Saving for Short and Long-Term Goals
The Balance of Saving and Trusting in God
Saving for short and long-term goals is likely to be part of every Christian's financial plan. The Bible is clear that saving is a wise practice (Proverbs 6:6-8, Proverbs 13:11). However, the Bible also places serious guardrails on our saving, which we would be wise to consider. Saving has the danger of turning our hearts away from God, as we might be tempted to put our trust in our savings instead of Him. This can lead us to hating God (Exodus 20:15; Isaiah 5:8; Jeremiah 48:7, 49:4-5; Proverbs 11:28; Luke 12:13-21; 1 Timothy 6:10; Luke 12:13-21; James 5:1-5). As a result, there is a constant tension between the wisdom of saving and the dangers of it. This tension drives us back to God, communing with Him and seeking wisdom.
Investing in Eternity
We know that in our saving, the very best place to invest and save is in eternity. Anything we invest in other than God’s kingdom purposes will one day be lost to us. Keeping this reality and the tension between the wisdom and danger of saving in mind, let us consider how to think about saving for short and long-term goals.
Step 1: Seeking God's Guidance
Spend time with God determining the things you believe He is leading you to save for (both short and long-term, for you and for others). This could be things like new furniture, a car, a down payment on a house, education for kids, giving to a specific cause, etc. Spend some time in prayer asking God, “What do you want me to be saving for?” Write down your impressions. Always consider your increased saving goals in light of your increased giving goals. These things should be held up together and considered in light of what God is calling you into.
Step 2: Setting Specific Targets
Take the things you have written down and set some specific targets (i.e., how much, by when, how often you’ll be trying to add to the total, etc.). All goals should be specific and measurable – you should know when you have reached your goal. While the Bible says it is wise to save, it is clear that all wise saving is for a specific purpose and a specific period. There isn’t ever a time when you should be setting money aside without a God-given purpose in mind.
Step 3: Prioritizing Your Goals
Prioritize the goals you have set in steps one and two above. You can’t do it all at one time. So, pick the most important goals and work towards those goals, and once you have made progress, begin moving toward your other goals as well.
Step 4: Implementing Your Goals
Begin to implement your goals. Take small steps at first and then grow into bigger ones. Resolve to take something out of each paycheck to make progress. As you adjust to your new reality, try to save a little more, and then a little more, and so on. Before you know it, you will make real progress toward your God-given goals. Realize that you can’t do this alone, so seek accountability. This could be your spouse, a friend, or a pastor. Saving is hard enough; don’t try to do it alone.
Continual Prayer and Openness to God's Leading
Finally, continue spending time with God, asking Him to give you a heart for these goals, but also a heart for His kingdom. In this continual practice of bringing it all before God, make sure to keep all of your savings available to God at all times. Just because He led you to save for something at one point doesn’t mean He won’t direct you to apply those funds to another purpose later. God may have you accumulate funds for something different than you envisioned. Be open, listen, and be willing to take any saved funds and put them to work whenever God leads you. Your savings should never be untouchable. God may ask you to give away savings at any point, and as stewards, we should be ready to do it with great joy, grateful that He is using our meager resources as a part of His grand plan.
Faith & Finance Perspective:
When you’re establishing your savings goals, it’s important to remember that all resources, including anything saved, belong to the Lord. If God has alternative plans for your savings, will you be willing to pivot your goals and obey His call?
“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 ”
— Sourced from https://ronblueinstitute.com/article/saving-for-short-and-long-term-goals/ by Michael Blue