March 2009 – What’s the best financial advice you’ve ever received? Perhaps it was one of these maxims:

▶ Save first, live on what’s left over.
▶ Know the difference between needs and wants.
▶ Buy quality.
▶ Don’t pay interest on anything that loses value.
▶ Live within your means.

No doubt, these are all valuable nuggets. However, Howard Dayton believes there is a comprehensive source of financial wisdom that supersedes even the most insightful counsel. No, it’s not the latest book from Suze Orman or Dave Ramsey, as valuable as those may be. Dayton is convinced that the ultimate guide to financial contentment is a book that can be found in most homes in America – the Bible. 

Dayton is the co-founder of Crown Financial Ministries (CFM) of Gainesville, Georgia. CFM is an interdenominational ministry founded in 1976 and dedicated to equipping people around the world to learn, apply and teach Biblical financial principles. 

In light of the nation’s current economic troubles, AFA Journal asked Dayton to address the financial concerns and anxieties many families are experiencing.

AFA Journal: Describe the kinds of financial problems that people who call CFM are facing as a result of the economic downturn.
Howard Dayton: Debt is a dominant issue for many folks. Either they had debt and were not faithful in trying to pay it off when they had the opportunity, or they’ve lost a job and are funding their lifestyle through the use of debt. Some of it is credit card debt. Some is debt caused by purchasing a home that was too expensive or a mortgage with an inadequate down payment. We’ve also heard from many who have sub-prime mortgages and their interest rates have jumped up. 

These people are having hard times, and in many cases, it is the source of marriage conflicts. Clearly, many families are under stress right now.

AFAJ: And I assume many are facing these difficulties with no savings or emergency funds.
HD: Right. In 1984 the average person was saving 11% of their income. In 2007 that number had declined to less than 1%. People have been taking money out of savings instead of putting it into savings. 

AFAJ: What do these anxieties tell you about American Christians and their use of money?
HD: Speaking in generalities, I would say that most churches – if they’ve taught anything about handling money – they’ve focused on the area of giving the tithe or 10%, which is crucial. But they’ve neglected to teach what the Lord says about how to handle the other 90%. 

God has been kind to us. He deeply loves us. He recognizes that money is a challenge for all of us so He addresses in the Scripture how to handle all of our resources. He tells us how to earn it, spend it, give it, invest it, save it, get out of debt and how to teach our kids about it. Really, He gives us everything we need to know about money in the word of God.

AFAJ: Can you put in a nutshell the basic Biblical principles concerning the stewardship of money?
HD: The overview is this: God is the owner of everything, and we are to be faithful managers or stewards to handle His money His way. 

Further, I would say that it’s crucial for us to be generous, to spend wisely and to be content with what we have, so we don’t spend what we can’t afford.

AFAJ: Generous, even during difficult financial times?
HD: I know it’s counter-intuitive to give generously during tough times. But God’s Word makes it so clear that it is for our benefit that we give with joy. The Lord honors faithfulness, so I tell folks you may not be able to give as much as you would like to give, but be faithful to give something in a way that would please the Lord. 

AFAJ: Here are three hypothetical but common situations. What would be your brief counsel to each? First, the Christian who is feeling generally anxious about his financial future.
HD: I think the most important thing a person can do is to learn what God says about handling money. He needs to know that God promises to provide our needs as we seek Him first. You see, God’s way of handling money is totally contrary to our culture and the way most people are handling their resources. 

In addition, if a person is in the soup financially, they should not go it alone, but be transparent with their church leadership and other believing friends. They must extend to others the opportunity to help. 

AFAJ: Is that happening?
HD: It is happening, depending on the church and the culture in the church. Church leaders must take the initiative to encourage people to let them know what’s going on so they are not fighting this battle by themselves. The Christian life was never intended to be a one-man show. 

AFAJ: And don’t you think it’s important that churches foster an atmosphere of humility, so folks feel free to reveal their financial problems?
HD: Absolutely. That is crucial. Many of the people I am talking with have not told anyone, even their spouse, about the financial challenges they are facing personally or in business. 

AFAJ: Situation number two: How do you counsel the person who has lost his or her job? 
HD: I advise people that the number one thing to do is to make your full-time job looking for a job. And in addition to praying with your spouse, be sure you are talking about the situation. 

Also, I would encourage a Christian who is job hunting to surround himself with a handful of people who care about him and are praying for him. 

At the same time, immediately adjust your spending, reducing it as deeply and quickly as you can. You don’t want to have to fund this period with too much debt. 

And remember, if you need to take an interim job that pays less, do it. The Lord says you shall work six days. So when you are doing that, you are simply being faithful.

AFAJ: Number three: What would you tell the person whose retirement is within reach, but the value of his 401K has dramatically decreased in the last year. 
HD: Our sole responsibility is to be faithful to do what we can do. Again, remember the basics: give, spend carefully, save and get out of debt. Meanwhile, recognize that ultimately, God is the One who provides for our needs. 

It may be that you are going to work longer than the date you had set for retirement, but that’s not a bad thing either. The work place can be a great platform to introduce folks to the Savior. 

I believe with all my heart we should be looking at our job as a platform for relationship building with folks to influence them for Christ.

AFAJ: What do you think God is doing in this economic downturn?
HD: Out of his great mercy and love, God is giving us a whack. My hope is that many of God’s people will repent and begin to handle money in a way that pleases the Lord. At the same time, we should cry out for our country that our country would turn back to Christ. 

AFAJ: OK, God has gotten my attention. I see that I have been a poor steward. Now what? How do I go about strengthening my faith and living it out in regard to money?
HD: The Lords tells us faith comes by hearing and hearing by the Word of God. So first and foremost, we’ve got to be in the Word. We must recognize that we have been given an amazing gift in the Word. And when it comes to money we’ve got to learn what God says about it. 

For many of us, it helps enormously if we have someone to whom we are accountable – someone who loves us, encourages us and asks us the hard questions. I’m a huge believer in that.    

hope in hard times
Financial woes can devastate a marriage. But there is a better way. In Money and Marriage God’s Way, expert Howard Dayton shows couples how to discover God’s approach to growing their finances and strengthening their relationships. Issues include:

▶ What to do before you say “I do.”
▶ How to discover your financial personality.
▶ All about successful money management.

Dayton also looks at such issues as blending your family and the special challenges of stay-at-home moms. He offers practical, Biblical principles to common problems, shares encouraging stories of real-life couples and provides interactive discussion opportunities for husbands and wives.

Money and Marriage is published by Moody Publishers and will be available at Christian book stores across the nation and online outlets April 1.