Bible-study-on-finances – Page 2

Honoring God With Our Money: Practical Money-Management Tips (Part 2)

This week’s lesson on honoring God with money focused on practical money-management tips. These ideas have been culled from books, magazine articles, and internet sites, including Crown Financial Ministries and Christian Financial Concepts.

Today’s tips focus on ways to save on clothing and medical expenses for your family.

Saving on Clothing:

1)      If you can sew, consider making clothes.
2)      Make a written list of clothing needs and purchase during the “off” season when possible.
3)      Select outfits that can be mixed and used in multiple combinations rather than as a single set.
4)      Frequent the discount outlets that carry unmarked name-brand goods.
5)      Shop at authentic factory outlet stores for close-out values of top quality.
6)      Select clothing made of home washable fabrics.
7)      Use coin-operated dry cleaning machines instead of commercial cleaners.
8)      Practice early repair for damaged clothing.
9)      Learn to utilize all clothing fully (especially children’s wear).
10)   Check out Goodwill and the Salvation Army for clothing.
11)   Have clothes swapping parties. Works for kids’ clothes and grown up clothes.

Reducing Medical Expenses:

1)      Prevention is cheaper than treatment.
2)      Teach children to eat the right foods and clean their teeth properly. Good diet, rest, and exercise will most likely result in better health.
3)      Ask doctors and dentists in advance about costs.
4)      Shop for prescriptions and use generic drugs when possible.
5) Be sure to use doctors and labs that are in your insurance network.

Honoring God With Our Money: Practical Money-Management Tips (Part 1)

One of the most important tools in managing one’s money is to track monthly expenses. In the past this was generally accomplished by either keeping a small notebook handy to write all expenses in, recording expenses on an Excel spreadsheet, or using the ‘envelope’ system. The envelope system involves dividing one’s paycheck into envelopes, each for a designated purpose; when the envelope is empty no more money can be spent on the category of expenses until the following month.

In today’s digital world, tracking expenses can be accomplished more easily by downloading an app onto one’s phone, ipad, Kindle or other electronic device. Since we tend to have our devices with us at all times, it is a handy, easy way to track expenses. Regardless of the method you use to track expenses, it is very important to consistently track expenses for at least several months so you can identify where your money is being spent.

Grocery sticker shock — Grocery bill sticker shock

Today I am providing lists of ways to save money on groceries and on eating out. In other posts this week, I will provide lists of other ways to save money. I hope that you will find at least a few new ideas for saving money in each post. Please feel free to add your own money-saving tips in the comments.

Ways to Save on Groceries:

1)      Always use a written list and stick to it. Plan meals for the week before shopping.
2)      Avoid taking your children grocery shopping.
3)      Never shop for groceries while hungry.
4)      Shop advertised specials, especially for nonperishables.
5)      Shop in bulk, if it makes sense for your family.
6)      Use a calculator, if possible, to total purchases.
7)      Reduce or eliminate paper products.
8)      Avoid processed and sugar-coated cereals. These are expensive and most of them have little nutritional value.
9)      Avoid prepared foods, such as frozen dinners, pot pies, cakes. You are paying for expensive labor that you can provide.
10)   Determine good meat cuts that are available from roasts or shoulders, and have the butcher cut these for you.
11)   Try store brand canned products. These are normally cheaper and the same products as name brands with a different label.
12)   Use manufacturer’s coupons and rebates only if you were going to buy the item anyway and it is cheaper than another brand would be without the coupon.
13)   Do not buy from convenience stores except in case of emergency.
14)   Avoid buying non-grocery items in a grocery supermarket except when on sale. These are normally “high mark-up” items.
15)   For baby foods, use normal foods processed in a blender.
16)   Check every item as it is being “rung up” at the store and again when you get home.
17)   Consider canning fresh vegetables whenever possible. Make bulk purchases with other families at farmers’ markets and such. (NOTE: Secure canning supplies during off seasons.)

