1 Corinthians 16:2 –
On the first day of each week, you should each put aside a portion of the money you have earned. Don’t wait until I get there and then try to collect it all at once.
This is budgeting 101 for any instance of debts or tithing. Think about when you owe money to someone else, it’s much easier to pull a little out of each paycheck than to gather it all at once. Paul is reminding people that no matter what happens most unmanaged budgets end up with more week than money. So put what is needed in the future aside today, before it’s spent on other things.
Dave Ramsey’s teaches a simple method of budgeting called the “envelope system”. You split your pay into what your budget is for food, housing, utilities, cars, savings, etc. and place them in a separate envelope. Only spend what is in the envelope and do not “loot” from the others. That way when the money is needed it’s not a panic finding a new source. I used to do this from college until about 3 to 5 years into the shop. I would keep money in savings and have a ledger that would divide the money into accounts. When the money was required it would go into checking and be paid out. That ended when I switched from Pacioli 2000 to Quicken, since it did not allow that type of accounting.
Now the first part of honoring God with your money is to manage it well. There is a simple formula called 10-10-80 that everyone should follow. You get paid, immediately set aside a 10% tithe like Paul is talking about. With online systems these days, just do it the moment the check comes in, because 10% cash is more difficult to drop in the plate! Then save 10% and live off the 80% left over. Once you have 6 months to a year saved in living expenses, then start saving for homes, cars, etc. Pay cash for everything and avoid debt like the plague, which by the way is a very contagious disease and one should not get close to a person ill with the plague.
I can be a living example of this, we blew through savings in the shop and started living on credit. My logic was even if we sold the stuff at a 10% gain, we were still making more than what we would in the bank or what interested we were paying. I was smart borrowing money at 10% and making 35% or more on it! Didn’t expect Mr. Murphy to enter when everything that could go wrong did!! With no cash, no ability to pay credit cards, the debt spiraled out of control.
After 3 years on the Dave Ramsey “program” of getting OUT of debt, we have reduced our credit card debt from over $175k to $27k. We have been on a 10-50-40 program during this time where we tithe, pay debt with 50% and live on 40%, which has been very difficult! Then we can start paying off vendors and mortgages to get to that debt free utopia. Key is not doing what I did and follow Paul’s suggestion and set aside monies before they are due.