__When it comes to stewardship, college students don’t need to wait until graduation to implement one of the most powerful stewardship tools available—the budget. For college students, a budget can be a game-changer, providing control over their finances and developing healthy habit that will benefit them years after they graduate. Here are eight reasons why every college student should start budgeting today.__

__1. Financial awareness.__

By keeping track of income and expenses, students can gain a clear understanding of where their money is going. This is crucial for making informed financial decisions, both now and in the future. Understanding cash flow allows students to plan for necessary expenses, such as tuition and textbooks, while also identifying areas where they can cut back. This awareness not only helps students avoid impulsive purchases but also helps them to make choices they won’t regret after graduation.

__2. Creating a pattern of generosity.__

According to the Bible, generosity is our financial priority. Unfortunately, many students perceive generosity as something that can only be practiced once they have substantial income. A budget that includes a line item for giving can help cultivate a habit of generosity, regardless of the amount. By first allocating a portion of their income to God, students can develop a mindset and practice that prioritizes generosity.

__3. Debt avoidance.__

Debt looms large for many college students. Without a budget, it’s easy to overspend and rack up credit card bills or fall behind on student loan payments. Budgeting helps students track their spending habits and stay within their means, minimizing the risk of accumulating unnecessary debt.

__4. Spending control.__

Another significant advantage of budgeting is the promotion of mindful spending. College life often presents a variety of tempting distractions, from dining out with friends to the latest tech gadgets. A well-structured budget encourages students to distinguish between needs and wants, fostering more intentional spending habits. By categorizing expenses and setting limits, students can ensure that essential needs—such as housing, food, and education—are met before indulging in discretionary spending. This level of control can prevent feelings of regret that often accompany impulsive purchases.

__5. Development of wise financial habits.__

Developing a budget is an important step toward creating responsible financial habits. The skills learned while budgeting in college can last a lifetime. Students who practice budgeting regularly learn to plan for future expenses, save for emergencies, and make wise choices about investments and major purchases. These habits contribute to long-term financial health, as they prepare students for the financial complexities of adulthood.

__6. Reduced stress.__

Financial uncertainty can be a significant source of stress for college students. Balancing classes and work commitments is challenging enough without the added burden of financial worries. Knowing their financial situation through a budget can alleviate anxiety about money and allow students to focus more effectively on their studies.

__7. Preparation for the future.__

Budgeting serves as an important preparation tool for life after college. The transition from student life to the professional world can be daunting, especially when it comes to managing finances. By starting to budget now, students will be better equipped to handle the financial realities they will face after graduation, such as rent, utilities, and other living expenses.

__8. It won’t get any easier.__

Any post-college adult will tell you that their finances have only grown more complex over time. While a college student’s finances can have some complexity, it is likely the least complex situation they will face for many years to come. This makes the college years the perfect time to get into the habit of budgeting.

Budgeting is not just a task for the financially savvy; it is an essential skill that every college student should have. From fostering financial awareness and encouraging generosity to promoting spending control and reducing stress, the benefits of budgeting are numerous. By developing responsible financial habits now, students can set themselves up for a successful financial future. Budgeting helps students be better stewards of their finances, allowing them to make the most of their college experience while preparing for the stewardship road ahead.

[Image](https://www.christianmoneysolutions.com/blog/8-reasons-why-college-students-need-to-start-budgeting-now) used  with permission

You were meant for more. Your money was meant for more. You and your money are meant for an exciting, adventurous, and satisfying purpose. You were designed to live and give generously. And deep inside you know this and want this.

Christian Money Solutions

Marriage and Family

College students don’t need to wait until graduation to implement one of the most powerful stewardship tools available.

8 Reasons Why College Students Need to Start Budgeting Now

Receiving a tax refund can feel like  an unexpected gift. It’s a lump sum of money that many hadn’t factored  into their monthly budgets, making it an ideal opportunity to improve  one’s financial situation. Here are several wise and strategic ways to utilize your tax refund:

__1. Build or Bolster Your Emergency Fund__

Financial experts commonly recommend  having an emergency fund that covers 3-6 months of living expenses. This  fund serves as a financial cushion for unforeseen circumstances such as  medical emergencies, car repairs, or sudden unemployment. Allocating  your tax refund towards this fund can provide peace of mind and  financial stability.

__2. Pay Down High-Interest Debt__

Proverbs 22:7 says, “The rich rules  over the poor, and the borrower is the slave of the lender.” Using your  tax refund to pay down debt, especially high-interest debt can be a wise  decision that frees you from financial bondage and honors God by  managing the resources He has entrusted to you responsibly.

High-interest debts, such as credit  card balances, can quickly erode your financial health. Using your tax  refund to pay down this debt can save you money in interest over time  and reduce your financial burden. It’s a straightforward strategy that  offers a guaranteed return on investment equivalent to the debt’s  interest rate. As a current client of Christian Credit Counselors, you  can make an extra payment through your DMP by calling us at  800.557.1985.

__3. Saving for the Future__

Proverbs 21:20 notes, “In the house  of the wise are stores of choice food and oil, but a foolish man devours  all he has.” Consider using part of your refund to save for future  needs like education, home repairs, or retirement. Saving reflects  prudent planning and trust in God’s provision, acknowledging that while  we make plans, it is God who directs our steps (Proverbs 16:9).

__4. Invest in Your Future__

Investing your refund into a  retirement account (such as an IRA) or the stock market can compound  over time, contributing to a more secure financial future. Consider  speaking with a financial advisor to choose investments that align with  your risk tolerance and long-term goals.

__5. Improve Your Home__

Investing in home improvements can  increase your property’s value, enhance your living environment, and  potentially reduce your utility bills if you focus on energy-efficient  upgrades. Whether it’s a major remodel or minor improvements, your home  can be a worthwhile place to invest your refund.

__6. Fund Your Education__

Education is an investment in your  future earning potential. Using your refund to pay for courses or  certifications can enhance your skills and qualifications, potentially  leading to career advancement and increased income.

__7. Start or Grow a Business__

If you’ve been dreaming of starting  your own business, your tax refund could serve as seed money to get your  idea off the ground. For existing business owners, this extra cash  might be what you need to expand your services or marketing efforts.

__8. Tithing and Charitable Giving__

Consider tithing a portion of your  refund to your church or giving to charitable organizations. Donating a  portion of your tax refund to charity can not only help those in need  but also provide you with a sense of fulfillment and potential tax  deductions for the next year. Choose organizations that resonate with  your values and check their credibility to ensure your donation has the  maximum impact.

__9. Responsible Spending__

Spend Wisely: While it’s not wrong to  spend some of your refund on yourself or your family, consider how your  spending reflects your values. Philippians 4:5 advises, “Let your  reasonableness be known to everyone.” Before making a purchase, pray for  wisdom and discernment, ensuring that your spending decisions honor  God.

__Conclusion__

Your tax refund offers a unique  opportunity to improve your financial health, invest in your future, and  even enjoy the fruits of your labor. By carefully considering your  financial situation and long-term goals, you can make strategic choices  that maximize the benefits of your refund. Remember, the best use of  your tax refund is one that aligns with your personal financial goals  and circumstances.

__[Image](https://christiancreditcounselors.org/maximizing-your-tax-refund-a-strategic-approach/)__ used with permission

Our debt management program helps people avoid bankruptcy, debt settlement scams, and quick fixes that ruin credit.

