In this series of posts, I have talked about the importance of seeking out a vision for family and ministry, while also establishing healthy defaults as we seek greater balance. Although balancing family is often a moving target, it doesn’t mean we should not aim to establish healthy patterns and systems in our family life. So far in this series we have talked about spiritual, relational, and physical defaults. Today, we wrap up the series by addressing financial defaults.
Now before you think finances are boring, consider this:
The way we manage our finances will positively or negatively impact both our family and ministry.
In addition, balancing family finances and ministry is a challenge and often feels like a sacrifice over time. My hope is that the sacrifice certainly feels worth it. (I know this is true for Lisa and myself). But it doesn’t mean that there are times when it is painful and bewildering.
Our Story: Six years ago we were blessed by the birth of our second child. We were also “blessed” with ER visits for myself, my wife, and our newborn in a span of 4 weeks. Before we knew it, we had thousands of dollars of medical debt and we were down to one income for a season. I can confidently tell you that our finances became a huge distraction that negatively impacted our family and ministry… I wish I could tell you that it was due to a set of unfortunate circumstances, (in part that was true), but I have to confess, we had our part to play in the perfect storm of financial struggles. Having medical debt only amplified our lack of healthy defaults in our financial planning…
What about you? I don’t know what your financial health looks like, but I would affirm the need to find some healthy defaults in this area of your family. Ultimately, financial health impacts family AND ministry.
- Determine your limits. Quite honestly, for us, we have often made the mistake of not setting appropriate limits on what we need and want. We have also discovered that my priorities differ from Lisa’s needs. It’s essential we take time to get on the same page and agree on what is essential when it comes to spending.
- Agree on a plan. Creating a budget and sticking to it is imperative. I’m fortunate that Lisa is a number cruncher and is a stickler for detail. There are often times when she needs to reign me back in and remind me of our budget plan that we took time to create and agree on.
- Save for the rain. Growing up in England, I could confidently expect rain. I wish I had learned to expect more rainy days in our finances. It’s not that I want to be thinking negatively, but it’s simply a reality that we need to face. After all, stuff breaks, emergencies happen, and savings are needed. Expect rainy days and find shelter under your savings. Practically speaking, how are you ensuring that you are saving a specific sum to build your rainy day fund?
- Save for the sun. In our experience, saving for rainy days and paying for “boring” stuff is made a whole lot easier if we are also saving for a vacation or getaway. Part of our family vision is to have experiences with our kids that are memorable. In particular, we love to travel and allow our kids to experience different cultures. While vacations can cost a pretty penny, we would rather go without new furniture and gadgets than miss making memories on our family getaways. They are worth saving for.
- Give generously. In our experience, tight finances are always an opportunity to trust God more with what He has given us. While our default might be to cut back on giving God our first and best, it’s the lean times that allow us to learn about God’s faithfulness. Therefore, it’s essential that we not only continue to give generously, but also pray about giving sacrificially. God has amazed us with His faithfulness even when it has seemed to make no human sense to give generously… How about you?
What would you add to this list? What financial plan do you follow? What have you been learning about how best to balance family finances and ministry?