Eating Out:

1)      Make eating out a special occasion.
2)      Know where kids eat free and take advantage when eating out.
3)      Order lunch size meals OR order dinner size meals and take leftovers home.
4) Groupon or other restaurant special coupon deals–only buy if you eat at that restaurant.
5)      Avoid buying desserts at restaurants.
6)      Skip the ice cream shop and buy ice cream in the grocery store.
7)      Rather than eating out, throw a potluck party with family or friends.
8)      Make coffee at home; invest in inexpensive pot for the office.
9)      Bring your own snacks to work; take snacks in the car when running errands.
10)   Pack lunches for work.

What are your best tips for saving money on groceries and dining out?

Honoring God With Our Money: Steps to Budgets That Work

Steps to Budgets That Work

The information below is adapted from Larry Burkett’s book Family Budgets That Work.

1) Include periodic debt (quarterly insurance premiums, annual HOA fees, etc) in your budget. Set aside a fixed amount each month so that you have the money available when it’s time to pay these irregularly occurring bills.

2) Set aside amounts to replace furniture, appliances, and fixtures that wear out over time and for replacing automobiles. This can be included in your savings account, although you don’t want to dip into emergency savings for these items.

3) Set aside money for family vacations and recreation. If possible, budget 6% of your income for recreation and leisure. If you don’t have room in your budget for a nice vacation, consider inexpensive options such as camping and stay-cations.

4) Control impulse spending. Make a ‘rule’ to wait at least 24 hours before buying items that you weren’t specifically shopping for. Often the desire to purchase the item will go away once you have left the store. If you decide you really want and/or need the item, purchase it only if (1) it fits into your budget and (2) you have the money to pay for it.

5) Plan for gift-giving. Set aside money each month for Christmas and birthday gifts.

6) Watch miscellaneous spending. Miscellaneous spending is a problem area for most families. Track all of your cash spending for a month to determine what your problem areas are and then make a plan to deal with the problem areas.

7) The bookkeeper should be the partner who is best at it, but spouses should work together to establish and maintain the budget.

8) Develop a good system of keeping records. Some people prefer the envelope method–put the budgeted amount of cash in an envelope at the beginning of the month and spend only the money in the env elope. Other people use Quickbooks, an Excel, or phone apps to track spending.

9) Get out of debt. Pay off debts with highest interest first, while making at least the minimum payment on all debts. Once the highest-interest debt is paid off, apply that money to the next highest-interest debt, etc.

10) Commit to using at least 50% of any “windfalls” to paying off debt. The remainder of any windfalls should be used to meet shortages in other areas, including clothing and leisure.

11) Set family goals. If your children are old enough, include them in your budget discussions. You will be starting them on the road to good financial management and they will better understand why you cannot always buy them the things they want. Goals should include:

Trust in God to supply your needs
Save money regularly
Family sharing time
Husband and wife time
Ministry to other people

Honoring God With Our Money: Creating a Budget

Financial Principles to Consider in Creating a Budget

The information below is adapted from Larry Burkett’s book Family Budgets That Work.

1) Use a written plan. A written plan helps keep you on track and provides a reference for you. Adjust your budget as your income and/or expenses change.

2) Provide for God’s work from the first part of your income. God enables us to work and provide for our families. All of our income truly belongs to God. He asks for only a small portion of it back.

3) Limit your use of credit. Avoid using credit cards to purchase items you cannot afford. Use credit only for large-ticket items that fit into your budget.

4) Before buying new items, ask:

Is it necessary?
Is it the best buy?
Is it an impulse purchase?

5) Save regularly, even if it is only a small amount. Setting aside even $10 or $20 per paycheck gets you in the habit of savings. Increase savings as your budget allows until you can save 5% of your income.

6) Set your own goals with your family. No one else’s budget will work for you. And your budget will not work for your family if one partner dictates the budget without input from the other spouse. Work together as team.

7) Get out of debt. Develop a plan to pay off small debts first and continue until all debts are paid off. We will look at strategies for paying off debt in two weeks.

8) Avoid indulgences and lavishness in your family life. However, do include some money for leisure and recreation in your budget. You will not be able to stick to your budget if you never feel rewarded for all your hard work.