Christian Credit Counselors

Articles

Receiving a tax refund can feel like an unexpected gift & here are some wise & strategic ways to utilize your tax refund

Maximizing Your Tax Refund: A Strategic Approach

We spill a lot of ink around here (or at least move a lot of pixels around) encouraging people to think and act like long-term investors rather than short-term traders. No matter what’s happening in the market, it’s important to consider how you talk about it — to others and to yourself.

__Explanatory style__

In his book *Learned Optimism*, University of Pennsylvania psychologist Martin Seligman writes about the importance of understanding your “explanatory style.” That’s how you tend to explain bad events, and there’s a distinct difference between people who give up easily when times get tough and people who push through.

There are three aspects to a person’s explanatory style: permanence, pervasiveness, and personalization.

Seligman characterizes those who give up easily as pessimists because they tend to describe bad events as *permanent* (“I’ll never recover from this downturn”), make *pervasive/universal* statements (“It’s going to be a horrible year in the market”), and *personalize/internalize* the cause (“I’m a lousy investor”).

He identifies those who persevere as optimists because they tend to describe bad events as *temporary* (“Periodic downturns, corrections, and even bear markets come with the territory of being an investor”), make *specific* statements (“The first few days of this year have been rough”), and *externalize* the cause (“The war in the Middle East seems to be impacting global markets”).

__Many applications__

Seligman studied everyone from politicians to athletes and found a strong correlation between people’s explanatory style and their results.

In one study, he and a team of researchers combed through some 15,000 sports pages covering two baseball seasons, analyzing the quotes of various players. They found that the teams best able to overcome setbacks or to persist through difficulties were the ones whose players explained their challenges as temporary and cited external issues (“We lost because they made the plays tonight.”). Those who struggled explained their challenges as permanent and cited universal internal issues (“We can’t hit.”).

__Is it better to be optimistic?__

Seligman’s point was not to turn people into blind optimists, only to help save pessimists from acting on their worst instincts: “When bad events strike,” he wrote, “you don’t have to look at them in their most permanent, pervasive, and personal light, with the crippling results that pessimistic explanatory style entails.”

For investors, the most potentially “crippling results” during downturns usually result from making emotional, fear-based decisions, such as veering off plan.

Seligman’s antidote? Challenge your pessimistic beliefs and ask if they are really true.

Before you act on your most pessimistic investing instincts, it may help to reread the following articles:

- [Make Sure Your Investment Decision-Making Is Inside-Out](https://soundmindinvesting.com/articles/make-sure-your-investment-decision-making-is-inside-out1)
- [The Temptation to Panic is Always Near](https://soundmindinvesting.com/articles/the-temptation-to-panic-is-always-near)
- [How to Avoid Panic and Reduce Fear](https://soundmindinvesting.com/articles/how-to-avoid-panic-and-reduce-fear)

__How do you find yourself talking about the market these days?__

__[Image](https://soundmindinvesting.com/articles/how-investors-talk)__ used with permission

Since 1990, do-it-yourself Christian investors have relied on SMI for proven strategies and trustworthy guidance.

Sound Mind Investing

Investing

We spill a lot of ink around here encouraging people to think and act like long-term investors.

Talking the Talk of an Investor

A second Trump administration appears poised to bring big changes that will likely determine the economic outcomes.

Trump 2.0: Using Objective Investing Models to Guide Us Through Anticipated Disruption

__As a financial counselor, I have the privilege of working with a diverse group of families and businesses, each with their own unique circumstances and backgrounds. It's clear to me that every client comes with their own blend of personality traits and money stories that shape their approach to money management. However, amidst this rich variety, there are several common challenges that financial counseling clients face on their financial journeys.__

Here are four common financial challenges that I have found working with clients and their businesses. Maybe you can relate.

__1. Credit cards are being used as an emergency fund.__

A common indicator of a struggling family or business is a lack of cash reserves. Consequently, credit cards often become a makeshift emergency fund to manage unexpected expenses. Unfortunately, when emergencies do arise (and they will), individuals often exacerbate their financial troubles by accruing even more debt.

An effective debt elimination strategy involves safeguarding yourself against the risk of additional debt. This means maintaining some cash on hand to address unforeseen expenses while you remain focused on becoming debt-free. Even if you come across promotions offering 0% interest for 12 or 18 months, it’s generally wiser to pay in cash and avoid the stress that comes from carrying a credit balance.

__2. Student loans are a very serious problem.__

Recent data indicates that families are burdened with an average of over $30,000 in student loan debt. While it's not surprising for financial counselors to encounter clients with substantial student loans, the scale of this issue is even more severe than I had anticipated. Unfortunately, the only viable solution is to actually repay these loans, as student debt is one of the few financial obligations that cannot be discharged through bankruptcy.

If you are contemplating pursuing education after high school, it's essential to do your homework and establish a budget that aligns with what you can afford. After submitting your Free Application for Federal Student Aid (FAFSA), take a close look at the details of your college's financial aid offer. Although the term "award" might suggest the college is offering you "free" money, most financial aid packages typically consist of a combination of grants, scholarships, and, yes, loans.

__3. Poor tax planning leads to large tax bills.__

I understand that many people prefer not to dwell on taxes and may even dread the filing process. However, it's concerning the number of clients who have paid professionals to prepare their taxes but have received poor advice. This has caused clients to owe thousands of dollars on their state and federal taxes year after year. Whether you're filing income taxes or seeking assistance in structuring your small business in a tax-efficient manner, obtaining sound advice is invaluable.

As you begin your tax planning, consider your own withholding situation. Did you end up owing money to the IRS, or did you receive a refund? When was the last time you adjusted your IRS Form W-4? If you are a contract employee (1099) or a small business owner, are you estimating your taxes and making timely payments to the IRS? For trustworthy tax guidance and reliable Christian financial advice, I highly recommend consulting with a Certified Kingdom Advisor (CKA).

__4. Pets consume more than food and water, they consume financial margin.__

The American dream feels incomplete without both a dog and a cat. Nothing brings more consistent joy to a home than the warm greetings from our furry friends at the door, complete with their unwavering smiles. Our clients often feel the same way—their pets are integral members of their families. But the costs associated with owning a pet have become increasingly significant. From annual vaccinations and flea treatments to heart medications, kennel vaccines, specialized foods, beds, toys, and the wear and tear on home and yard, the financial demands are considerable. Pets can easily consume every last bit of financial margin.

As a counselor, discussing pet ownership presents a unique challenge. But pet ownership must be carefully assessed in terms of priorities and affordability. While a $99 adoption fee at a local pet store may seem appealing, the lifelong expenses of caring for a pet can far surpass those of owning a car. If you're a family facing significant debt and struggling to make ends meet, pet ownership may not be a viable option. It’s essential to consider pets within the context of your overall financial well-being and prioritize accordingly.

__Our objective in financial counseling is to assist clients in overcoming their financial obstacles. While the setbacks and financial difficulties might feel unique to your situation, it is likely that others have faced similar obstacles. Reach out to a trusted financial counselor today, and see how you can overcome those obstacles one step at a time. A great place to start is a [CERTCFC® counselor.](https://www.faithfi.com/findcertcfc) You can locate one  in your area at [FaithFi.com](https://www.faithfi.com/findcertcfc).

__[Image](https://www.christianmoneysolutions.com/blog/4-common-challenges-financial-counseling-clients-face)__ used with permission

Savings

It's clear to me that every client comes with their own blend of personality traits and money stories.

