Managing Money God’s Way: Saving
Scott Bayles, pastor
Blooming Grove Christian Church: 10/2/16
Last Sunday I began a short three-part series about Managing Money God’s Way. Like I said last week, the number one key when it comes to managing your money is acknowledging that it’s not your money—it’s God’s. The Bible says that God owns the cattle on a thousand hills (Proverbs 50:10) and, as Dave Ramsey often says, he owns the hills too! In other words, everything we have belongs to God and it’s our job to be good stewards of God money—to manage God’s money God’s way.
Again, as I said last week, there are only three things we can do with money—we can spend it, we can save it, or we can share it! Those are the only three options (unless you have crazy money and you use it as kindling for your wood burning stove). Last week we talked about spending. Specifically, we looked at the story of the prodigal son as an example of how not to spend money. When it came to money, the prodigal son was selfish, stupid and shortsighted. In the end, however, he repented and turned to his father for help—which is what we want to do too.
Our Father has imparted practical financial wisdom through his Word, so it’s important for us to dig into his Word and discover how to manage money God’s way. This Sunday, we’re going to look at what the Bible has to say about saving!
I’m reminded of a couple who’d been married for only a few months when the husband started to feel ignored by his wife. This went on for several days, so eventually he confronted her with what he perceived as the problem. “Admit it,” he ranted, “You only married me because my granddad left me $6 million, didn't you?” Her hands on her hips, his wife replied, “That’s just ridiculous. I couldn't care less WHO left it to you.”
For many of us, the idea of leaving an inheritance—especially $6 million—to our children or grandchildren seems completely unattainable. Most of us are just hoping our money doesn’t run out before our life does. So we might be surprised to learn that Scripture says, “A good person leaves an inheritance for their children’s children.” (Proverbs 13:22 NIV).
Unfortunately, not many of us measure up to this standard. Like I mentioned last week, according to a survey by Bankrate.com 76% of Americans are living paycheck to paycheck. That means Americans are living right on the edge — at least when it comes to financial planning. According to a separate survey of 5,000 adults conducted recently (Dec 2015) by Google Consumer Survey approximately 62% of Americans have less than $1,000 in their savings accounts and 21% don’t even have a savings account.
It doesn’t take much of an emergency to add up to $1,000, does it? A car repair, leaky roof, or hospital bill can get you there in a heartbeat. That means 62% of Americans are living on a razor’s edge, just praying that “life” doesn’t happen to them—but you know something will happen sooner or later. And when it does, these families go straight to the credit card or home equity loan or even barrow money from friends/family to bail them out. This is why the Bible tells us wise people save money!
And this morning I want to look at the story of a very wise person in the Bible and highlight three principles of saving money from his example. That wise person is Joseph. Fair warning: I did use Joseph’s story as an example of wise saving when I preached a similar series about 4 years ago, so some of this might sound familiar.
Joseph’s story itself should be familiar to most of you, but let me set the stage for this story. Joseph has been living in Egypt now for many years—first as a slave, then as a prisoner. But one night, when Pharaoh’s disturbing dreams seem to reveal a foreboding future, he turns to Joseph. Joseph interprets Pharaoh’s dreams as a warning from God. Egypt would experience seven years of great abundance, followed immediately by seven years of terrible famine. Not only did Joseph foresee the famine thanks to God’s intervention, but he devised a plan to survive it. He tells Pharaoh,
“Therefore, Pharaoh should find an intelligent and wise man and put him in charge of the entire land of Egypt. Then Pharaoh should appoint supervisors over the land and let them collect one-fifth of all the crops during the seven good years. Have them gather all the food produced in the good years that are just ahead and bring it to Pharaoh’s storehouses. Store it away, and guard it so there will be food in the cities. That way there will be enough to eat when the seven years of famine come to the land of Egypt. Otherwise this famine will destroy the land.” (Genesis 41:33-36, NLT)
Joseph’s suggestions were well received by Pharaoh and his officials. In fact, Pharaoh determines that Joseph himself must be the wisest man in Egypt so Pharaoh puts him in charge of the whole project. As this story unfolds we discover three Biblical principles about saving.
