Wisdom and Finance apply to each of us in different degrees. For one, the question may be "Am I heading for a looming financial crisis?", for another the question is "Am I making the most of everything that I have, or am I wasteful here or there because I can afford to?" We know many wise money-management principles, but like dieters, we fail to keep to our diet (or budget).
The Prodigal son in each of us is exposed. The word "prodigal" means "one who wastes money".
The Prodigal son took what was his, and sought a life of pleasure. Eventually the famine will come. Our modern day famine could be money for food, or the car could break down and we have a repair bill; maybe we have medical needs. We use our credit to pay emergency bills, and soon we are further in debt.
There are two primary money wasters that we all struggle with: Impulse buying and eating out. Two keys to avoid impulse buying: never shop when hungry and always have a list (and stick with it)! Eating out is a time-saver and a major money waster. How often do you burn money on eating out? Has eating out become a way of life or is it a special event? For one week we challenged our bible study to keep track of their individual spending. Results varied, but the overall verdict was the same - if we monitored these two areas closely, imagine how much money would be available for emergency bills, mission trips, and tithing.
"Money should never be an end in itself. Rather, it should be a means for accomplishing an end - specifically, for accomplishing our life purpose"(passage taken directly from "Enough").
If we are called by God to do his work, will we be able to live up to the task? Money should be used as a tool to accomplish the greater purposes God has for our lives.
Six Financial Planning Principlies were introduced to the study:
1. Pay your tithe and offering first. Honor the LORD with your substance and with the first fruits of all your produce (Proverbs 3:9)
2. Create a budget and track your expenses.
3. Simplify your lifestyle (live below your means). Do not wear yourself out to get rich; be wise enough to desist. When your eyes light upon it, it is gone; for suddenly it takes wings to itself, flying like an eagle toward heaven. (Proverbs 23:4-5)
4. Establish an emergency fund.
5. Pay off your credit cards, use cash/debit cards for purchases, and use credit wisely.
6. Practice long-term savings and investing habits.
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