4 Common Financial Pitfalls and How To Overcome Them

***“Precious treasure and oil are in a wise man's dwelling, but a foolish man devours it.” - Proverbs 21:20***

This simple yet profound verse from Proverbs reminds us of the importance of living below our means and saving for the future. But how do we do that? One key tool is having a budget. Let’s dive into the numbers, address common misconceptions, and explore how the [FaithFi app](https://www.faithfi.com/manage) can help you achieve financial stability with biblical principles.

A recent survey by [NerdWallet](https://www.nerdwallet.com/article/finance/data-2023-budgeting-report) offers insight into budgeting habits in America:


- **The Good News:** 75% of Americans aged 18 and up report having a monthly budget.
- **The Bad News:** 84% of those same individuals admit to overspending their budgets occasionally.

Even more concerning, 44% of overspenders turn to credit cards to cover the gap, while the remaining 56% likely dip into savings. Without a proper budgeting system, overspending can easily lead to debt and financial instability once savings are depleted.

**Common Excuses for Not Budgeting**

At [FaithFi](https://www.faithfi.com/), we’ve heard a lot of reasons why people resist budgeting. Here are some of the most common excuses:


1. ***“It takes too much time.”***
2. ***“It’s too difficult; I’m no good at math.”***
3. ***“I never stick with it.”***
4. ***“I don’t need to budget.”***
5. ***“It limits me.”***

These are valid concerns, but they’re often rooted in misconceptions.

**Debunking Budgeting Myths**

Let’s break down the common misconceptions about budgeting:


- *“A budget is just about cutting expenses.”*

Not true! Budgeting is about prioritizing your spending, ensuring your money goes to what matters most.
- *“A budget is too rigid.”*

While structure is important, budgets are flexible tools. Adjustments are part of the process!
- *“I make enough money; I don’t need a budget.”*

Budgeting isn’t about income levels—it’s about making wise financial decisions.
- *“Only people with financial trouble need a budget.”*

Budgets help prevent financial trouble by ensuring you live within your means.
- *“My income varies, so I can’t budget.”*

You can! Calculate your average monthly income based on 6–12 months of earnings. Save during high-income months to cover leaner periods. Check out [our episode on this topic](https://www.faithfi.com/faithfi/variable-income-budgeting-7216) for a deeper dive and more insights!

**Steward Your Resources With The FaithFi App**

If you’re ready to create a spending plan but need guidance, the [FaithFi app](https://www.faithfi.com/manage) is here to help. Unlike other budgeting tools, [FaithFi](https://www.faithfi.com/manage) offers unique features to make managing your finances intentional and faith-centered:

- **Tailored to Your Needs**: Choose from three different money management styles that best suit your situation.
- **Helps You Build Rhythms**: The app encourages daily check-ins or weekly reviews to develop consistent financial habits.
- **Faith-Centered Approach**: Beyond tracking your spending, FaithFi integrates biblical wisdom and a supportive community to help you grow in your walk with God while stewarding your resources for His glory.

**Don’t let excuses or misconceptions hold you back. A budget is a powerful tool for financial freedom and biblical stewardship. Download the [FaithFi app](https://www.faithfi.com/manage) today to create your spending plan, grow in wisdom, and honor God with your finances.**

You can also **[listen](https://www.faithfi.com/search?q=Who%20Needs%20a%20Budget?%20with%20Chad%20Clark&videos=true&articles=true&podcasts=true&posts=true&groups=true&events=true&support=true)** to a related podcast on this topic.

FaithFi

Don’t let excuses or misconceptions hold you back. A budget is a powerful tool for freedom and biblical stewardship.

Who Needs A Budget?

Good stewardship of our finances begins with recognizing that everything we have is a gift from God, and he has called us to manage those resources wisely. Practicing financial stewardship begins with five fundamental steps. These steps can help us orient our financial lives around the Lord’s purposes and trust in his provision.

**1. Align your heart.**

How we spend our money and what we spend it on reveals a lot about the affection of our hearts. Stewardship is about more than just how we spend our money; it’s the outward reflection of the inward posture of our hearts toward Jesus Christ.

When you look at your bank statements or investment balances, are you thankful or do you only see what you don’t have? Do you immediately plan what to buy next or, instead, how you could serve? Our financial decisions follow our hearts. By first aligning our hearts with his through prayer and his Word, our finances will follow. Our financial resources are a gift from him to be used as he directs. Commit to serve one master, the Lord, with all you have. He will provide what you need (Matthew 6:24-34).

**2. Create a budget.**

Stewardship is not about hoarding the resources you have; it’s about using them wisely. For that, you need a [budget](https://www.guidestone.org/Resources/Education/Articles/Investments/Budgeting-Your-First-Step-to-Start-Well).

Proverbs 21:5 (CSB) says, “*The plans of the diligent certainly lead to profit, but anyone who is reckless certainly becomes poor.*” A budget will help you plan your giving, spending and saving and ensure they align with Christ-honoring goals.

Most importantly, a budget will guide you in living within your means and spending wisely. Avoiding extravagance and learning to live on less than you earn nurtures the spiritual fruit of self-control (Galatians 5:23) and godly contentment (1 Timothy 6:6-9). Budgeting can also help you avoid unnecessary debt and pay off your obligations quickly to maintain financial freedom (Proverbs 22:7).

**3. Share your blessings.**

God blesses his people so that they can be a blessing to others. Giving back a portion of what the Lord has given us through our tithes and offerings is vital to stewardship.

“*The point is this: The person who sows sparingly will also reap sparingly, and the person who sows generously will also reap generously. Each person should do as he has decided in his heart — not reluctantly or out of compulsion, since God loves a cheerful giver.*” 2 Corinthians 9:6-7 (CSB)

Through our generous giving, we further the spread of the Gospel by supporting our churches, missionaries and other ministry organizations on the frontlines in spreading the good news of Jesus Christ. We also give to bless those in need. In 1 Timothy 6:18 (CSB), Paul instructs Timothy to urge those blessed financially “*to be generous and willing to share.*”

Ultimately, giving is a proclamation of our dependence on the Lord’s faithfulness (Proverbs 3:9-10) and is an essential part of our worship.

**4. Plan for tomorrow.**

Only God knows what tomorrow will bring, but we are still responsible for planning for it. Proverbs 6:6-8 (CSB) points to the example of the ant, which “*prepares its provisions in summer; it gathers its food during harvest.*” Saving and investing for the future reflects foresight in caring for what God has given us. As you create a budget for your expenses today, plan for tomorrow’s needs by including short-term and long-term savings categories.

Short-term savings are for those needs in the near future — including [emergencies ](https://www.vimeo.com/834097581). Long-term savings are for needs that will come up further down the road, like homes, your children’s college expenses and especially [retirement](https://www.vimeo.com/834108967).

[Investing ](https://www.guidestone.org/Resources/Education/Articles/Investments/The-GuideStone-Approach-To-Investing)in the financial markets is one way to deploy your long-term savings dollars so that they can grow over time. Remember, when it comes to retirement, time is your friend. The [earlier and longer you invest](https://www.guidestone.org/Resources/Education/Articles/Retirement/The-High-Cost-Of-Waiting), the better off you’ll likely be financially.

**5. Protect yourself and your family.**

The Apostle Paul reminds us of the importance of providing for our families.