9) Seek good counsel if you have a question, preferably from a Christian financial counselor. Crown Ministries (Crown.org) provides many resources to assist you in budgeting.

10) Stick to your plans diligently. Make a plan you can live with and follow it.

11) Balance your checkbook every month or more often.

12) Use duplicate checks if possible.

13) Have only one bookkeeper in the family. This should be whichever spouse is better at record keeping and balancing the budget.

Honoring God With Money: Applying Budgeting Principles

Applying Budgeting Principles

Today’s post fills in the blanks in yesterday’s lesson.

Luke 16:12 “And if you have not been faithful in that which is another’s, who will give you that which is your own?”

Root of Budget Problems: Attitude

Attitudes that lead to budget problems can manifest themselves as greed, covetousness, ignorance, indulgence, or impatience. (Larry Burkett, Christian Financial Concepts)

1) Greed-excessive or rapacious desire, especially for wealth or possessions.

The Bible warns against greed.

Luke 12:15 Then he said to them, “Watch out! Be on your guard against all kinds of greed; life does not consist in an abundance of possessions.”

2) Covetousness— wrongly desirous of wealth or possessions.

Covetousness is specifically forbidden in the Ten Commandments.

Deuteronomy 5:21 “You shall not covet your neighbor’s wife. You shall not set your desire on your neighbor’s house or land, his male or female servant, his ox or donkey, or anything that belongs to your neighbor.”

3) Ignorance—not counting the true cost of owning an item.

Problems that arise from ignorance include:

Buying things you cannot afford because you haven’t properly considered the purchase price, finance charges, storage costs, maintenance and repairs
Failure to properly balance your checking account and check for bank errors

4) Indulgence—buying something of little or no utility to you

Indulgence purchases frequently wind up in garage sales or collecting dust.

To avoid indulgence purchases:

Identify your need for the item desired
Allocate money to pay for it
Search out the best buy
Pray about whether or not to make the purchase

James 5:1, 5 “Now listen, you rich people, weep and wail because of the misery that is coming on you….You have lived on earth in luxury and self-indulgence.”

5) Impatience— restless desire for change and excitement. Impatience manifests itself in:

Making unwise purchases. Before you buy, identify your need, allocate the money, search out the best buy, and pray about the purchase
Trying to “get rich” quickly

Proverbs 28:22 “The stingy are eager to get rich and are unaware that poverty awaits them.”

Two Common Tendencies of Budgeting:

1) Set plans but never follow them.

2) Set unrealistic plans.

Budgeting Involves:

1) Assessing the current situation

2) Deciding where you need to go

3) Making a realistic plan to get there

Honoring God With Our Money: Root of Budgeting Problems

Last week, we looked at principles of budgeting. This week we talk about applying those principles to your actual budget. Budgeting principles will never help you accomplish your financial goals until you begin to apply them. God expects us to use the financial resources He provides us wisely. When we demonstrate an ability to do that, God can entrust us with more.

Luke 16:12 “And if you have not been faithful in that which is another’s, who will give you that which is your own?”

Root of Budget Problems: Attitude

Attitudes that lead to budget problems can manifest themselves as greed, covetousness, ignorance, indulgence, or impatience. (Larry Burkett, Christian Financial Concepts)

1) Greed-__________________ desire, especially for wealth or possessions.

The Bible warns against greed.

Luke 12:15 Then he said to them, “Watch out! Be on your __________ against all kinds of ____________; life does not consist in an abundance of ____________________.”

2) Covetousness— ______________desirous of wealth or possessions.

Covetousness is specifically forbidden in the Ten Commandments.

Deuteronomy 5:21 “You shall not covet your neighbor’s wife. You shall not set your ________________ on your neighbor’s house or land, his male or female servant, his ox or donkey, or __________________ that belongs to your neighbor.”

3) Ignorance—not counting the _______________cost of owning an item.

