Better Stewardship in 2022
If you’re a regular consumer of our content, you know we’re passionate about Biblical stewardship and generosity. Our mission is to train and equip church leaders to teach Gods’ financial principles to their congregations. Why do we do this? Because money is a primary competitor with Christ for our heart and devotion. You really can’t serve two masters, and that’s why we exist; to help people understand this truth and not be deceived into living a life pursuing the wrong things.
What’s not always evident in our content is how much we geek out about the practical side of money. It’s true! We’re nerds who have a thing for numbers, but more so a passion for seeing people financially thriving and using their resources for good.
Over the past two years, much of our content has been focused on addressing the heart and motivations behind our management of money. That’s been intentional and necessary because we must first address the reasons behind our money choices before addressing the practical side of managing money. If you’ve not yet read some of our content, we encourage you to do so. We believe it will minister to you and help you gain a deeper understanding of God’s word on this matter.
Going forward, we want to bring more balance to our content by also talking about the practical side of money. Money isn’t just philosophical; it’s practical. Beliefs and motivations about money eventually lead to spending. Knowing what God wants us to do with money is essential, but so is knowing how to actually live that out. You’ll be seeing more content on what it looks like to be a good steward. After all, that’s what we’re all striving for.
I don’t know about you, but 2021 flew by. I looked up, and it was June; then, I took a deep breath, and it was Christmas. Time is precious, and it is finite. If we’re going to accomplish the things we feel we’ve been called to do in 2022, including being better at managing money, it will take intentionality.
The biggest challenge to making consistently good financial choices is not allowing our feeling and emotions to sabotage our intentions. Money decisions are always closely connected to our feelings because those choices are tied to getting what we need, want, and, yes, what we sometimes desire.
A friend of mine often uses the phrase, “the worst time to prepare for a fight is in the heat of the battle,” by which he means you don’t stand a chance if you’ve not prepared and trained before the battle comes. It’s the same when it comes to managing money. Without a plan, you’re toast. If you have a plan but don’t use it, you’re still toast. You have to have a plan, and that plan needs to include a strategy for how you will proceed when wants and desires creep in (the battlefield). Otherwise, you’ll look back on 2022 and say, “where did it all go?”
In a recent conversation with my friend Matt Bell from Sound Mind Investing, he emphasized the need to have a strategy and a process for making investing decisions. Immediately, I thought of how true that is to the way we manage money. We all want to save more, give more, and use our money wisely, but often our emotions keep us from fully carrying out those desires. Having a system (process) can make a tremendous difference.
A system for managing your money
A basic system for managing money successfully is the 10/10/80 rule. My wife and I used this to teach our daughters about money when they were young. Here’s how it works.
The first 10% of your income is set aside for giving.
The following 10% of your income is set aside for saving/investing.
The remaining 80% of your income is used to provide for your lifestyle needs.
The benefit of this system is that it's easy to calculate and implement. Of course, your calculation of the giving and the saving percentages should be based on your gross income before taxes and other deductions are removed to ensure you're giving and saving stay consistent with your earning. Otherwise, depending on your deductions, your giving and saving may not be nearly enough.
Additionally, the percentages in this system can change, but only if giving and saving increase while lifestyle spending decreases. This will improve your financial well-being. It is quite possible, over time, to reduce your lifestyle spending to 50 percent or less so you can give and save more while still having enough to meet all your needs.
This system works! However, only if you agree to follow it as designed. You must give the first 10%. You then save the next 10%, or more if you can. Then, and only then, do you spend the rest. You will struggle to give and save if you start by spending first. I can personally attest to this fact. Every time I set out to save or give more but didn’t do them first, I either didn’t save and give anything, or I didn’t give nearly as much as I had planned.
This system isn’t just smart; it’s Biblical. In 1 Corinthians 16:1-2, Paul instructs the saints by telling them, “Now concerning the collection for the saints, as I directed the churches of Galatia, so you also are to do. On the first day of every week each one of you is to put aside and save, as he may prosper, so that no collections be made when I come.” (ESV - emphasis added). Whether we save to give or save for future needs, we are told to set it aside first.
Only when we prioritize giving will we experience the blessing God has promised (Malachi 3:10-11), and only when we save before we spend will we realize a surplus Proverbs 21:20). My personal goal and hope for us all this year is to be better stewards as we exercise wisdom in managing what God has given to us. With God’s help and our faithful stewardship, we can see great things happen in and through us in 2022!
For Further Reading:
Overcoming the Emotional Impulse to Spend
Giving Tuesday: An Opportunity to Experience the Blessing of Giving
Financial Success in the Kingdom of God
Seeking and Receiving Wise Counsel
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