Financial wellbeing

We all need money to live, but managing it well is not easy. The way we manage it can also be very personal, so it may be something that we find difficult to talk about. 

However, the Bible talks more about money and possessions than almost any other subject! 

It teaches us that:

• we need to be careful not to put money, and a desire to have more of it, ahead of God (Matthew 6:24; 1 Timothy 6:7–10)
• we should steward our money wisely, recognising that everything belongs to God (Luke 14:28; Matthew 25:14–27; 1 Chronicles 29:14)
• if we are able to, it is good to work for a living (Colossians 3:23–24)
• honesty is very important (Leviticus 19:11; Luke 16:10–12)
• we should be generous with our money, possessions and time (Hebrews 13:16; 2 Corinthians 9:7; Acts 20:35)
• we should trust in God and be content with what we have (Hebrews 13:5)

Financial wellbeing is about feeling secure and in control of our finances, both now and in the future. It includes having the knowledge and confidence to manage money effectively, and being able to cope with unexpected costs. 

The ability to use and manage money well is more important to financial wellbeing than the amount of money we have.

Money issues

Money can be a source of conflict in many households. Lack of openness over money can lead to a breakdown of trust and all kinds of tensions. Continuous stress over money can cause arguments and health problems.

Some of the most common difficulties faced by individuals and families are:

• planning and keeping to a budget
• planning when work is temporary and uncertain
• dealing with sudden expenses, eg for healthcare, funerals or weddings
• getting out of debt, and staying debt-free
• saving for the future

Plan ahead

One of the best ways to overcome some of these problems and improve financial wellbeing is to have a plan. 

1. Goals.

   What are we aiming for? What do we need our money to do for us in the short, medium and long term? We should set realistic goals and keep checking that they are still relevant.

2. Budget.

   A simple budget can help us gain a clearer picture of our finances, avoid getting into debt and identify saving opportunities. It can also help to prevent arguments about money. 

3. Emergency fund.

   An emergency fund can be a buffer to help cover unexpected costs, such as medical bills, and help to reduce worries about having enough money.

4. Practice.

   The more we practise skills such as budgeting and saving, the quicker we will start to achieve our goals and enjoy financial wellbeing. 

Healthy relationships

Knowing that we have the resources and ability to handle unexpected situations can significantly reduce financial, emotional and relational stress. 

Maintaining a healthy relationship with money can avoid us chasing after wealth at the expense of our relationships with God, others and the environment.