Problems that arise from ignorance include:

______________ things you cannot afford because you haven’t properly considered the purchase ____________, finance charges, ______________costs, maintenance and _________________
Failure to properly balance your checking __________________ and check for bank ____________

4) Indulgence—buying something of little or no _______________ to you

Indulgence purchases frequently wind up in garage sales or collecting dust.

To avoid indulgence purchases:

_____________ your need for the item desired
__________________money to pay for it
_________________ out the best buy
________________ about whether or not to make the purchase

James 5:1, 5 “Now listen, you rich people, weep and wail because of the ________________ that is coming on you….You have lived on earth in _______________ and self-indulgence.”

5) Impatience–_______________ desire for change and excitement. Impatience manifests itself in:

Making _______________ purchases. Before you buy, identify your need, allocate the money, search out the best buy, and pray about the purchase
Trying to get _____________ quickly

Proverbs 28:22 “The _____________ are eager to get rich and are unaware that __________________ awaits them.”

Two Common Tendencies of Budgeting:

1) Set plans but never _______________ them.

2) Set __________________ plans.

Budgeting Involves:

1) ______________ the current situation

2) ______________ where you need to go

3) _______________ a realistic plan to get there

Honoring God With Our Money: Principles of Budgeting

In our study of how to honor God with our money, we are now entering the practical application phase. This week we examine principles of budgeting. In the coming weeks, we will focus on applying budget principles, practical money management tips, living debt-free, and cultivating true wealth.

Theme Verse:

1 Timothy 6:17 “Command those who are rich in this present world not to be arrogant nor to put their hope in wealth, which is so uncertain, but to put their hope in God, who richly provides us with everything for our enjoyment.”

Budgeting Principles

1) Recognize that everything belongs to God. We are stewards of those possessions God has entrusted to us. We have an obligation to be good and faithful stewards.

Psalm 24:1 “The earth is the _______________, and everything in it; the ____________, and all who live in it;”

Psalm 50: 9 – 12 “I have no need of a bull from your stall or of goats from your pens, for every ______________ of the forest is mine, and the ______________ on a thousand hills. I know every bird in the ______________, and the insects in the fields are mine. If I were ______________ I would not tell you, for the ______________is mine, and all that is in it.”

2) Tithe. God asks us to give back the first portion of what He has given us. The first tenth of our income should be tithed to do God’s work.

(For Scriptures on tithing, please refer to Lesson 4.)

3) Meet the needs of your family.

I Timothy 5:8 “If anyone does not provide for his __________________, and especially his immediate _______________, he has denied the faith and is worse than an _______________.”

4) Pay debts and obligations.

Psalm 37:21 “The wicked _____________and do not __________, but the righteous give ____________________.”

5) Establish short-term and long-term savings plans.

Proverbs 21:20 “In the house of the _____________ are stores of choice food and oil, but a foolish man ____________all he has.”

Proverbs 6:6-8 “Go to the ant, you ____________; consider its ways and be wise! It has no commander, o overseer or ruler, yet it stores its _______________ in summer and gathers its ______________ at harvest.”

6) Set aside money for recreation and leisure.

7) Give money to charitable causes.

Proverbs 22:9 “A __________________man will himself be blessed, for he shares his _____________ with the __________.”

Honoring God With Our Money: Charity and Debt

I once read a definition of debt as “excessive charity.” My initial reaction was to disagree with the statement, as I tend to think of debt as resulting from either living beyond one’s means or from hardships, such as the loss of a job. I had never considered that some people might be in debt due to giving away too much of their money. I don’t have any idea what portion of America’s debt-riddled masses might have gotten into that state through excessive charity. I am still inclined to believe that most consumer debt results from the desire to ‘have our cake now and pay for it later’ and the hardships that have been imposed by our recent and ongoing economic crisis.

Nevertheless, an examine of when to give to charity and how much to give is an important part of our discussion of honoring God with our money. The Bible is clear that those who have more resources than they need are to share with those less fortunate than themselves. Many people are tempted to give to every good cause. And there are many, many good causes to which we feel obligated to donate. In fact, the IRS reports that there are 1.5 million tax-exempt organizations in the United States. They each represent a ‘good’ cause that we might be tempted to support. To protect our budgets and not go into debt through giving, it is important to have a plan for giving and standards to determine the causes or groups to which one will donate.

