When you receive your income on a weekly, bi-weekly or monthly basis, it is important to set priorities around the use of these funds. In my study of biblical financial principles I have discovered there are only five things that you can do with money. These are listed here based on rhyme rather than priority:
- Live (lifestyle varies depending on personal decisions around spending)
- Give (determine to live a generous life)
- Owe – repay what we have borrowed which is really an extension of our lifestyle
- Owe – taxes (for most, this is an automatic deduction from pay)
- Grow – saving for a future goal (education, major purchase, retirement, etc.)
As a simple budget practice, it is helpful to calculate the percentage amount that goes to each of these five areas; however, the big question becomes, “In what order should funds be allocated?” What is the foundation for setting these priorities?
For the Christian, the Bible is to be our guide in life and there are 2350 verses referencing money and possessions. Thankfully, many have researched these truths and can help us determine what our financial priorities ought to be.
In his book, Financial Discipleship for Families, author Brian Holtz shares five priorities based on biblical wisdom.
Priority 1 – Giving Generously: Righteousness is associated with generosity in Psm. 37:21 which states, “The wicked borrows but does not repay, but the righteous is generous and gives!” Jesus emphasizes in His Sermon on the Mount to, “Seek first the kingdom of God and his righteousness, and all these things will be added to you” (Matt 6:33 ESV). Do we seek His kingdom first in our financial decisions? Or are we more focused on adding the the things?
Priority 2 – Providing for Family Needs: The Apostle Paul instructs readers in 1 Tim. 5:8 to “provide for their own family and especially for a member of their household …” (CEB). This directive to care for our loved ones tends to come naturally, and for many it is the top priority.
Priority 3 – Meeting Financial Obligations: Again, the Apostle Paul in Romans 13:7-8 gives the instruction: “pay your taxes and government fees and … owe nothing to anyone – except for your obligation to love one another” (NLT). Holtz says, “After giving and providing for the basic needs of our family, we need to prioritize the various financial obligations we have made.” Paying taxes with gratitude for the income earned can be challenging at tax time and paying off debt can feel burdensome, but is an obligation.
Priority 4 – Saving for the Future: Proverbs 21:20 gives clear guidance to save for future needs which maybe unseen or unknown in the present. It reads, “The wise have wealth and luxury, but fools spend whatever they get.”
Priority 5 – Enjoying God’s Abundant Blessings: When Paul mentored Timothy, he told him to “Instruct the rich… not to be conceited or fix their hope on the uncertainty of riches, but on God, who richly supplies us with all things to enjoy.” Clearly, it is God who gives us these things with purpose – enjoyment being one, but this is not necessarily the top priority. He continues the instruction reiterating priority 1, which is to use what we have been given “to do good, to be rich in good works, to be generous and ready to share” (1 Tim. 6:17-18 NASB).
Our natural tendency is to order our financial priorities like this:
- Priority 2 – Providing for Family Needs
- Priority 5 – Enjoying God’s Abundant Blessings
- Priority 3 – Meeting Financial Obligations
- Priority 4 – Saving for the Future
- Priority 1 – Giving Generously
The Kingdom Advisors theme for February focuses on priority 1 and the giving process. Chris Gabriel says, “Giving is a superhighway to the soul. Christian advisors can be agents of redemption in the area of generosity and giving.” As agents of redemption, we are called disciple and help others shape their financial priorities based on biblical financial wisdom.
Questions to consider:
- Have you ever calculated what percentage of your income goes to each of the five uses of money?
- Are the financial priorities for Christians any different than non-Christians?
- How would you personally rank these five priorities?
- Which of these priorities presents the greatest challenge for you?
- Do you need to make adjustments to your financial priorities?
Lorne Robinson's Blog 