who will entrust the true riches to you? And if you have not been faithful in the use of that which is another’s, who will give you that which is your own?”’ (Luke 16:10-12, NASB1995)
Everything that God has given us, He wants us to be good stewards of it. We are to be faithful and not mismanage what He has put in our care. This includes money.
Have Money but Be Generous
1 Timothy 6:17-19 (ESV) gives this instruction, ‘As for the rich in this present age, charge them not to be haughty, nor to set their hopes on the uncertainty of riches, but on God, who richly provides us with everything to enjoy. They are to do good, to be rich in good works, to be generous and ready to share, thus storing up treasure for themselves as a good foundation for the future, so that they may take hold of that which is truly life.’
This verse commands us to give money towards good works. Notice the Bible says ‘good works’. Being generous with your money is a good work. Giving to charity also is a good work. ‘But when you do a charitable deed, do not let your left hand know what your right hand is doing, that your charitable deed may be in secret; and your Father who sees in secret will Himself reward you openly.’ (Matthew 6:3-4, NKJV). But when you give, give it out of a cheerful heart. Do not let anyone force you to give it. This we are told in 2 Corinthians 9:7 (NIV) that;
‘Each of you should give what you have decided in your heart to give, not reluctantly or under compulsion, for God loves a cheerful giver.’
Pay Back Your Debts
‘The wicked borrows and does not pay back, But the righteous is gracious and gives.’ (Psalm 37:21, NASB1995)
If money is owed to anyone, always give back. This helps to build good relationships and also trust between the two parties involved. However, the Bible has something to say about debts;
‘Do not be one who shakes hands in pledge or puts up security for debts; if you lack the means to pay, your very bed will be snatched from under you.’ (Proverbs 22:26-27, NIV).
This verse advises us to be careful about getting into debt. In short, if you plan to take out debt, always have a plan in place to pay it back. Don’t borrow and never give back, otherwise, the lender will come and get your belongings. At the most, try and avoid getting into debt, but if it is unavoidable, then just ensure that you are sure you will pay it back.
‘There is precious treasure and oil in the dwelling of the wise, But a foolish man swallows it up. (Proverbs 21:20, NASB1995)’
Good money management also involves us saving money. It is wise to save money and foolish not to as per the above verse. Saving money helps us to prepare for the future. Our savings can be our emergency funds for unexpected financial issues. Losing our jobs can put us in a very difficult situation if we haven’t got anything in our savings. Bills would still need to be paid, therefore, it is always a wise decision to save up.
On this, the Bible gives an example: ‘Go to the ant, you sluggard; consider its ways and be wise! It has no commander, no overseer or ruler, yet it stores its provisions in summer and gathers its food at harvest.’ (Proverbs 6:6-8, NIV). Therefore, do save money wherever and whenever possible.
Remember not to hold onto your savings so close that you can’t give some away to someone in need. Believe and trust in God that He will provide for you;
‘“Give, and it will be given to you. A good measure, pressed down, shaken together and running over, will be poured into your lap. For with the measure you use, it will be measured to you.”’ (Luke 6: 38, NIV)
Invest Money Wisely
‘She considers a field and buys it; From her profits she plants a vineyard.’ (Proverbs 31: 16, NKJV)
This is a 101 investment principle. You consider something that you want to invest in and then you put your money into it. Note the word ‘consider’; this means careful research. But investment does not necessarily mean a business. You can invest in other things without expecting a financial benefit.
Have a Budget
Luke 14:28-30 (NASB1995) says, ‘For which one of you, when he wants to build a tower, does not first sit down and calculate the cost to see if he has enough to complete it? Otherwise, when he has laid a foundation and is not able to finish, all who observe it begin to ridicule him, saying, ‘This man began to build and was not able to finish.’
Let us have a budget in place. This will help to ensure that we don’t run out of money unexpectedly.
Simple Monthly Budget Template
NOTE: If you would like a Simple Monthly Budget Template, please click below to download it onto your device. This is a simple budgeting worksheet that is easy to use:
Recommended Books on Money To Read
Dive deeper into the subject of money by reading these recommended Christian books on money by well-renowned Pastors:
1. Living in the Light: Money, Sex and Power, by John Piper.
2. Whose Money Is It Anyway?: A Biblical Guide to Using God’s Wealth by John F. MacArthur
To summarise, we have learned the following from the Bible on money:
- Money is not ours;
- God empowers us to get money;
- Be content with what you have;
- The love of money is the root of all evil and;
- We cannot serve God and money.
We have also explored some Bible verses about money management, giving us some tips on how to manage money, which are:
- Be a good steward;
- Have money but be generous;
- Pay back your debts;
- Save money;
- Invest money wisely and;
- Have a budget.
We may be able to put all these principles about money management from a Biblical perspective into place, and become very successful. However, if we do these things outside of Christ, no matter the success that may come our way, we will profit nothing, ‘For what profit is it to a man if he gains the whole world, and loses his own soul?’ ( Matthew 16:26a, NKJV). May Christ be the center of everything that we do in our daily lives.
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Scripture taken from the New King James Version®. Copyright © 1982 by Thomas Nelson. Used by permission. All rights reserved.
Scripture quotations taken from the (NASB®) New American Standard Bible®, Copyright © 1960, 1971, 1977, 1995, 2020 by The Lockman Foundation. Used by permission. All rights reserved. www.lockman.org
Scripture quotations taken from the (NASB®) New American Standard Bible®, Copyright © 1960, 1971, 1977, 1995 by The Lockman Foundation. Used by permission. All rights reserved. www.lockman.org
The Holy Bible, English Standard Version. ESV® Text Edition: 2016. Copyright © 2001 by Crossway Bibles, a publishing ministry of Good News Publishers.
Holy Bible, New International Version®, NIV® Copyright ©1973, 1978, 1984, 2011 by Biblica, Inc.® Used by permission. All rights reserved worldwide.