5 Simple Steps to Financial Freedom
Pastor Scott McDermott
1. Give to God first, not last
The Bible talks about giving to God first. In the OT, the Bible recommends we give 10% back to God. While the NT does restate it as a rule, it is a good guideline to give by. This giving back is an act of both faith and worship. It declares to God that “I thank you for providing for me” and “I am trusting you for my future provision.” Giving to God first welcomes God’s promise over our financial lives. (Malachi 3.10; Prov. 3.9, 10; Luke 6.38; Prov. 11.24; 1 Cor. 16.2)
2. Live within your means
One way to do this is to set a budget. Don’t view it as a bad thing but as a way to make your life more manageable. Short-term sacrifice will yield long-term rewards. It is important to review your financial affairs at least weekly in order to know how you are doing. Remember, decide now only to buy what you have money for at the moment. Don’t borrow on tomorrow for today’s needs. (Prov. 22.3, 4; Prov. 24.3; Prov. 28.19, 20; Eccl. 5.10)
3. Eliminate unwise debt
While you must pay at least a minimum on each bill monthly, channel as much as you can each month toward one of the bills (especially highest interest bills). Stay with that bill until it is paid off. Once paid off, channel all those funds toward another bill and then another until each bill is zero. Then celebrate! (Prov. 22.7; Psalm 37.21; Eccl. 5.4)
4. Set up an emergency fund
Even if it is a small amount, set aside money from each paycheck to save. Some banks offer a program like this in conjunction with your ATM card that can help you save. Usually emergency accounts cover anywhere from 3 to 6 months of living expenses. Even if you can’t get there immediately, remind yourself that even small steps taken in the right direction are a good thing. (Prov. 6.6-8; Prov. 21.20)
5. Develop other streams of income
What other streams of income can you develop? Most of us depend upon one job. But perhaps there is something else you could do even for a short time to help pay down debt or increase savings. (2 Thess. 3.8; Prov. 14.23)
John Wesley: “earn all you can, save all you can, and give all you can.”