Here are some considerations to keep in mind when planning charitable donations:

1) Tithing is the first priority. Christians are directed to tithe one-tenth of the income to the work of the church. Giving to other charities should be above and beyond tithing. God clearly distinguished tithes from other giving, as in Deuteronomy 12:11, “Then to the place the Lord your God will choose as a dwelling for his Name—there you are to bring everything I command you: your burnt offerings and sacrifices, your tithes and special gifts, and all the choice possessions you have vowed to the Lord.”

2) Determine what you can afford to give. Everyone should have a budget and giving to charitable causes should be included. Those who have more excessive income should be more generous than those with less. Don’t try to ‘out give’ others. In 1 Corinthians 16:2, Paul reminded us that giving should be based on income, “On the first day of every week, each one of you should set aside a sum of money in keeping with your income, saving it up, so that when I come no collections will have to be made.”

3) Give for the right reasons. The right reason to give is because you identify with the charity and feel led to support it. The wrong reason is to receive the praise of men through recognition and status. Jesus told his followers, “So when you give to the needy, do not announce it with trumpets, as the hypocrites do in the synagogues and on the streets, to be honored by others. Truly I tell you, they have received their reward in full.” (Matthew 6:2)

4) Pray for God to direct your giving. As you pray, God will lay burden’s on your heart. You cannot give to every good cause. God only expects you to give as He instructs you. In Exodus 25:2, God commanded the Israelites to bring an offering. “You are to receive the offering for me from everyone whose heart prompts them to.”

5) Give to charities that share your values. As a Christian, I have an obligation to use the money God has provide to me in a wise manner. This includes supporting charities that further God’s kingdom. It also includes giving to causes that don’t directly support our Christian mission but that are not in conflict with it. Such causes might fund medical research or help to protect our environment.

6) Seek our charities that have low administrative costs. Using God’s money wisely involves giving to charities that are well-managed and whose administrator are not receiving exorbitant salaries. All tax-exempt charities must provide information on what percent of donations is used for administrative and fundraising expenses. This number should be less than about 15 – 20%.

I encourage everyone to give within their means and as God leads them to the causes that move your heart. I firmly believe that if everyone does their part, many needs will be met.

What is your position on giving to charity? What charitable organizations do you support?

Honoring God With Our Money: Lesson 6

In week 6 of our Bible study on honoring God with our money, we look at what the Bible says about the value of work and God’s commands regarding charity. This lesson concludes our exploration of what the Bible says about money. In the coming weeks, we will examine practical applications in regarding to budgeting and living debt-free.

God commands those who can work to work and provide for their families.

Prov. 10:4 Lazy hands make a man __________, but diligent hands bring __________.

Prov. 21:17 He who loves _______________ will become poor; whoever loves wine and oil will never be __________.

Prov. 28:19-20 He who works his land will have _______________ food, but the one who chases _______________ will have his fill of poverty. A _____________________ man will be richly blessed, but one eager to get rich will not go ____________________.

Yet God commands us to be generous and share with the poor. What do the following verses tell us about how we are to treat the poor?”

Deut. 15:7 If anyone is poor among you…do not be __________________ or ______________________.

Deut. 15:11 There will always be poor people in the land. Therefore I command you to be ______________________ toward your fellow Israelites who are poor and needy in your land.

Read Deuteronomy 26:12, Leviticus 19:10, and Luke 14:13. To which specific groups of people are we commanded to show generosity?

1) ______________________________

2) ______________________________

3) ______________________________

4) ______________________________

5) ______________________________

6) _______________________________

In 2 Corinthians 9:11 and Proverbs 19:17, what does God promise to those who are generous?

1) ______________________________________________

2) ______________________________________________

Read Proverbs 17:15, 21:13, and 28:17. What does God promise to those who do not assist the poor?

