Biblical Finance
This term in the Bible refers to the practice of giving a percentage of one's income to support religious and community work.
What is tithing?
This type of saving should be a priority after you've paid off high-interest debt, preparing for the future.
What is retirement savings?
This is where you track all your expenses and income.
What is creating a budget?
In Matthew 6:24, Jesus teaches that you cannot serve both God and this.
What is money?
After establishing an emergency fund, this type of saving prepares you for long-term needs, like retirement or a large home purchase
What is long-term savings?
The 50/30/20 rule suggests that 30% of your income should be allocated for this, which includes things like dining out, entertainment, and shopping.
What are wants?
According to Proverbs 3:9-10, this is the biblical responsibility of managing God's resources wisely, which includes giving, saving, and spending with purpose.
What is biblical stewardship?
If you don’t have this, you risk being just one paycheck away from homelessness.
What is 3-6 months living expenses?
The 50/30/20 rule suggests that 50% of your income should be dedicated to this category, which includes essentials like rent, utilities, and groceries.
What are needs?
This book of the Bible contains the famous verse that encourages us to “Honor the Lord with your wealth
What is Proverbs?
This is the first step in personal finance where you should save enough money to cover unexpected costs like medical bills or car repairs
What is an emergency fund?
According to the 50/30/20 rule, this is the percentage of your income that should go toward saving and paying off debt.
What is 20%?