“*But if anyone does not provide for his own family, especially for his own household, he has denied the faith and is worse than an unbeliever.*” 1 Timothy 5:8 (CSB)

Life sometimes interrupts our plans with illnesses and injuries, making it difficult for us to fulfill our calling to provide for our families. That’s why it’s essential to be prepared for these challenges by finding the right [health plans](https://www.guidestone.org/Resources/Education/Articles/Insurance/What-is-Health-Insurance), [life coverage](https://www.guidestone.org/Resources/Education/Articles/Insurance/5-Advantages-of-Having-Life-Insurance), and other types of protection to help you and your family through life’s obstacles.

Finally, [estate planning](https://www.guidestone.org/-/media/Retirement/Wealth-Management/1152573_Estate-Planning-Will-vs-Trust.pdf) allows you to ensure that your resources continue to serve God’s purposes even after your lifetime. Proverbs 13:22 (CSB) says, “*A good man leaves an inheritance to his grandchildren...*” By making thoughtful decisions about the distribution of your assets, you can continue to provide for your family and loved ones and support ministries.

These five foundational steps can help you manage your finances with wisdom and purpose, reflect God’s love and provision, and ensure that your resources are used optimally for you and your family’s benefit and his glory.

Need some practical ways to help put good stewardship principles into practice? From the beginning stages of planning your saving and investment strategies to enjoying life in retirement, GuideStone® can help guide you every step of [your journey](https://www.guidestone.org/Individual/Retirement/Planning-and-Advice).

For more information, contact us at [Info@GuideStone.org](mailto:Info@GuideStone.org) or [1-888-98-GUIDE](tel:+1-888-984-8433) (1-888-984-8433) Monday through Friday, 7 a.m. to 6 p.m. CT, to speak with a customer solutions specialist.

Tags:

[Start Well](https://www.guidestone.org/Resources/Education?section=All&tag=start%20well) [Retirement](https://www.guidestone.org/Resources/Education?section=All&tag=retirement) [Ministers](https://www.guidestone.org/Resources/Education?section=All&tag=ministers)

GuideStone

Saving and Money Management

Good stewardship of our finances begins with recognizing that everything we have is a gift from God, and he has called us to manage those resources wisely. Practicing financial stewardship begins with five fundamental steps. These steps can help us orient our financial lives around the Lord’s purposes and trust in his provision.

Five Fundamental Steps for Good Financial Stewardship

In Christian circles, opinions about debt vary. Some insist that it’s always detrimental and should be avoided. Others may even contend that it’s sinful for Christians to be in debt. But what does the Bible say about debt?

Scripture makes no such judgments about debt or even the one who owes it.

*The wicked person borrows and does not repay, but the righteous one is gracious and giving.* Psalm 37:21 (CSB)

According to the Psalmist, the borrower is reckoned as wicked because of the deliberate choice not to repay the debt — not simply because he or she owed it.

As a positive, debt can be used strategically to invest in opportunities for personal growth and financial stability. Here are some examples of positive debt when used wisely:

- **Taking out a student loan** to earn a degree or receive training could increase your future earnings potential or career opportunities. Just remember that some degrees may not always result in higher-paying positions, making it difficult to justify the cost of education relative to the income generated.
- **Securing a mortgage** allows you to own a home, earning equity over time.
- **Handling a credit card responsibly** by paying off your balance on time can build your credit score, which could be crucial for future financial opportunities and make you eligible for lower interest rates for other needed loans (such as a mortgage or auto).

**However, one thing Scripture makes clear is that debt is not something that one should enter into lightly.**

*The rich rule over the poor, and the borrower is a slave to the lender.* Proverbs 22:7 (CSB)

Debt obligates the borrower to the lender. As Christians, our primary obligation is to the Lord, and as Jesus warns us, we can't “*serve two masters*” Matthew 6:24 (CSB).

Accumulating too much debt or not wisely managing your payments can have negative consequences. In those instances, debt can become your “master.” Below are six ways that mishandled debt can take control of your life.

**1. Increased Personal and Financial Stress**

Debt can lead to significant stress if the payments become difficult to manage. This stress can affect your mental health, spiritual well-being and relationships. Financial issues can be a source of tension in your relationships with your spouse and family. Disagreements over money management can strain marriages, especially if one spouse is more affected by the stress of debt than the other.

**2. Reduced Flexibility in Your Finances and Life**

Too many debt payments (or just a few large payments) can make it harder to pay bills, build a reserve for emergencies, save for retirement or take advantage of new opportunities. Keeping up with your payments may require sacrifices in your family’s daily life, such as reducing outlays for fun activities, delaying vacations or cutting back on other things contributing to the quality of life.

**3. Fewer Opportunities for Giving and Ministry**

Managing a heavy debt burden can curtail your freedom to give generously to support the Lord’s work. Additionally, it can limit your availability for ministry and serving opportunities as you race to make ends meet every month.

**4. Delayed Future Goals**

The need to prioritize debt repayment can force you to make challenging career, ministry or family choices. A high level of debt may require that you delay or alter your plans to buy a home, take a new job or ministry opportunity, or even start a family. Also, remember that saving for retirement early in your career is essential. Making your payments could reduce your ability to save, [leading to delays in building your retirement account](https://www.guidestone.org/Resources/Education/Articles/Retirement/Avoid-Debt), which can have significant long-term consequences.

**5. A Cycle of Growing Debt**

The interest on unpaid debt can cause the total amount you owe to grow significantly over time, making it harder to pay off the principal. Too much could lock you in a cycle of ever-increasing debt.

**6. A Lower Credit Score**

Accumulating too much debt or missing payments can negatively impact your credit score. A lower score could result in higher interest rates or make it more difficult to obtain loans that you might need for a home, car or education.

**So, is debt bad? No, but it is powerful.** When used carefully, it can be a helpful tool to reach some of your financial goals. When deciding whether to take on debt — whether it’s an auto loan, student loan or the use of a simple credit card — be sure that you understand the long-term implications of any financial commitments you make and always balance your borrowing with your ability to repay.

Looking for more help? Check out our helpful [resources ](https://www.guidestone.org/Resources)and [calculators](https://www.guidestone.org/Resources/Education/Calculators). Also, [browse and watch our webinars](https://www.guidestone.org/Resources/Education/Webinars) for tips on money management and good financial stewardship for additional guidance in handling your financial resources wisely.

At GuideStone®, we want every servant of Christ to finish well. Our mission is to enhance the financial security and resilience of those who serve the Lord.

For more information, contact us at [Info@GuideStone.org](mailto:Info@GuideStone.org) or [1-888-98-GUIDE](tel:+1-888-984-8433) (1-888-984-8433) Monday through Friday, 7 a.m. to 6 p.m. CT, to speak with a customer solutions specialist.

Tags:

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Credit and Debt Management

In Christian circles, opinions about debt vary. Some insist that it’s always detrimental and should be avoided. Others may even contend that it’s sinful for Christians to be in debt. But what does the Bible say about debt?

Is debt bad?

Planning for retirement is one of the most important things you can do for yourself and your loved ones. No matter where you are on your journey to retirement, GuideStone® is here to support you.

Here are four essential steps to ensure you’re on track for a secure retirement.

##### 1. Ask the right fundamental questions.

Most people begin their journey to retirement with the question, “How much do I need to save for retirement?” A better question to ask yourself is, “How much retirement income do I need to maintain my standard of living?” This will help you develop a plan focused on a specific outcome oriented around your personal goals and needs rather than what could be an arbitrary dollar amount.

