As leaders of a congregation who give their time and finances to the church, it is important for ministers to manage their own money wisely. This is especially true given the fact that most ministers are not rich. People do not become ministers for the money!
Wise money management is an indicator of contentment and faith in God’s provision. If we see our finances as a gift from God, we are less likely to squander it. Ministry can also be an insecure field in which to be employed. Because of this, ministers should have a plan in the event that God calls them elsewhere. Below are some tips that can help not just ministers, but everyone with money management!
- Create a Realistic Budget
A budget is a good rule for financial freedom and money management for everyone. By telling your money where to go, you may discover that you have more money than you think you do. A budget also creates peace of mind, as you know where every dollar is going. Budget not just for big expenses, but for everything. Big expenses do, however, cover a large portion of your budget. Depending on the situation, a minister may or may not have the same living expenses as others. Some ministers are given a home to live in and their appliances and travel are paid for. Even if this is the case, I suggest that ministers set aside a portion of their pay every month for living expenses in case they ever have to leave their church for whatever reason. This way, a minister has funds to find another place to live.
- Save Money
A minister may run into many issues that require them to dip into a savings fund. It is important to have money in case of an emergency. Savings can also help a minister make larger purchases guilt-free. Saving is the sign of financial discipline and financial discipline can reflect discipline in areas of life that are more important such as spiritual discipline. A savings account is using what God has given you wisely. It is one way that God provides for His people – preparing them for the future.
Investment is so important to the life of a Christian that we even have a Bible story about it! Be like the man with the talents who invested, and do not simply hide your income away. By wisely investing, we are not only making good choices with our money, but we are making a statement about using our gifts from God to serve God and create increase rather than hiding our own gifts and talents away and robbing the world of a blessing.
- Give Back
All things ultimately belong to God. This includes our finances. The Bible commands that we give back to God 10% of everything He has given us. It is crucial that ministers set an example for the rest of the congregation in tithes and offerings.
Ultimately, what is good financial advice for everyone is also good financial advice for ministers of the gospel. Just remember that the world is watching, and ministers must set an example in everything that they do.