• #1 SAVING MONEY IS PRACTICAL
In the passage, we see that God gave Pharaoh a clear message that trouble was coming. His dreams were a declaration from God that the king needed to get his country in order. Joseph saw this clearly, commenting that these things had been “firmly decided by God” (41:28, 32). When the Bible tells you that something has been “firmly decided by God,” you’d better buckle up. Pharaoh recognized the urgency, and he took steps to manage the impending crisis.
Unfortunately, you and I don’t often get a warning of impending disaster like Pharaoh did. But one thing you can count on is—disaster is coming. You may be sitting in the middle of a financial crisis right now. You may be better off financially than you’ve ever been in your life. No matter what is going on in your life right now, you need to understand a vital point: Emergencies are going to happen. No one is immune.
Little emergencies happen all the time, don’t they? The car breaks down, your kid need braces, your A/C breaks down in 900 weather, your roof is leaking, your basement is flooded, your toilet is overflowing, etc. This is why Larry Burkett, Dave Ramsey and other financial experts recommend setting aside a $1000 emergency fund as quickly as possible, in order to cover those unexpected expenses.
Some disaster can cost a lot more than a $1000 though. Medical debt is consistently one of the leading causes of personal bankruptcy in the U.S. When faced with a serious illness the typical American family has the added strain of financial pressure. That means that when you, your spouse, or your child is sick, it’s not just a health crisis, it’s a money crisis.
Medical emergencies can sometimes lead to another all-too-common financial disaster—job loss. From our first fast food working days to the jobs we plan to continue throughout our careers, job loss is one of the most prevalent emergencies—and losing a job is an emergency everyone should plan for and plan accordingly. Even a 16-year-old working his or her first job should plan to become unemployed. One of the wisest things we can do is save at least one month’s pay. In fact, Howard Dayton of Crown Financial Ministries recommends an “I Don’t Need this Job” fund—an emergency fund with at least 3 month’s income to pay the bills in case you lose or walk away from your job.
This is why the Bible says, “Invest what you have in several different businesses, because you don’t know what disasters might happen” (Ecclesiastes 11:2 NCV). That’s actually a note about diversification, but it makes a good point about emergencies. We don’t know what the future holds, but we know that there will be disasters along the way. Emergencies are not a matter of if; they’re a matter of when. That’s why saving money is practical and vitally important.
• #2 SAVING MONEY IS PLANNED
Joseph didn’t just tell Pharaoh that trouble was coming, did he? He interpreted the dreams as he was asked to do, but he went a step further. Joseph offered a specific plan of action. He said, “Pharaoh should find an intelligent and wise man and put him in charge of the entire land of Egypt. Then Pharaoh should appoint supervisors over the land and let them collect one-fifth of all the crops during the seven good years. ” (Genesis 41:33-34 NLT).
When faced with the realization that Egypt would flourish for seven years and then face a famine for another seven years, Joseph’s first instinct was to save, save, save! And Joseph didn’t simply suggest that each individual farmer save here and there, however much he could. Instead, he put a number on it—one-fifth (20%) of the grain that was to be harvested during the years of plenty would be set aside for the future. This was Egypt’s “emergency fund,” to be used only during the famine and only to supplement what each family was able to produce during the hard years.
Joseph—the model nerd—further suggested that someone be put in charge to make sure the savings plan went as suggested. His plan left nothing to chance. It was written down, it had built-in accountability, and it had the full support of Pharaoh.
Our personal budgets need to be intentional and well-planned, too. You need a plan. You won’t save money by accident. You need to write it down. Put actual numbers down on paper, showing every dollar that will come in and every dollar that will go out. Do this every month, before the month begins.
Even Jesus talks about the importance of budgeting your money. He says, “If you want to build a tower, you first sit down and decide how much it will cost, to see if you have enough money to finish the job” (Luke 14:28 NCV).
Each one of us need to do the same thing—we need to count the cost of living, the cost of emergencies, the cost of retirement. And I know some people just hate the word budget. But a budget is not a straitjacket. A budget doesn’t mean you can’t or shouldn’t enjoy your money; it just means that you are exercising control over it. Larry Burkett often said, “A budget is simply telling your money where to go instead of wondering where it went.”