Typically, a retiree will need to replace 80% of his or her pre-retirement income. For example, a minister making $50,000 per year may need to replace $40,000 ($50,000 x 0.80) to maintain their standard of living. Social Security benefits may replace roughly 30% of your income, meaning your savings must supply the other 50%.

##### 2. Review your saving strategy.

Generally, financial experts suggest setting aside 10-15% of your income for retirement-saving purposes. This percentage should include personal and [employer matching contributions (if applicable)](https://www.guidestone.org/Resources/Education/Articles/Retirement/Maximizing-Employer-Matching). For example, if your employer matches 5% of your salary, you should aim to set aside 10% in your retirement account.

The following strategies *may* help you start saving:

- Save at a rate high enough to receive your employer’s match. Then, you can commit to raising your contribution rate by at least 1% or 2% every year until you have reached your contribution goal.
- Increase your contributions each time you receive a pay raise or a bonus or as you pay off a debt, such as a credit card or automobile loan.
- Create an annual reminder on your calendar, computer or phone to prompt you to review your balance and increase contributions yearly.

##### 3. Determine which [investment approach](https://www.guidestone.org/Updates/Fund-Choices) best meets your unique needs and preferences.

- **The “Do It For Me” Approach Through Our Asset Allocation Options**

Our [professionally managed asset allocation options](https://www.guidestone.org/Updates/Fund-Choices/Asset-Allocation) provide a simple choice for those who want a one-step approach to investing. This approach offers both our Target Date Funds and Target Risk Funds.

- **Our Target Date Funds,** the MyDestination Funds®, provide a simple approach to retirement planning. Each Target Date Fund is a “fund-of-funds” with a diversified asset allocation that's more aggressive when you’re younger and gradually becomes more conservative as you approach and move through retirement (the “glide path”). You only need to choose the Fund closest to your retirement date, and we will manage the rest.
- **Our Target Risk Funds** also provide a simple approach to retirement planning. Like the Target Date Funds, each Fund is a “fund-of-funds.” However, these Funds are managed based on a desired level of sustained risk exposure and aim to align with your risk tolerance rather than a time horizon. Target Risk Funds will maintain the predetermined level of risk exposure and do not follow a glide path.
- **The “Do It Myself” Approach**

This approach is designed to help you build your own portfolio utilizing [a broad range of core and specialty funds ](https://www.guidestone.org/Funds)that provide the flexibility to address specific investment strategies.

As part of the core and specialty options, we also offer tools to help you create your own portfolio that considers your financial objectives, risk tolerance and time horizon.

- Our [Investment Recommendation tool ](https://my.guidestone.org/Retirement/LaunchInvestmentRecommendation.aspx)helps identify your investment goals and preferences through a series of simple questions and then provides a specific investment recommendation based on your current circumstances and future objectives.
- Our [Retirement Portfolio Models ](https://www.guidestone.org/Updates/Portfolio-Strategies)can inform your fund choices across major asset categories. Review each model to select a pre-mixed target allocation that fits you as an investor. Once you select a model, you can incorporate the funds available through your retirement plan in accordance with your model’s asset class framework.
- **The “Do It Together” Approach with Advisory Services**

We offer [a range of financial planning services, tailored investment strategies and ongoing investment management](https://www.guidestone.org/Individual/Retirement/Planning-and-Advice/Professional-Investment-Management) for those looking for a higher level of service.

- With [GuideStone Wealth Management™](https://www.guidestone.org/Individual/Investments/Wealth-Management), you can work with a relationship-focused advisor who can guide you in developing a comprehensive plan that aligns your faith with your finances to help secure your family’s future and well-being and maximize your impact on the Kingdom.
- If you’re interested in a simpler service, with [GuideStone Managed Accounts™](https://www.guidestone.org/-/media/Funds/files/1218085_Guidestone-Managed-Accounts.pdf), an advisor will build an investment strategy aligned with your goals, time horizon and risk tolerance. Our team will proactively manage your portfolio and connect with you annually to help ensure your investments remain on track with your financial plan.

##### 4. Periodically do a retirement planning checkup.

As you move toward retirement, take time to prepare for the next steps that are coming your way.

Utilize our [Retirement Readiness Assessment ](https://www.guidestone.org/rra)for a more in-depth review of your progress and check if you are on track or need to save more to reach your goals.

You should also evaluate your expected cash flow during retirement with our [Retirement Income Calculator](https://www.guidestone.org/Resources/Education/Calculators/Retirement-Savings-and-Planning/RetirementIncome) and your withdrawal options with our [Retirement Income Estimate](https://my.guidestone.org/login/login.aspx) tool.

From the beginning stages of planning your saving and investment strategies to enjoying life in retirement, GuideStone can help guide you every step of the way. The [GuideStone Member Journey](https://www.guidestone.org/Individual/Retirement/Planning-and-Advice) can help you find the resources you need wherever you are on your path to retirement.

We have several helpful [resources ](https://www.guidestone.org/Resources)and [calculators ](https://www.guidestone.org/Resources/Education/Calculators)available to help determine where you are and how to get where you want to go.

For more information, contact us at *[Info@GuideStone.org](mailto:Info@GuideStone.org)* or [1-888-98-GUIDE](tel:18889848433) (1-888-984-8433) Monday through Friday, 7 a.m. to 6 p.m. CT, to speak with a customer solutions specialist.

Tags:

[Retirement](https://www.guidestone.org/Resources/Education?section=All&tag=retirement) [Investments](https://www.guidestone.org/Resources/Education?section=All&tag=investments) [Start Well](https://www.guidestone.org/Resources/Education?section=All&tag=start%20well) [Finish Well](https://www.guidestone.org/Resources/Education?section=All&tag=finish%20well) [Stay Well](https://www.guidestone.org/Resources/Education?section=All&tag=stay%20well)

Preparing for Retirement

Planning for retirement is one of the most important things you can do for yourself and your loved ones. No matter where you are on your journey to retirement, GuideStone® is here to support you.

Am I on track for retirement?

__Were you to survey married couples about their money-management goals, most answers would focus on some form of financial success. Most people strive to accumulate better houses, nicer cars, more toys, and bigger retirement accounts. But when it comes to the dream of financial prosperity and security, we should ask, “Whose dream is it?” It may be the American dream—but is it the dream of the risen Jesus? And since what glorifies him is also for our good, is it a dream that’s ultimately in the best interests of our family?__

The process of discovering God’s countercultural will about money and possessions can both excite and liberate. For my late wife, Nanci, and me, our growth in financial stewardship paralleled our spiritual growth. In fact, it propelled it. We learned about faith, grace, commitment, generosity, and God’s provision. We had challenging giving discussions that ultimately strengthened our marriage and bonded us around the common goal of investing in eternity.

Using the word *makarios*, which means “happy-making,” Jesus said, “There is more happiness in giving than in receiving” ([Acts 20:35](https://ref.ly/Acts%2020.35;esv?t=biblia) GNT). Nanci and I found that happiness, not duty, permeates a God-honoring theology of money. When grace-saturated, kingdom-minded disciples use God’s money and possessions, we fulfill the first and second greatest commandments. We store up treasures in heaven and “take hold of that which is truly life” ([1 Timothy 6:19](https://ref.ly/1%20Tim%206.19;esv?t=biblia)).

The following principles can help you and your spouse develop a lifestyle of good stewardship that will yield dividends, now and *forever*.