1) _______________________________________________

2) _______________________________________________

3) _________________________________________________

Acts 10:1 – 4 Story of Cornelius—

“At Caesarea there was a man named Cornelius, a centurion in what was known as the Italian Regiment. He and all his family were devout and God-fearing; he gave generously to those in need and prayed to God regularly. One day at about three in the afternoon he had a vision. He distinctly saw an angel of God, who came to him and said, “Cornelius!”

Cornelius stared at him in fear. “What is it, Lord?” he asked.

The angel answered, “Your prayers and gifts to the poor have come up as a memorial offering before God.”

What did Cornelius do that attracted God’s attention?

____________________________________________________________

What characteristics of Cornelius’s life should we emulate?

____________________________________________________________

Life Application:

Luke 12:33, 34 Sell your possessions and give to the poor. Provide purses for yourself that will not wear out, a treasure in heaven that will not be exhausted, where no thief comes near and no moth destroys. For where your treasure is, there your heart will be also.

Honoring God With Our Money: The Shrewd Manager

As I developed this Bible study, the parable of the Shrewd Manager didn’t seem to agree with my sense of reasoning, yet I felt strongly that it should be included.

The Parable of the Shrewd Manager (Luke 16: 1- 9)

Jesus told his disciples: “There was a rich man whose manager was accused of wasting his possessions. So he called him in and asked him, ‘What is this I hear about you? Give an account of your management, because you cannot be manager any longer.’

“The manager said to himself, ‘What shall I do now? My master is taking away my job. I’m not strong enough to dig, and I’m ashamed to beg— I know what I’ll do so that, when I lose my job here, people will welcome me into their houses.’

“So he called in each one of his master’s debtors. He asked the first, ‘How much do you owe my master?’

‘Nine hundred gallons of olive oil,’ he replied.

“The manager told him, ‘Take your bill, sit down quickly, and make it four hundred and fifty.’

“Then he asked the second, ‘And how much do you owe?’

“‘A thousand bushels of wheat,’ he replied.

“He told him, ‘Take your bill and make it eight hundred.’“The master commended the dishonest manager because he had acted shrewdly. For the people of this world are more shrewd in dealing with their own kind than are the people of the light. I tell you, use worldly wealth to gain friends for yourselves, so that when it is gone, you will be welcomed into eternal dwellings.”

What do you think Jesus was trying to illustrate with this parable? In our class, someone read a commentary that suggested that the manager had been cheating the customer and that he actually changed the bills back to what was truly owed to the master. There certainly is reason to believe that as we know from the story of Zaccheus that tax collector frequently charged people more tax than was owed and kept the difference for themselves. So, it may be the manager was undoing his wrongs and was, thus, commended by his master.

I found the final statement to be the most surprising, ” I tell you, use worldly wealth to gain friends for yourselves, so that when it is gone, you will be welcomed into eternal dwellings.” I am quite certain that Jesus is not advocating “buying” our way into Heaven, but I’m not sure what He is saying to us in the passage.

I do like the translate from the message. The final portion from that version reads, “The master praised the crooked manager! And why? Because he knew how to look after himself. Streetwise people are smarter in this regard than law-abiding citizens. They are on constant alert, looking for angles, surviving by their wits. I want you to be smart in the same way–but for what is right–using every adversity to stimulate you to creative survival, to concentrate your attention on the bare essentials, so you’ll live, really live, and not complacently just get by on good behavior.”

What does this parable say to you? Does it inspire you to better money management? Does it inspire you to live in a more Christlike manner?

Jesus followed this parable with the verses I chose for this week’s life application:

“Whoever can be trusted with very little can also be trusted with much, and whoever is dishonest with very little will also be dishonest with much. So if you have not been trustworthy in handling worldly wealthy, who will trust you with true riches? And if you have not been trustworthy with someone else’s property, who will give you property of your own?” (Luke 16: 10 – 12)

God expects to manage the assets He has given us to the best of our abilities. He also expects us to manage well any assets others entrust to us. If we manage well what He give us, He can entrust us with more. And as we have seen in earlier lessons, He gives to us abundantly so that we in turn can bless others.

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