Joseph’s savings plan teaches us some important things.
First—timing matters, and the time is now! If Egypt had delayed—if Pharaoh thought “we’ll start saving in a couple year, for now let’s just enjoy our surplus”—Egypt would have been in serious trouble. Savings must be a priority. You will only save money when it becomes very, very important; otherwise, something else will always seem more urgent.
Furthermore—savings needs to be specific. If you only save whatever if leftover, there won’t be anything left over. Egypt set aside 20% in savings. Now you might not be able to do that at first, especially if you’re also paying off debt. But you can start with 5% or 10% or even a specific dollar amount and work your way up to 20% over time.
Finally, Joseph demonstrated that emergency savings should be kept totally separate. Remember, Joseph said that the food should be kept in Pharaoh’s storehouses and guarded 24/7. Joseph didn’t sneak in there a few times a week to make himself a sandwich. That food was saved for a specific purpose. No one touched it until it was absolutely necessary. The same should be true of our savings as well.
So first we see from this story that saving money is practical, furthermore we see that saving money is planned, and finally we see that saving money is profitable.
• # 3 SAVING MONEY IS PROFITABLE
Disciplined savings add up quickly. As the story continues, the Bible says, “During those years, Joseph gathered all the crops grown in Egypt and stored the grain from the surrounding fields in the cities. He piled up huge amounts of grain like sand on the seashore. Finally, he stopped keeping records because there was too much to measure” (Genesis 41:48–49 NLT).
By saving only 20% of the crops during the seven years of plenty, Joseph had more grain than he knew what to do with! The storehouses were completely full. They couldn’t even measure how much they had!
This is the result of persistent savings. You just make it a part of your daily life. Soon, it becomes perfectly natural to put a portion of your pay aside as savings, and then it’s there when you really need it.
What was the result of this enormous wealth? Egypt, Pharaoh and Joseph became famous for wise savings. Egypt became a source of hope and help for the hurting. People came to Egypt from all over the world. The nation only survived this catastrophic event because of wise planning and careful saving. By being faithful during the years of plenty, Joseph was able to bless an entire nation, literally keeping them alive during the famine.
And likewise, when you save money, it puts you in a position to help others. Saving is not contrary to sharing. It is not selfish to save money. In fact, saving empowers sharing.
How often have you wanted to help someone or give to a good cause, and yet couldn’t do it because you didn’t have the money? What would it be like to have the freedom to give generously and not worry about having enough money to pay the car payment or the mortgage?
Saving isn’t just about you or your retirement; it’s about future generations. Remember the verse we started off with: “A good person leaves an inheritance for their children’s children” (Proverbs 13:22 NIV).
We have a responsibility to our families—and to our future generations—to turn back the tide of debt, wastefulness, and consumerism that is leading so many families into financial ruin. It is unbiblical to spend every dime we make.
We are called to leave an inheritance, but that doesn’t only mean a full bank account. We leave a generation-changing legacy when we take the time to teach our children God’s ways of managing money. If you give your kids money with no biblical financial training, they’ll lose the money. If you give them training with no money, they’ll make the money. But what if you gave them both? Imagine the good that they could do in their lifetime.
Conclusion
Bottom line: Wise people save money.
As we learn from Joseph, saving is practical because we know trouble is coming. Cars break down. Houses need maintenance. People get sick. These things are not really unexpected. We know something is going to happen, we just don’t know what or when. Furthermore, saving is planned. It doesn’t happen by accident. It needs to be intentional, immediate, and separate from our other resources. Finally, saving is profitable. Consistent, persistent savings leads to wealth that can be shared with those in need and with future generations. Next week, we’ll talk about sharing money God’s way.
Invitation:
In the meantime, I want to offer the same invitation as last week. If you’re struggling financially, if you always seem to have too much month left at the end of the money, please log into RightNow Media—it’s an online resource the church provides for you, like the Netflix of Bible Studies—and click on the Biblical Finance tab. You’ll find a wealth of resources and information about how to develop a spending plan, how to get out of debt, and much more. If you don’t know how to log in, come see me and I’ll get you set up. For now, let’s stand and sing together.
