A Personal Finance Guide

As a father of five, I have experienced first-hand the joys and pains of watching my kids grow up and learn to manage their money. For some of them it was hard, but they limited borrowed from the Bank of Dad. They stood on their own and learned how to manage their money. For a couple of them, the Bank of Dad has been the lender of last resort with free interest rates and easy repayment terms. It can be tough to learn how to manage your money, but here are ten rules that will make it easier not to borrow from Mom and Dad, or dig yourself into a financial hole that you have to struggle to get out of.

Personal money management might not be something you learned from Mom and Dad. It is also not a required subject in high school or college, so you might not have a clue about how to manage your money the first time you are out on our own. If you think that understanding personal finance is way above your head, think again. All it takes to get started on the right path is the willingness to do a little reading-you don’t even need to be particularly good at math! To help you get started, let’s take a look at ten rules to understand about money if you want to live a comfortable and prosperous life.

1. Avoid the temptation of credit cards.

Learn to delay gratification with easy money. If you’re lucky, your parents taught you to save your money for what you want, rather than charge it. While it is easy to purchase on credit, it’s better to wait until you’ve actually saved up the money. If you charge $1,000 on your credit card and then make the minimum payments, you will still be paying on that debt three years later. If you want to keep your credit cards for the convenience or the rewards they offer, be sure to pay the balance in full when the bill arrives. Don’t carry more cards than you can keep track of. It would be best to limit yourself t (more…)

Are you facing financial difficulties as a Christian? As Christians, we do not want to be greedy, but how can we still find financial freedom for our families and support our church using godly principles? I want to go over a few Christian concepts behind financial planning and show you why it is important (and godly!) to educate yourself about money matters.

A common misconception is that Christians should not be concerned about money. We often quote the Bible, which says that “the love of money is the root of all evil” and that you “cannot serve two masters”. It is true that we should not idolize money. But that is no excuse for ignorance or folly! Jesus gave several financial-flavored parables about stewardship. The bottom line is that Christians should be good stewards of all their resources - including their finances. This will not only help us, but also let us bless others with our financial resources. Furthermore, we do not want to be enslaved to debt as a Christian - we should be free in Christ!

Financial planning for Christians is an important part of our stewardship. How do we get started? We could quit our jobs, and sit at home praying constantly for money. This is not necessarily godly, though. Even Paul the apostle worked a daytime job as a tent-maker while he preached the gospel. Don’t think that you are better than the apostles! Instead, you should start looking at educational resources related to Christian financial planning. The Bible teaches us to seek wisdom (see Proverbs, for example). We need to look for Christian teaching on financial planning that follows ethical principles. Some ideas are obvious, such as tithing to our church. However, many people need help learning how to manage cash flow, and dealing with debt, assets, and liabilities.

In summary, Christian financial planning is a godly concept. Learning h (more…)