__1. Recognize the dangers of a possessions-centered life.__

Although there is nothing inherently wrong with money, something is desperately wrong with *devotion* to money. “Those who desire to be rich fall into temptation, into a snare. . . . For the love of money is a root of all kinds of evils” ([1 Timothy 6:9–10](https://ref.ly/1%20Tim%206.9%E2%80%9310;esv?t=biblia)).

Understanding the dangers of materialism can liberate us to experience the joys of Christ-centered stewardship. Jesus speaks of the “deceitfulness of riches” ([Mark 4:19](https://ref.ly/Mark%204.19;esv?t=biblia)). The psalmist warns, “Though your riches increase, do not set your heart on them” ([Psalm 62:10 NIV](https://ref.ly/Ps%2062.10;niv?t=biblia)). None of us is immune to the value-changing nature of wealth.

Things have mass, mass exerts gravity, and gravity holds us in orbit around the things we accumulate. A friend told me that when he and his wife were first married, they spent their time taking walks, playing games, and reading together. They were content. Later, as their income rose, they found themselves trapped by shifting priorities. Little by little, money and possessions took precedence over God, church, and meaningful time together.

Studies and anecdotal evidence have shown a connection between an increase in income and marital infidelity, since having access to more money can provide greater temptation and opportunity to sin. Of course, the point is not the income itself, but the lifestyle it underwrites. A Christian can make a million dollars a year, give generously, live modestly, and avoid much of that added temptation to immorality. It is not how much we make that matters. It is how much we keep.

How can we recognize if we are falling into materialism’s trap? “Where your treasure is, there your heart will be also” ([Matthew 6:21](https://ref.ly/Matt%206.21;esv?t=biblia)). Jesus is saying, “Show me your bank statement, your credit card statement, and your receipts, and I’ll show you where your heart is.” What we do with our money is an inarguable statement of our values.

God declares, “Whatever is under the whole heaven is mine” ([Job 41:11](https://ref.ly/Job%2041.11;esv?t=biblia)). God’s ownership of everything provides the foundation of a biblical theology of money* and* the antidote to materialism. Acutely aware of the fact that what we have is God’s and not ours, faithful money-managing stewards regularly consult him to implement his biblical investment priorities.

__2. Make generous giving a priority.__

I encourage you to commit to giving regularly to your local church and, above and beyond that, to missions and other ministries. Begin by setting an amount to give — I recommend not less than 10 percent — and stick with it so you honor God with your firstfruits ([Proverbs 3:9](https://ref.ly/Prov%203.9;esv?t=biblia)). If you want him to bless your family’s finances, don’t place yourself under the curse of disobedience.

As thunder follows lightning, giving follows grace ([2 Corinthians 8:1–2](https://ref.ly/2%20Cor%208.1%E2%80%932;esv?t=biblia)). If God’s grace touches you, you can’t help but give generously! Then, when God entrusts you with more, remind yourselves why: “So that you can be generous on every occasion” ([2 Corinthians 9:11 NIV](https://ref.ly/2%20Cor%209.11;niv?t=biblia)). (Contrary to the health-and-wealth gospel, God prospers us not to raise our standard of living, but to raise our standard of giving.)

If you have not been in the habit of giving, it can be challenging to begin. However, I ask people, “If you got a 10 percent pay cut, would you die?” Of course not! God is big enough to take care of you if you step out in faith and return to him what is his in the first place. (Even though I think in most cases people really can afford to give away ten percent, obviously if you believe it is impossible for you to do so or your children would go hungry if you did, then by all means feed your family and God will be pleased if you do. I am just encouraging you to take an honest look at whether you are spending money on non-necessities that you could have given away without inflicting suffering on your family.)

What if you and your spouse are not on the same page about giving? I learned over the years that my desire to give sacrificially could sometimes feel insensitive to Nanci. When I learned to be more generous with her (and our daughters), Nanci no longer felt that giving to kingdom causes competed with our family’s needs. Through many conversations, she learned to find increasing joy in giving, and I learned to find increasing joy in growing together and leading—but not pushing or pulling. We were holding hands, even if sometimes one of us was a step ahead. (As the years went by, the one ahead was increasingly her.)

Of course, God wants us to do many good things with money that do not involve giving. We must provide for our family’s basic material needs, for example ([1 Timothy 5:8](https://ref.ly/1%20Tim%205.8;esv?t=biblia)). But these good things are only a beginning. The money God entrusts to us is eternal investment capital. Every day is an opportunity to buy up more shares in his kingdom!

__3. Set a budget so you can spend and save wisely.__

Since the long-term consequences are severe when a couple disagrees about money, I can’t stress enough the importance of discussing financial matters. Start by making a careful record of spending so you can find out where your money is currently going. Then determine where it *should* be going. This will become the basis for your budget. (When I was a pastor, I met with families who followed a budget and did fine on a meager income. I met with others who made much more and were regularly in financial crisis.)

For some, the most practical way to budget is the envelope system. When paychecks are cashed, the cash goes into envelopes designated for giving, housing, food, gas, utilities, entertainment, clothing, saving, and so on. If nothing is left in the entertainment envelope halfway through the month, no more movies or eating out. If we overspend in one area, we must underspend elsewhere to compensate. The envelope system may seem antiquated, but it teaches us that resources are limited, which is an invaluable lesson.

What is the right balance between how much we give, use for needs and wants, and save? I believe the tension reflected in that question is healthy. We can prayerfully seek God’s guidance, determined to follow his lead as best as we can discern it.

Jesus tells us, “Seek first his kingdom and his righteousness, and all these things [what you eat, drink, and wear] will be given to you” ([Matthew 6:33 NIV](https://ref.ly/Matt%206.33;niv?t=biblia)). Unlike the pagans who “run after all these things” and “worry about tomorrow,” believers can trust God ([Matthew 6:25–34](https://ref.ly/Matt%206.25%E2%80%9334;esv?t=biblia)). If we believe that God can create us, redeem us, and bring us through death to spend eternity with him, we can take him at his word when he says he will provide for our material needs.

__4. Avoid debt, except in rare instances.__

The choice to live under debt (except in manageable amounts, such as with a mortgage payment well within your means) is ultimately deadening to the soul and to a marriage. It is always unwise to live above your income. It will invariably produce conflict in your marriage.

Trust means believing God will take care of our needs. When we go into debt, however, we usually do so to obtain wants, not needs. So the Bible cautions us against debt. The ESV translates the beginning of [Romans 13:8](https://ref.ly/Rom%2013.8;esv?t=biblia), “Owe no one anything.” This would appear to prohibit debt. The NIV reads, “Let no debt remain outstanding.” This would allow debt, if paid off as soon as possible.

Not all debt is the same, however. I’m sympathetic to those in situations where, after prayer and evaluation, debt seems the only alternative. In such cases, nothing is wiser than giving first to God, cutting back expenditures, and systematically paying off debt as aggressively as possible.

Some consider mortgages an exception to avoiding debt, and a case can be made for borrowing to buy a reasonably priced house instead of renting. Unfortunately, many aspiring homeowners buy a house outside their budget. A couple I know assumed a large mortgage that depended on both of their incomes. When the wife became pregnant, they realized that to keep the house, they would have to violate their convictions against leaving their child in a day-care center while the mother worked.

