Bill (left) attends North Valley Friends and is a recently retired clinical microbiologist.
I’m pretty sure there is more than one right way for families to handle finances. I also bet that many of you could give examples of both excellent and not so great outcomes from your own experiences. Let me say clearly that the principles for right sharing cannot be achieved to any significant degree if you live in a sea of debt and are shackled by poor financial planning.
I am no expert on this subject, but my wife, Myrlene, and I have tried to follow a plan for handling our finances, sometimes successfully. While it is ideal for couples to be on the same page at the same time, we have not always been in perfect agreement. Sometimes I’m the saver and Myrlene the impulse buyer, and other times those roles are reversed. But we’ve muddled through and come to retirement with the ability to continue living as we have in recent years, with enough extra to continue to make contributions to help others as we have in the past. We even have some fun now and then! While we now live on a “fixed income,” God has blessed us in many ways.
The basic principles we have followed are the same ones more recently espoused by “experts” such as Dave Ramsey, author of several books and the Financial Peace University materials offered by many churches. I recommend his book Total Money Makeover to those who want to get really serious about controlling their finances. Ramsey writes plainly that this is not a complicated process: “The principles are not mine. I stole them all from God and your grandmother.”
Proportionate giving to the local church—I learned this from my parents who were treasurers at Whitney Friends for many years. It worked for them. It works for me.
Volunteering time for the local church and other Christian organizations—While not exactly “personal finances,” this, I believe, is an obligation for every attendee. While careful balance is very important, it is a great blessing to give both time and money to Christian ministries, especially those carried out by your local church and by the yearly meeting.
Helping the poor—No excuses! Jesus taught us to help the needy without trying to second guess the cause. That doesn’t necessarily mean throwing money at the problem, but sometimes that is the right response. Foreign mission trips have been a great blessing for us and are only possible because we planned. We’ve gained way more than we’ve given.
Spend your money wisely—Know where you spend your money.Tell your money in advance where it will be spent (budget). Have a 3 – 6 month emergency fund. Work, save, spend, give (key elements of the Dave Ramsey principles). Never buy or lease a new car (this means postponing your purchase until you’ve saved enough). Earn interest, don’t pay interest (no car loans, no credit card debt). According to Ramsey, the only defensible debt is a mortgage on your home.
Save for retirement—It is almost never too early for an adult to save for retirement. The guideline is 15 percent of your income. If you happen to save more than you’ll need, praise God! Some good charity can use that money when you’re gone.
Will—If you are going to die, you need a will. If you don’t have a will, the state will decide what happens to your stuff.
God will bless you as you become a good steward of your finances.
