Biblical Finances

[Gesso]

I am not sure if this is the spot for this, but..

We (dh and i) are having a hard time agreeing in my house on issues of finances

examples:

-whether or not to have credit cards as a backup for emergencies(should we just trust God instead and get rid of them)
-is saving money biblical, or hoarding?

these are a few of the immediate ones that come to mind
Its the credit cards one that is the biggie


Does anyone have a link, or some good ideas for how to change what we are doing? Currently, our debt load is too high (low income as well) to qualify for a mortgage. (which is very frustarting to me, although oi know i should not want things of this world so much :( ) We owe 22,000 (CAD) in mostly car loan, and the remainder (4000)is credit card/future shop loan

Is it as simple as 10/10/80?

Also, is it wrong for us to each have separate savings, or no savings at all? Been trying to find answers to this, but want to make sure i am being absolutely 'biblical' about it

[SnoDog]

Maybe you would get more feedback in the economics section. Here is a website I found that has some scripture references. http://www.new-life.net/budget04.htm

[Hootmon]

Saving reasonably is not 'hoarding'. We are to provide for our families, and an 'emergency fund' (a few months living expenses) is a necessity so that you dont need to rely on credit for everything...

1) Pay off the highest-interest short-term debt you have first. That is probably the credit card.

2) Once the high-interest debt is payed off begin saving that 10%

3) If there is enough extra, accelerate paying off the car. Next time you need a car, if you cant afford at least 20% down payment, then you cant afford the car. Find a cheaper one. You may want to consider selling the one you have to get a cheaper one now.

4) At this point you should have more 'spare' money that you can begin accumulating for a mortgage.

[LaMontre]

Pro 13:22 A good man leaveth an inheritance to his children's children: and the wealth of the sinner is laid up for the just.

[Tall Timbers]

as my personal measure. One of my duties is to provide for my family. Doing so under debt enslaves you to your lender(s). Pay off that debt and compel yourselves to live below your means so that you can build up a nest egg with which to provide for your family.

Live for today by all means but plan for the future. If you consider the year of jubilee (I think that's what they called it), where all debts were forgiven and land was not tilled for an entire year... both the land and the people rested every seventh year. In order to do that God's children of those times had to have a store that would supply them for at least a year... Think about that.

Some rules for financial management:

live below your means
pay bills on time, do not incur debt payments
save in advance for your cars (pay in cash)
save in advance for your house (if possible)
save and invest, and eventually live off your overage
give generously to the needy and to the church
help your neighbors as you are able
help relatives in need
praise the Lord in all things and remember to give thanks!

[Big Daddy]

Saving reasonably is not 'hoarding'. We are to provide for our families, and an 'emergency fund' (a few months living expenses) is a necessity so that you dont need to rely on credit for everything...

1) Pay off the highest-interest short-term debt you have first. That is probably the credit card.

2) Once the high-interest debt is payed off begin saving that 10%

3) If there is enough extra, accelerate paying off the car. Next time you need a car, if you cant afford at least 20% down payment, then you cant afford the car. Find a cheaper one. You may want to consider selling the one you have to get a cheaper one now.

4) At this point you should have more 'spare' money that you can begin accumulating for a mortgage.This is wisdom that Hoot speaks.
A very simple plan to get out of debt and live free.

That along with your own words, "i should not want things of this world so much" will work.

I tell my kids, "Never want anything so bad you can't do without it, or it will own you." FWIW

[Big Daddy]

as my personal measure. One of my duties is to provide for my family. Doing so under debt enslaves you to your lender(s). Pay off that debt and compel yourselves to live below your means so that you can build up a nest egg with which to provide for your family.

Live for today by all means but plan for the future. If you consider the year of jubilee (I think that's what they called it), where all debts were forgiven and land was not tilled for an entire year... both the land and the people rested every seventh year. In order to do that God's children of those times had to have a store that would supply them for at least a year... Think about that.

Some rules for financial management:

live below your means
pay bills on time, do not incur debt payments
save in advance for your cars (pay in cash)
save in advance for your house (if possible)
save and invest, and eventually live off your overage
give generously to the needy and to the church
help your neighbors as you are able
help relatives in need
praise the Lord in all things and remember to give thanks!

Much wisdom here too!! :thumb

[Heartstorm]

Crown financial has a great program. bible based that shows you how to handle your money, get out of debt, budget, I went through a 10 week class a few years ago and it changed my life. My church offered it but I think you can get it online also. I hear them mentioned with a number to call on K-Love sometimes too.

[Hootmon]

Crown financial has a great program.Ill second that.

I havent taken the 'program', but I have read some of their material and it is very practical and Scripturally-based.