Best Financial Practices

Here are some of my (and my wife’s) best practices when it comes to finances. Our goal isn’t to be wealthy, but to be good stewards of what God entrusts to us!

1. Honor God with tithes & offerings!
Tithing wasn’t a new practice when we got married, but we developed a new system for the way we’d do it. We started out with a percentage (10%) for the tithe (“tenth”), and an extra percentage for “offerings” (special offerings beyond our basic giving, such as 2%). Our plan has been to periodically increase these amounts over the course of our lives. Everyone has to develop their own system.

2. Track expenses!
It’s just good to know where your money goes so that you can make necessary adjustments.

3. Develop a budget!
Budgeting is also a good idea. You’ve probably heard (or know by experience) that finances are one of the leading causes of conflict in marriages. A budget can help.

4. Build  savings!
This may be tough to do, but make every effort to set aside some money for savings. It adds up.

5. Guard against impulsive decisions!
Do your research. Shop around. Sleep on it. Make the best God-honoring decision you can (which could also mean not buying it at all).

6. Use credit cards wisely!
We use credit cards as a form of cash, not as a form of credit (i.e., pay balances in full each month). Using credit cards primarily as a form of credit can be dangerous.

I hope this helps!