FUNDAMENTAL PRINCIPLES OF MONEY MANAGEMENT FOR CHRISTIANS

Broke

šTemporary cash flow problem
šNot fearful- you believe you will have money soon, maybe salary, or other cash inflow.
šCan be shameful for some people.
šTemporary state of mind.
šExample-can't afford a new laptop this month. 

Poverty 

šDaily agony of not having enough money.
šFearful- living in fear of who will find out and how you will be judged.
šWorrisome/Shameful state of mind.
šPermanent state of mind/unending mindset
šExample-having to decide between buying food for your children and paying the rent.

Step 1 - Give to God first: Pay your Tithe, even when it’s hard, Although you worked for it, it is really NOT your money!

Remember! What God requires us to do is for our own benefit, not God’s benefit. God does not really need your money or mine, but money is a good area in which to test our hearts.

 “Bring ye all the tithes into the storehouse, that there may be meat in mine house, and prove me now herewith, saith the LORD of hosts, if I will not open you the windows of heaven, and pour you out a blessing, that there shall not be room enough to receive it.”  Malachi 3:10

 Some people may argue that “The command to tithe was part of the Mosaic Law, a law code that God gave to ancient Israel. Christians are not legally subject to the Mosaic Law and so are not required to tithe” THIS IS FALSE TEACHING

 (Deuteronomy 8:18) You shall remember the Lord your God, for it is he who gives you power to get wealth, that he may confirm his covenant that he swore to your fathers, as it is this day.

Step 2 - Get rich slowly. After tithe-Pay yourself “first”

It simply means “save something for the future”.

Pay yourself first" is a phrase popular in personal finance and retirement-planning literature that means automatically routing your specified savings contribution from each paycheck at the time it is received .

 Some useful TIPS

•Put something in a savings account every time you get paid.

 •Take advantage of a 401K (a retirement savings and investing plan that employers offer. A 401(k) plan gives employees a tax break on money they contribute. Contributions are automatically withdrawn from employee paychecks and invested in funds of the employee’s choosing (from a list of available offerings).

•Use direct deposit/automatic transfers so you don’t even see the money for spending

Step 3 - Invest wisely, even small amounts today can go far

Avoid get rich quick schemes. The result is always painful.

•Pay off existing debts and save on the interests accrued.
•Max out 401K
•Invest in Treasury Bonds if possible
•Invest in Real estate Investment Trusts (REITs)
•Invest safe stocks-requires some research.

Step 4 - Create a budget

How to create a budget in 5 steps

 1 Calculate your net income. The first step is to find out how much money you make each month.

2 List monthly expenses. Next, you’ll want to put together a list of your monthly expenses.

3 Label fixed and variable expenses. Once you’ve compiled a list of your monthly expenses, label whether they’re fixed or variable.

4 Determine average monthly cost for each expense. After you separate fixed and variable expenses, list how much you spend on each expense per month.

5 Make adjustments. The last step in creating a budget is to compare your net income to your monthly expenses.

Step 5- Spend wisely: Reduce waste-Buy in bulk

Benefits of Buying Bulk Foods especially if you have a family.

 •Reduce Waste. By shopping at bulk food stores you will reduce both your packaging waste and also your food waste.
•Reduce Transport Miles. Saves money, It’s Cheaper.
 

You Can Buy Exactly How Much You Need.

This seems self evident, but sadly many Christians try to cut corners at their places of employment or business and this only leads to regret.

 Money received through dishonest means is dirty money. It will eventually bring sorrow, it will never bring true financial success.

 Rather, chose to work diligently and honestly, let your sources of income be clean.

 Remember Proverbs 22:29

“Seest thou a man diligent in his business? he shall stand before kings; he shall not stand before mean men”.

Anyone who is struggling with their finances in some capacity is a good candidate for financial counseling. You don’t have to wait until you’re experiencing bankruptcy or foreclosure before you reach out. The benefits of getting financial counseling can include:

•Getting to the bottom of your financial behaviors, emotions, and actions. Understanding the root cause will allow you to address your money problems and make more positive changes.

•You can work with a qualified counselor to set up a financial plan that will help you to achieve your financial goals (debt repayment, increase savings, etc.) 

•A financial counselor provides a non-judgmental ear to listen to all of your financial troubles. 

•The right financial counselor can help you and your spouse work through some of your money issues together. 

In summary, following these strategies will help you manage your finances more effectively. It will yield results that will enable you to live a peaceful and satisfying lifestyle as a Christian/Child of God.  You will have more than enough to take care of yourself, your family, sow into God's kingdom and be a blessing to those around you. 

 One last tip:  Learn to be a giver.  Not just paying your tithes, but also sow sparingly into the life of others and especially the things of God. 

 Some helpful verses on managing your money wisely. ( in addition to the ones listed in course)

Deuteronomy 15:10

2 Corinthians 9:7

Proverbs 3:9-10

Proverbs 22:7

Hebrews 13:5

Proverbs 13:22

Matthew 6:33

Proverbs 10:22

Please be advised, to earn the certificate below, all 3 courses must be completed.  Certificates are NOT issued to single courses. 

Certificate: Biblical Principles for Financial Management 
The Benefits of Godly Wisdom
Principles of Money Management  
Divine Provision: Biblical Financial Strategies

Please advise that this course form is only for students working on the certificate of Biblical Principles For Financial Management course.  It requires all 3 courses to be completed.  Certificates are not issued for single courses. 

Download attached form and submit your answers via email at sosmbibletraining@yahoo.com