Honoring God with Your Bank Account
August 15th, 2022 • by Valerie Hogan and Miriam Neff
What matters to you?
Before noodling this, take a quick look at your bank account activity, including your credit card records.What do you see? You see evidence of what matters to you. Consider it this way. Actions are evidence. Our behavior is reporting in. Our bank accounts are important. What are they telling us?
Before we do a deep dive, let’s look at the big picture.
All that you ‘own’ is really all God’s on loan to you. He has entrusted to you that bank account—and perhaps a living space, a car, and more. Consider Matthew 25 and the parable of the talents. You want to be that wise steward who oversees well and grows what God has placed in your hands.
The journey to honor God with our bank account begins there. With that biblical perspective we have clear guidelines for everything God has entrusted to us, including that bank account.
Foundational Practice #1 Earn and Then Spend
More must go into your account than goes out. Proverbs 24:27 says, “Put your outdoor work in order and get your fields ready; after that, build your house.” Earn and then spend. Our culture encourages the opposite. Spend, charge, commit to a mortgage, and hope your income rises to the occasion. You are different. God is your guiding light, not culture.
Deposit your earnings in that bank account, then pay bills, spending less than you earned.
Foundational Practice #2 Pay Attention
Proverbs 27:23 “Be sure you know the condition of your flocks, give careful attention to your herds.”
Monitoring the health of animals in biblical times was like watching your bank account today. Oversight matters. View your account history at least weekly.
Initially “free” checking accounts may later turn into an account with fees for debit card usage and transfers. Small fees add up. Payment and purchasing habits may be used to determine interest rates for credit cards. Double check receipts and charges.
Overdraft fees are hefty. Consider this. The overdraft charges for debit card swipes that cannot be covered are large—typically $35.00 per swipe. And they can charge that for each day until you put in money. Imagine if you are not paying attention and that overdraft continues for 5 days, totalling $175.00. Not all banks do that. This is a need to know, that YOU need to know.
Your protection is knowing what’s in your bank account and NEVER use your debit card to buy something not fully covered in your account.
Budget carefully to avoid these. A rare mistake is one thing; regular negligence is unnecessary.
“All that you ‘own’ is really all God’s on loan to you.”
Foundational Practice #3 Review Your Spending Plan
Now that you are watching that bank account, revisit your spending plan. More than just knowing it, you are now motivated to shrink spending to less than you are earning.
That spending plan oversight, based on truth #1, means your bank account can honor God. Be encouraged that growing what you earn and own, even in small increments, matters. Proverbs 13:11 “Dishonest money dwindles away, but whoever gathers money little by little makes it grow.”
Foundational Practice #4 Demolish Debt
Statistics show that 20-somethings (Gen Z) often carry $3,000 to $5,000 of debt. Statistically, personal loan balances rise with age.
Our culture encourages debt; Scripture does not. Defy the cultural drift. Break the trend. Be debt free.
Scripture says owe no one anything but the debt of love (Rom. 13:8). Yes, there are a few, very defined exceptions. One wise idea is to create an auto-deduct with your bank to pay down debt. Of course, make sure the funds are there to prevent any overdrafts.
Did you know that in addition to the contentment you’ll have honoring God, you’ll be setting an example for others? Friends, children, and coworkers observe your actions, Attention to details and oversight of finances, these are good batons to hand to others.
One danger here to avoid are those enticing new credit card possibilities that have no interests charged for a period of time. Danger! Shred the offer. That temptation promotes rolling debt ahead, but it’s still unpaid debt. With no plan to repay, it is just kicking the problem down the road (and opening another card for running up).
“Thank God that you can plan to save and give, and that you can be generous in ways that honor God: the One who has entrusted you with all that you steward. ”
Foundational Practice #5 Save, Save, Save
One recommendation is that you have enough in savings to cover 3-6 months of living expenses. Given volatile job markets and inflation, this is vital today.
Start with just a bit, even $5 a week, but put in as much as you can. Be encouraged watching it grow. Begin to be generous with eyes of faith. Even before you have that dollar to donate to a worthy cause, you can volunteer. You’ll see if that group or church is using funds wisely. Their bank account and financial stewardship matters to God also.
Eventually you’ll have the minimum required to start a savings account. This is wise for two reasons. You will receive small amounts of interest. And that money won’t be accessible and visible in your account, tempting you to spend it.
Pause and Reflect
Do you feel your progress is slow? Luke 16: 10. “Whoever can be trusted with very little can also be trusted with much.” God sees your progress. He applauds your progress!
Reflect on the first truth shared. It’s all God’s on loan to us. After following these steps, you’ll be stewarding that bank account well. Throughout Scripture, generosity to Kingdom purposes is stressed. While recommended giving percentages may be discussed, a few truths are clear.
Be generous. Give to Kingdom purposes. Helping those struggling in a hard time? Giving to your church? Giving to institutions that promote the gospel? You chose. Investigate and act. To be able to give from surplus, your accounts must be in order.
Look again at your bank account. Examine your actions and evidence. Thank God that you can plan to save and give, and that you can be generous in ways that honor God: the One who has entrusted you with all that you steward. Including your bank account.
Valerie Neff Hogan works with National Christian Foundation, Widow Connection, and Orchard Ministry Development; she holds a law degree and the Certified Financial Planner designation, and is the author of Wise Women Managing Money. She co-hosts a radio feature called Wise Women Managing Money. Since 2000 Valerie has served at church leading groups and individuals toward good stewardship with Christian Financial Concepts, Crown Financial, and Financial Peace University. She loves to assist people to overcome financial obstacles to get more freedom, be more generous, and do more ministry. She is the daughter of Bob and Miriam Neff, is married, and has 3 sons.
Miriam Neff is the Founder and President of Widow Connection, is the author of 12 books, the host of New Beginnings, a radio program, and is a frequent guest on Chris Fabry Live on Moody Broadcasting. She co-hosts a radio feature Wise Women Managing Money with her daughter, Valerie Hogan. She speaks nationally and internationally on widow’s issues and navigating unwanted life change. She has 23 years of professional counseling experience, and is the widow of Robert Neff, a mother, and a grandmother.
MORE FROM JOURNEYWOMEN
IMPORTANT NOTE
Journeywomen articles are intended to serve as a springboard for continued study in the context of your local church. While we carefully select writers each week, articles shared on the Journeywomen website do not imply Journeywomen's endorsement of all writings and positions of the authors or any other resources mentioned.