Financing The Family
One of the huge responsibilities we have as parents is to provide practically for our families. This is a really big deal. There’s no easy way to navigate this as careers, priorities and the economy changes, sometimes unexpectedly! The great news is that the Bible has so much to say on finances and gives us many reason to be positive.
Over the years Louise and I have based our financial decisions based on 3 simple principles which have resulted in our family being blessed and I want to share them with you in this post.
1. God is the SOURCE of our family finances
Whilst this sounds obvious and a little too simplistic, it has been a solid foundation of belief in even the most frightening of storms! When things get tough and the bank account looks empty we remind ourselves that God is our provider and not to be afraid.
“Jehovah-Jireh” is one of the many different names of God found in the Old Testament and means “The LORD Will Provide” (Genesis 22:14). It is the name memorialised by Abraham when God provided the ram to be sacrificed in place of Isaac.
It’s good to know that God is with us and backing us all the way as we take on the responsibility of financing our family. Of course this principle applies to anyone who is a follower of Christ but we’ve found it reassuring to confess His name “Jehovah-Jireh” over our family affairs as often as it comes to mind.
Whilst we work hard and make plans to finance our family with wisdom, it’s good to remind ourselves that God is the source of all our blessing.
1 Chronicles 29:11-14 (NIV)
Yours, Lord, is the greatness and the power and the glory and the majesty and the splendour, for everything in heaven and earth is yours. Yours, Lord, is the kingdom; you are exalted as head over all.
Wealth and honour come from you; you are the ruler of all things. In your hands are strength and power to exalt and give strength to all. Now, our God, we give you thanks, and praise your glorious name.
Deuteronomy 8:18 (NIV)
But remember the Lord your God, for it is he who gives you the ability to produce wealth, and so confirms his covenant, which he swore to your ancestors, as it is today.
Philippians 4:19 (KJV)
”And my God will supply every need of yours according to his riches in glory in Christ Jesus.”
2. God is the ADVISOR of our family finances
It’s good practice to have a financial advisor to look over your financial planning but God has also left lots of practical advice concerning our financial affairs in His Word too. Check these verses out;
Prioritise
Proverbs 24:27 (NIV)
Put your outdoor work in order and get your fields ready; after that, build your house.
Budget Well
Luke 14:28-30 (NIV)
Suppose one of you wants to build a tower. Won’t you first sit down and estimate the cost to see if you have enough money to complete it? For if you lay the foundation and are not able to finish it, everyone who sees it will ridicule you, saying, “This person began to build and wasn’t able to finish.”
Think About Savings
Genesis 41:34-36 (NIV)
Let Pharaoh appoint commissioners over the land to take a fifth of the harvest of Egypt during the seven years of abundance. They should collect all the food of these good years that are coming and store up the grain under the authority of Pharaoh, to be kept in the cities for food. This food should be held in reserve for the country, to be used during the seven years of famine that will come upon Egypt, so that the country may not be ruined by the famine
Avoid Debt
Proverbs 22:7 (NIV)
The rich rule over the poor, and the borrower is slave to the lender.
Plan Ahead
Proverbs 21:5 (NIV)
The plans of the diligent lead to profit as surely as haste leads to poverty.
Act With Integrity
Psalm 37:21 (NIV)
The wicked borrow and do not repay, but the righteous give generously;
Live Contently
1 Timothy 6:6 (NIV)
godliness with contentment is great gain.
The word CONTENTMENT in this verse literally means; "a perfect condition of life in which no aid or support is needed" and is the same word used in 2 Cor 9:8.
3. God is the FIRST in our family finances
We have always taught our children to honour God with their finances and first! We have taught our children to tithe and give generous offerings from a young age.Here are familiar principles and scriptures you’ll hear us talking about with our children;
Give to God first
Matthew 6:3 (NIV)
Seek first the kingdom of God and His righteousness, and all these things will be added to you
Proverbs 3:9-10 (NIV)
Honour the Lord with your wealth, with the first-fruits of all your crops; then your barns will be filled to overflowing, and your vats will brim over with new wine.
Giving is a heart thing
2 Corinthians 9:7 (NIV)
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.
Giving is a habit in our family
1 Corinthians 16:2 (NIV)
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.