What about credit cards? Some use them for convenience, paying off the amount owed on every statement to avoid interest. Nanci and I did this. This approach has advantages, but it also has drawbacks. The very convenience of having a credit card is often a liability—and constitutes temptation. Here are some prudent guidelines:

- Never use credit cards for anything except budgeted purchases.
- Pay off your credit cards every month.
- The first month you have a credit card bill you cannot pay in full, destroy the card, pay it off, and don’t get another one.
#### 
__5. Enjoy life to God’s glory.__

As believers in a materialistic culture, we should embrace lifestyles that free up money to further the progress of the gospel. And yet, the answer is not asceticism, believing that money and possessions are inherently evil. Our God is a lavish giver ([Romans 8:32](https://ref.ly/Rom%208.32;esv?t=biblia)). He provides pleasures and comforts he desires us to enjoy: “So, whether you eat or drink, or whatever you do, do all to the glory of God” ([1 Corinthians 10:31](https://ref.ly/1%20Cor%2010.31;esv?t=biblia)).

Over the years, Nanci and I spent reasonable amounts of money on vacations that served to renew us. Even when our girls were small, we would have a date night, believing one of the best things we could do for our children was to maintain a strong marriage. (Make it a priority to date your spouse. Put it in your schedule and budget!)

Scripture says we are to put our hope not in material things but “in God, who richly provides us with everything for our enjoyment” ([1 Timothy 6:17 NIV](https://ref.ly/1%20Tim%206.17;niv?t=biblia)). That means we shouldn’t feel guilty for enjoying his provisions! God does not expect his followers to live like prisoners in a cell, never feasting or celebrating life. He entrusts us with money to care for our needs and the needs of others, but also so we can take pleasure in the life he has given us.

__Invest in Eternity—Together__

Many Christians store up their treasures on earth. They end up backing into eternity, heading away from their treasures. Christ calls us to turn it around—to store up our treasures in heaven. That way, every day moves us closer to our Treasure.

In her last years, Nanci and I reflected on the ways, by God’s grace, we had invested in eternity and served the Lord Jesus together. What lay behind us was meaningful, but what awaited us on death’s other side was what we spent our lives preparing for.

Shortly before she died, I was holding Nanci’s hand, and she said, with a smile and tears, “Randy, thank you for my life.” I replied, also crying, “Nanci, thank *you* for *my* life.” God had used us to grow each other spiritually and make us better followers of Jesus. We certainly didn’t do everything right, but with God’s help, we sought to store up far greater treasures in heaven than on earth.

__I encourage you to put Christ in the center of your marriage and finances. You will never regret it. The eternal payoffs will forever bring you joy and your Savior glory!__

__[Image](https://www.epm.org/resources/2024/Nov/20/steward-money-marriage/)__ used with permission

Eternal Perspective Ministries, founded and directed by author Randy Alcorn, is focused on investing in what lasts for eternity, and helping others to do the same.

Eternal Perspective Ministries

In surveying married couples about their money-management goals, most answers would focus on some form of success.

For Richer, for Poorer: How to Steward Money in Marriage

Stewardship is a core biblical doctrine that originates with the creation story and carries significance for us today. A steward is simply a person who has been entrusted to care for something on another’s behalf. The first two chapters of Genesis tell how God created the Earth and placed the first man and woman in the Garden of Eden to tend it for him.

Even though sin and rebellion have now marred God’s perfect creation, Psalm 24 reminds us that he has not surrendered his ownership of it.

*The earth and everything in it, the world and its inhabitants, belong to the Lord; for he laid its foundation on the seas and established it on the rivers.* Psalm 24:1-2 (CSB)

God still owns this world and still calls us to steward it carefully. One way we do this is by handling our finances well.

#### God’s ownership extends to our finances.

Good financial stewardship begins by recognizing that God’s ownership extends even to our money and financial resources.

As the Israelites prepared to enter Canaan, Moses knew that the riches of the Promised Land could easily sway them into believing they were entirely responsible for their success. He warned them:

“You may say to yourself, ‘My power and my own ability have gained this wealth for me,’ but remember that the Lord your God gives you the power to gain wealth, in order to confirm his covenant he swore to your ancestors, as it is today.” Deuteronomy 8:17-18 (CSB)

Our hard work can bring financial rewards, but our ability to do so stems from God’s grace. He gives us the mental and physical ability to earn an income.

The author of Ecclesiastes tells us the financial resources we accumulate are gifts from him that we’re allowed to use and enjoy during our time on Earth.

*Furthermore, everyone to whom God has given riches and wealth, he has also allowed him to enjoy them, take his reward, and rejoice in his labor. This is a gift of God…* Ecclesiastes 5:19 (CSB)

Understanding that wealth is God’s gift to us should shift how we think about money. Instead of viewing it as something to accumulate for our benefit, we should see it as a tool to further his Kingdom and purposes.

#### Good financial stewardship honors the Lord.

Paul wrote these words to the Colossian church:

*And whatever you do, in word or in deed, do everything in the name of the Lord Jesus, giving thanks to God the Father through him.* Colossians 3:17 (CSB)

He gave a similar command to the Corinthian church:

*So, whether you eat or drink, or whatever you do, do everything for the glory of God.* 1 Corinthians 10:31 (CSB)

Even the most fundamental gifts in our lives — like food, drink and finances — have been given to be gratefully used to honor the Lord. There is no division between the sacred and the secular. Everything we have is sacred because we have received it from the Lord.

Honoring the Lord with our finances means that we take them seriously. You wouldn’t thoughtlessly cast aside or waste a gift given to you by a spouse or dear friend. To do so would communicate that you valued neither the gift nor the giver. Instead, you would use it carefully, knowing that your actions reflect the importance and honor you ascribe to that relationship. In the same way, wisely using the finances given to us by God is a way of honoring him and aligning our priorities with his.

#### Financial stewardship has an eternal impact.

At the end of his parable on the dishonest manager, Jesus told his disciples:

“*Whoever is faithful in very little is also faithful in much, and whoever is unrighteous in very little is also unrighteous in much. So if you have not been faithful with worldly wealth, who will trust you with what is genuine? And if you have not been faithful with what belongs to someone else, who will give you what is your own?*” Luke 16:10-12 (CSB)

How we steward our material means in this life will help determine our eternal responsibilities. The measure of our success as stewards is not how much we accumulate but how faithful we are in serving God’s purposes with what he gave us. Good financial stewardship develops our spiritual maturity and commitment to the Lord. Using our finances faithfully for him while we’re on this earth makes an eternal difference.

#### Good financial stewardship is an outworking of our faith.

Serving as good financial stewards is one of the ways we can live out our faith. James wrote:

*For just as the body without the spirit is dead, so also faith without works is dead.* James 2:26 (CSB)

Financial stewardship calls us to look beyond the temporal nature of our possessions and wealth and recognize the profound privilege God’s grace has given us to manage what is his and use it to further his Kingdom. It reminds us to hold our resources with open hands and be ready to deploy them for God’s glory, trusting in him to provide graciously.

Ultimately, **financial stewardship is about more than money; it’s the outward reflection of our inward posture toward Jesus Christ.** Simply put, good stewards are faithful followers of him.

Need some practical ways to help put good stewardship principles into practice? From the beginning stages of planning your saving and investment strategies to enjoying life in retirement, GuideStone® can help guide you every step of [your journey](https://www.guidestone.org/Individual/Retirement/Planning-and-Advice).

For more information, contact us at *[Info@GuideStone.org](mailto:Info@GuideStone.org)* or [1-888-98-GUIDE](tel:+1-888-984-8433) (1-888-984-8433), Monday through Friday, from 7 a.m. to 6 p.m. CT.

