Reorienting Spiritual Principles for Financial Planning

By John Withum

car-768711_1280While planning a day off from school in Ferris Bueller’s Day Off, the titular character wants access to a vintage Ferrari belonging to his friend Cameron’s father. When Cameron points out his dad’s meticulous attention to  details of the car, including its mileage, Ferris replies, “We’ll just drive home backward,” with the hopes the mileage will reverse.

Financial planning, at least in the “conventional” view outside of the church, is meant to maximise the potential of our money to build wealth and protect the future for the investor. When the working years are over, this line of thinking says, money will provide a verdant pasture for retirement and golden years of relaxation and leisure.

But much like Ferris Bueller, we have to look at the whole situation backward. We are followers of Jesus, whose birth was an exaltation of the lowly, whose ministry cared for the poor and powerless, and whose victorious kingdom reverses the power structures of the kingdoms of this world. This alone causes us to think of all sorts of priorities in new ways. Our approach to financial planning, then, must be based around Kingdom priorities as well. It matters little whether we would be considered wealthy in this world or poor; our entire lives fall under the rule of King Jesus, and we should view how we utilise our money accordingly.

While not exhaustive, here are three reorienting principles around which we should consider financial planning.

First, financial planning gives us the opportunity to line all of our priorities up together. Jesus tells us in Matthew 6 that our heart will find rest wherever our treasures are (v 21). We are also told to seek the kingdom of God above all else (v 33). Even if we talk about Jesus, worship weekly, and participate in Christian community, our money could be living a different life than we are. If we are truly interested in offering our whole lives to Jesus, we need to stop viewing our money as a means to personal gain and instead as a means to further the redeeming and healing mission of Jesus Christ in our neighbourhood and world.

Second, having a plan allows us to utilise our stamp-2022899_1280
money instead of it controlling us. Spending can get out of control quickly, day-to-day necessities can overwhelm, and the urgent can take priority over the truly important. When we lack a plan to use our money wisely, to invest it properly and well, it ends up taking over our lives. No matter what our income, having a plan for how to manage our finances helps us to navigate both day-to-day spending and long-term saving. Most of us carefully plan how to spend our time; likewise, we must have a plan for how to use our money.

Finally, our money can do work for us in the years our bodies can no longer physically serve the Lord. Followers of Jesus should be devoting their whole lives—work, rest, time, and money—to God’s ongoing mission in the world. At some point, however, our years of work will end, and eventually (hopefully many years later) our bodies will not be able to continue the same level of participation or activity we once could offer. In those years, if we have planned well, our money will be able to continue bearing the fruit of our life’s service to Jesus. My education was funded by the financial legacy of several individuals who had given their lives to educating pastors and missionaries. I am blessed to be a part of their ongoing work.

The platitude “you can’t take it with you” is true, in the sense we give up personal control of our finances at the moment of our earthly lives. If we have planned well, however, our money can continue serving the Lord long after we are gone.

About the author

Processed with VSCOcam with kk1 presetJohn Withum is the associate pastor of the First Baptist Church of Aurora, Illinois. He also serves as the recess supervisor at a local elementary school. He has an MDiv from Northern Seminary of Lombard, Illinois and a BA in Journalism from Marshall University of Huntington, West Virginia. He and his wife, Katie, live in Northern Illinois with their dog, Bacon.

Image credits: pixabay.com

Four Simple Financial New Year’s Resolutions: Share, Save, Spend, and Plan

Four Simple Financial New Year’s Resolutions: Share, Save, Spend, and Plan

During January the COMPASS blog is sharing space for financial new year’s resolutions. The series continues as Marcia Shetler, CEO of the Ecumenical Stewardship Center shares some thoughts about sharing, saving, spending, and planning.

happy new yearWith a grateful nod to my friend Nathan Dungan, I’d like to suggest four simple financial new year’s resolutions. Nathan is founder and president of Share Save Spend, and his website is full of great resources related to finances.

  1. Share!

Data about young adult giving in Canada and the US provides mixed reviews. The Globe and Mail reported last summer that less young Canadians are giving financially. In the US, though, CNBC reported that 84% of Millennials made a charitable donation in 2014, and 70% spent at least an hour volunteering.  But because their giving is strongly influenced by their peers, social media momentum, and current issues, it can tend to be sporadic.

While some Christians use the tithe (10 percent of income) as a giving measurement, it can also be a goal to aim for over a period of time. Do you know what percentage of your income you gave as charitable gifts in 2015? If you’d like to give more, set a “step goal” for yourself: an increase of a percentage or two. Now translate that into actual dollars and decide how you would like to give it. You can even include a category for unexpected or new opportunities you might encounter this year.

  1. Save!

It can be hard to save when you are faced with student debt and new expenses related to living on your own, but getting into the savings habit will reap benefits in both the short run and long-term. Sometimes adding to your savings is as easy as increasing your knowledge. For example, does your employer offer matching contributions to your retirement fund, and are you taking advantage of that opportunity? According to CNW, more than one third of Canadian Millennials can’t answer that question.

Even if you have a tight budget, you can develop a saving mindset. Pick a short-term goal. Save your loose change. Save by spending less, like on apps, eating out (including work lunches), and entertainment that costs money. Open a savings account and schedule automatic transfers from your checking account, perhaps synching it with your payday. Money you never “see” can be easier to save.

  1. Spend!

For most people, money is an integral and unavoidable part of life. So if we are going to spend, it’s important to do so wisely. Just this month, right after the traditional Christmas gift-buying binge, The Washington Post reported that one of the newest spending trends is choosing experiences over tangibles. “People are saying, I’ve got enough stuff. I want to pamper myself a bit and do something that makes me feel good,’” the article quotes Steven Kirn, executive director of the University of Florida’s retail education and research center, as saying. This kind of attitude toward spending can spiral out of control quickly.

In the COMPASS blog, we’ve encouraged looking for ways to live a fulfilled life without overspending. Here are a few previous posts that you might want to read for more ideas:

  1. Plan!

time to plan“If you fail to plan, you plan to fail” is a familiar phrase. Whether you want to share more, save more, or spend more wisely in 2016, developing a plan to do so is essential. If you’re not sure how much money you have or where it goes, gaining that understanding is a necessary first step. For just one month, or even just one pay period, keep a detailed record of where all your money went. How much did you share? How much did you save? How much did you spend? How can you adjust so that you are sharing, saving, and spending to reflect the life that God is calling you to live?

This blog is a component of the Ecumenical Stewardship Center’s COMPASS initiative to engage young adults in conversations about faith and finances. Like what you see and want to know/do more? Visit the COMPASS web page and join the COMPASS community on Facebook.

Image Credits: Happy New Year and Time to Plan