It is always wise to avoid debt, give generously, and to save for emergencies and other needs. Many Christian financial ministries encourage these principles, including Crown Financial Ministries and Dave Ramsey, which offer courses and other resources to help individuals and families apply biblical principles to their finances.
We don’t know exactly how serious our economic future will be, but there is a strong likelihood that the National Debt will contribute to a slowing of our economy, and could lead to higher taxes (to pay for entitlement programs), interest rates, and inflation. We don’t want to assume the worst, but it is wise to prepare for some difficulty.
This is the approach taken by Chuck Bentley, the head of Crown Financial Ministries. Bentley applies biblical principles to help people prepare for likely economic challenges, but in ways that honor God and serve others, not just ourselves. We agree with his approach and agree with his belief that the coming years, though challenging, can also be the church's finest hour. You can purchase his book The S.A.L.T. Plan on our Book page.
Maintaining generous giving is vital, ahead of saving for the future, because our giving can be used to bless others, while also demonstrating our trust in the Lord, which may be even more important in the years ahead, since even our best laid plans could be frustrated.
In our Workshops, we discuss these topics in more detail. We also take time for breakout sessions, to help Workshop participants apply the principles we discuss to their personal, church, and family situation.
Legal Disclaimer: Please consult with your own personal financial advisor before making changes to your financial planning. Joseph’s Way provides introductory information from Christian financial planners and advisors but is not a certified wealth management organization. We also do not provide detailed recommendations in this area but instead, outline general principles and factors to consider when making your own financial decisions.