Tags:

[Retirement](https://www.guidestone.org/Resources/Education?section=All&tag=retirement) [Start Well](https://www.guidestone.org/Resources/Education?section=All&tag=start%20well) [Ministers](https://www.guidestone.org/Resources/Education?section=All&tag=ministers)

Discover how our faith should inform our finances.

Biblical and Faith-Based Financial Stewardship

Stewardship is a core biblical doctrine that originates with the creation story and carries significance for us today. A steward is simply a person who has been entrusted to care for something on another’s behalf. The first two chapters of Genesis tell how God created the Earth and placed the first man and woman in the Garden of Eden to tend it for him.

What does the Bible say about financial stewardship?

At the close of the parable of the dishonest manager, Jesus makes a startling statement:

***“So if you have not been faithful with worldly wealth, who will trust you with what is genuine? And if you have not been faithful with what belongs to someone else, who will give you what is your own?”***
**Luke 16:11-12 (CSB)**

God has charged us to be good stewards of the financial resources he gives us. How we manage our finances in this life has an eternal impact! Serving the Lord well in all aspects of this life on earth is practice for serving him in eternity.

Good stewardship begins with good planning. When it comes to wisely stewarding our financial resources, the way to start well is with a financial budget.

***The plans of the diligent certainly lead to profit, but anyone who is reckless certainly becomes poor.***
**Proverbs 21:5 (CSB)**

At its most basic, a budget is simply a tool to help you account and plan for the money coming in and going out.

For some, the thought of budgeting invokes a frightful vision of complex software and spreadsheets. While many helpful and affordable packages and apps are available, for many, a simple pen and notebook are enough. The process of budgeting is simple, but the benefits are multiple.

- **Financial Control**
A budget allows you to take control of your money so that it doesn't control you. It can make you aware of your spending habits so that you can prioritize essential outflows and cut unnecessary ones. Budgeting fosters discipline and contentment by encouraging saving and measured spending, helping you resist impulse purchases, all of which contribute to long-term financial stability.
- **Reduced Stress and a Stronger Family**
A life in vocational ministry is stressful enough. You, your marriage and your family don’t need the added burden of financial stress. Knowing your financial situation and having a plan in place to achieve your goals can reduce stress and anxiety and provide better peace of mind. Including your spouse and family in the budgeting process can also help reduce money-related conflicts by ensuring that all of you are financially on the same page.
- **More Freedom to Serve the Lord**
Proverbs 22:7 teaches that *“the borrower is a slave to the lender”* (CSB), meaning that the borrower has an unbreachable obligation to the lender. Debt is not necessarily bad and may even be necessary or unavoidable to achieve a specific goal (for example, owning your own home). However, with a budget, you can practice living within your means and avoid onerous debt (like credit card balances). You can control your debt level or even eliminate it by budgeting with a plan to pay it off. Without the heavy financial obligation of debt, you can better position yourself to be used by the Lord and take advantage of the ministry and career opportunities he may offer.
- **A Stronger Financial Future**
With a budget in place, you can build a multi-level savings plan. You can create and maintain an emergency fund to prepare for those loops that life will throw at us. You can also develop a routine of setting aside money for short- or longer-term savings goals and be better prepared for life changes such as marriage, children or home ownership.
And, of course, a budget can help you save for retirement early in life (the earlier, the better). You want a stable retirement in which you can continue to serve the Lord without worrying about your next paycheck. Tomorrow’s secure retirement starts with today’s budget.

Ultimately, a budget can remind us that our finances are God’s gift to us. The author of Ecclesiastes wrote:

***Furthermore, everyone to whom God has given riches and wealth, he has also allowed him to enjoy them, take his reward, and rejoice in his labor. This is a gift of God…***
**Ecclesiastes 5:19 (CSB)**

Our culture celebrates autonomy and independence and applauds people for “having it all.” But the Bible reminds us that everything we have is on loan from God. He even gave us the ability to earn our paychecks.

When we sit down with our budget to calculate the money flowing in and out, we're watching God provide for us. A budget reminds us to thank the Lord for his provision as we see our daily, weekly and monthly needs met.

Not sure where to start? Check out our helpful financial planning [calculators](https://www.guidestone.org/Resources/Education/Calculators), including our [home budget calculator](https://www.guidestone.org/Resources/Education/Calculators/Personal-Finance/HomeBudget). Also, [browse and watch our webinars](https://www.guidestone.org/Resources/Education/Webinars) for tips on money management and good financial stewardship.

At GuideStone®, we want every servant of Christ to finish well. Our mission is to enhance the financial security and resilience for those who serve the Lord.

For more information, contact us at *[Info@GuideStone.org](mailto:Info@GuideStone.org)* or **1-888-98-GUIDE** (1-888-984-8433), Monday through Friday, from 7 a.m. to 6 p.m. CT to speak with a customer solutions specialist.

Tags:

[Budgeting](https://www.guidestone.org/Resources/Education?section=All&tag=budgeting)[Start Well](https://www.guidestone.org/Resources/Education?section=All&tag=start%20well)[Ministers](https://www.guidestone.org/Resources/Education?section=All&tag=ministers)[Retirement](https://www.guidestone.org/Resources/Education?section=All&tag=retirement)[Investments](https://www.guidestone.org/Resources/Education?section=All&tag=investments)

Budgeting and Financial Planning

At the close of the parable of the dishonest manager, Jesus makes a startling statement:

Articles

8 Reasons Why College Students Need to Start Budgeting Now

Jan 9, 2025

College students don’t need to wait until graduation to implement one of the most powerful stewardship tools available.

Art Rainer

Maximizing Your Tax Refund: A Strategic Approach

Jan 30, 2025

Receiving a tax refund can feel like an unexpected gift & here are some wise & strategic ways to utilize your tax refund

Christian Credit Counselors (CCC)

Talking the Talk of an Investor

Jan 28, 2025

We spill a lot of ink around here encouraging people to think and act like long-term investors.

Matt Bell

Trump 2.0: Using Objective Investing Models to Guide Us Through Anticipated Disruption

Jan 20, 2025

A second Trump administration appears poised to bring big changes that will likely determine the economic outcomes.

Mark Biller

4 Common Financial Pitfalls and How To Overcome Them

Jan 30, 2025

It's clear to me that every client comes with their own blend of personality traits and money stories.

Nate Sargent

Who Needs A Budget?

Jan 6, 2025

Don’t let excuses or misconceptions hold you back. A budget is a powerful tool for freedom and biblical stewardship.

Chad Clark

Five Fundamental Steps for Good Financial Stewardship

Jan 3, 2025

Good stewardship of our finances begins with recognizing that everything we have is a gift from God, and he has called u...

GuideStone

Is debt bad?

Jan 3, 2025

In Christian circles, opinions about debt vary. Some insist that it’s always detrimental and should be avoided. Others m...

GuideStone

Am I on track for retirement?

Jan 2, 2025

Planning for retirement is one of the most important things you can do for yourself and your loved ones. No matter where...

GuideStone

For Richer, for Poorer: How to Steward Money in Marriage

Jan 23, 2025

In surveying married couples about their money-management goals, most answers would focus on some form of success.

Randy Alcorn

What does the Bible say about financial stewardship?

Jan 2, 2025

Stewardship is a core biblical doctrine that originates with the creation story and carries significance for us today. A...

GuideStone

Budgeting: Your First Step to Start Well

Jan 1, 2025

At the close of the parable of the dishonest manager, Jesus makes a startling statement:

GuideStone