Personal Finance Workbook

Where Do We Go From Here?
Congratulations on completing your budget! By following the budget you will be able to achieve the goals you outlined earlier in the workbook.

But, what happens if your situation changes? On the positive side, you could receive a large bonus or an increase in your pay. You could also receive a one-time gift from a family member or inherit a gift from a deceased friend or relative. How does a godly steward plan ahead for such events as these?

You have four basic choices when you receive an unexpected increase in wealth:

1. Return it to God’s work
2. Reduce debt
3. Save for future expenditures
4. Increase consumption

Sometimes the challenge of increased wealth is more difficult than the lack of funds for our life style. The Bible explicitly discusses the responsibilities of the steward who is rich in the present world (1 Timothy 6:17-19, Luke 12:48):
“. . . and from everyone who has been given much shall much be required; and to whom they entrusted much, of him they will ask all the more.”

You should have a plan for what to do with unexpected gain in personal wealth. You and your spouse should prayerfully consider the options listed above as stewards. Without a plan you will default to the least desirable of all options.

We suggest that each family pre-determine what level of income is enough to meet their needs, both current and future. There is a point where each family should be able to say . . . I give regularly to the Lord’s work and I have enough on which to live. All overage income could then be added to what you are already giving to further God’s kingdom.

Your financial situation could also change for the

Biblical Position on Giving, Savings, and Debt

Introduction

Needs and Desires

The Debt Trap

The Ease of Debt Growth

Debt Repayment

The True Cost of Debt

Plotting Financial Goals

Gifts Given Record

Debt Records

Statement of Net Worth

Monthly Income Statement

Monthly Cash Flow Recording Sheet

Percentage Guide

Income Graph

Where Do We Go From Here?

Biblical Guidelines

Financial Objectives

Glossary of Terms

Reference List & Acknowledgements

worse. Your income could decrease significantly due to numerous factors, most of which are out of our control, including: loss of a job, sickness, career change, and/or ministry opportunities. If this loss of income is temporary, an established emergency plan should be able to carry you over for several months of pre-determined expenses. Should you not have an emergency fund, then you should consider selling non-essential items prior to indebtedness or family intervention. Certainly continue to pray so that you may recognize God’s provisions for us in real times of need.

If your situation is desperate (e.g., facing eviction, lack of funds for essential items–food and clothing, bill collectors filing judgements and suits for re-payment) you should contact the Personal Finance Ministry, of Xenos Christian Fellowship, for solutions to your individual situations. Please keep in mind, if you experience decreases or increases in your income that is permanent, it is important that you rework your objectives, and budget to reflect your long term change.

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