Financial Stewardship Planning
Part 1
Christian Financial Network - If your finances were not limited where would you go? What would you learn? Whom would you help? What ministry would you support? What could be achieved? Imagine the possibilities!
The reality is we all have financial limitations.
As we cry out to God for help we fail to recognize that many of the financial limitations placed on us can be traced to our own actions.
| Stewardship Planning Series | Through the Christian Financial Network, we now offer this series on stewardship planning in a workbook you can download to your PC. To register and download the workbook Click here. The workbook comes in Adobe's PDF format ready for you to read through the Adobe Acrobat Reader. If you don't have the reader you will need to first download it by clicking here. |
Poor financial decision-making, the lack of planning and the rejection of or lack of wise counsel has resulted in our condition.
We have allowed false teachings on finances to be accepted. So much so, that Christians are no longer taught the three P’s of finance, planning, productivity and patience.
The result is we doubt God’s power, diminishing our faith and causing us to lose the anointing on the gifts and talents that He has given us.
Is this our ultimate condition? No, this is not God's plan.
Through acceptance of Christ, all God’s blessing are available to you.
But have you come to understand that with financial blessing comes an even greater responsibility for action (stewardship planning).
Understand you may not be spiritually ready for the abundant financial blessing. If you have any doubt, then you first need to pray that God willyour eyes and heart to receive His counsel on finances. Then pray that He only increase your finances in light of your spiritual growth.
As you read and complete this workbook, my prayer is that you will come to the understanding that as Christians we need to make the process of financial planning a matter of stewardship in obedience to God.
It is written in Matthew 25:21, that the good servant is one that has been "faithful with a few things"; He will put you "in charge of many things".
Understanding Financial Stewardship Planning
Many of us have heard about the need to develop a Financial Plan. For one reason or another most of us keep putting that off for lack of understanding the significance.
For the Christian, financial planning should be viewed as a matter of stewardship. It is only when we begin to view the planning of our finances, as something to do in obedience to God’s will that we can fully appreciate the importance stewardship planning.
It is not simply tithing that makes you a good steward. It is taking the total of the resources God has given you, developing a plan, and putting those resources to work to accomplish His will, that puts you on the track to stewardship.
These plans do not have to be lofty, world-shaking plans.
God’s direction for you may be for you to start a ministry. But God’s direction for you may be to send your children to Christian schools or college. God may even be telling you to plan a vacation to refresh your marriage or renew your relationship with Him.
The point here is that planning is something God expects us to do and as Christians our plans to be complete they must consider God’s plan for our lives.
Having resolved that financial planning is a matter of stewardship, we need to look at and understand how planning leads to success.
Planning is an Ongoing Process
As you follow the steps outlined in this workbook, please understand that just because you have made your plans does not mean the process has ended. For financial plans to be successful they must be implemented and adjusted periodically to take into consideration changes in God’s leading, personal goals, the business cycle, and economy and life events.
Financial Accountability Reviews
Accountability is a necessary step in Stewardship Planning. Simply put, it is being answerable for the financial decisions we make. Ultimately we are all accountable for our stewardship to God (Corinthians 2:5). We may miss the mark of perfect stewardship. Even so, every Christian should seek accountability while here on earth.
Accountability may seem like an unnecessary and possibly an unpleasant process. Let’s face it we all enjoy our freedom to do what we want.
But recognizing there will be temptations and even traps along the way intended to frustrate God’s plan for your life, stewardship accountability reviews will help to keep you on track. This is a very good thing as it allows us to keep our accounts short with God drawing us closer to Him.
Forms of Accountability Reviews
Individual and Spousal Accountability Reviews - You and your spouse can perform the financial accountability review of your plan quarterly (at least annually) by reviewing your goals, results and assessing your plan by yourself.
A word of caution is offered on this point.
Family finances is one of the most stressful topics for a husband and wife, it is often difficult to resolve family money management issues. If neither spouse is trained in money management the situation can lead to poor decision making and financial hardship. With finances being high on the list of reasons stated by Christian as leading to marital strife, separation and divorce you may wish to consider a third party accountability review.
Third Party Reviews
Some churches offer financial counseling as part of their ministry. If so, the accountability review might be something you establish at your church.
However, as you may have already recognized there is an obvious shortcoming to this approach. You and your spouse may be reluctant to share everything about your finances with your church leadership. More importantly, with money management being a discipline in and of itself, consideration should be made as to how helpful the review will be if the church counselor is not a professional financial advisor versed in the latest financial planning techniques, information on market conditions and economic forecasts.
To avoid the pitfalls mentioned above, you should consider seeking a Christian financial counselor/advisor to assist you with your panning and accountability reviews. The advisor’s role is to help you in monitoring and adjusting your plan, taking into consideration your goals and leading from God as well as to identify investment strategies and asset allocation techniques to assist you in meeting your goals. As for privacy of information, financial advisors are ethically (and even legally bound in most states) to keep your financial status, goals and plans strictly confidential.
Many Christian financial advisors work on a fee basis allowing you to know the cost associated with assisting you in developing your financial plan as well as periodic reviews. Should you determine to use an advisor, be sure to ask the advisor to fully explain his/her fee structure.
Ultimately how you achieve your accountability review is up to you. It is vital to your stewardship plan that you devote the necessary time and resources to the accountability review process.
Next Steps
Please understand there are many ways to develop a financial plan. The format offered here on our web site is one that most people will be able to complete with a modest effort.
However, if you have any difficulty in completing it or your financial situation is more complex, do not worry. A Christian financial advisor has access to other formats and specialized software to assist you if needed.
In the next installment, we will discuss goal setting. Consider and pray about your personal financial goals and those of your family. Where does God want you? What would make you and your family happy? What would be fulfilling? Starting a business or home based ministry? Early retirement? A vacation home? Travel?
By: Rob Wells
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