How would you complete this question,”What’s money for…?” Some would say, “What’s money for if not to spend?” Others might say, “What’s money for if not to save?” However you complete this question describes your attitude about money and debt.
Some of you might receive a bonus from your employer or a large income tax refund or a gift from a relative. This is money you were not expecting. It is a blessing from God. What are you going to with it? Are you going to save it, hoard it, spend it, pay down your debt, or give it away?
For those of you who consider that money is for spending, you are going to go out and do just that. Others of you are going to save it, either by adding to your emergency fund or investing it. Others of you, who might already have a substantial amount of money, are going to add to that money because you have an attitude like Howard Hughes, “How much is enough? Just a little bit more.” Others of you are going to pay down your debt. Very few of you are going to give it all away or even give a little away.
God has provided you with this gift and He does not want you to keep it all to yourself. Get in the habit of tithing first on any money you receive. Remember a tithe is just ten percent going to your local church. Next, save ten percent. Then, spend five percent. Next, invest ten percent in your ROTH IRA or other retirement instrument. Finally, pay down your debt your debt with the remaining 65%. If you don’t have debt and your emergency fund is fully funded, then add another ten percent to your ROTH IRA and give the rest away. God loves a cheerful giver and will reward you if not in this life, then in heaven.
“Do not store up for yourselves treasures on earth, where moths and vermin destroy, and where thieves break in and steal. But store up for yourselves treasures in heaven, where moths and vermin do not destroy, and where thieves do not break in and steal. For where your treasure is, there your heart will be also.” – Matthew 6:19-21