Overcoming the Cost of Living Crisis: Some Biblical Principles

By: Alex Cook

As Christians, we often turn to the Bible for guidance in all aspects of life, including our finances.

The cost of living crisis is a challenge that many of us face, and it’s essential to approach it with faith and wisdom. In this article, we will explore biblical principles and practical strategies that can help Christians overcome the cost of living crisis and find financial stability in alignment with their faith.

Budgeting and Expense Tracking: In Proverbs 27:23-24, we are reminded to “Know well the condition of your flocks, and give attention to your herds.” Creating a budget and diligently tracking your income and expenses is a responsible and biblical approach to managing your finances.

Reduce Discretionary Spending: 1 Timothy 6:7 reminds us, “For we brought nothing into the world, and we cannot take anything out of the world.” By reducing non-essential spending and prioritizing needs over wants, we can live more in accordance with this principle.

Shop Smart: Proverbs 21:20 advises, “Precious treasure and oil are in a wise man’s dwelling, but a foolish man devours it.” Seeking value and being wise with your resources when shopping is a practice encouraged in the Bible.

Energy Efficiency: Proverbs 6:6-8 reminds us to consider the ant’s ways, which “having no chief, officer, or ruler, provides her bread in summer and gathers her food in harvest.” This principle encourages us to be diligent and resourceful in managing our homes, including energy efficiency.

Transportation Savings: In Luke 14:28, we are encouraged to “count the cost” before building. This principle applies to our transportation choices. Consider alternative, cost-effective transportation options and weigh the financial impact of your choices.

Housing Costs: Proverbs 15:16 teaches, “Better is a little with the fear of the Lord than great treasure and trouble with it.” Evaluating your housing expenses and exploring more affordable options aligns with this wisdom.

Debt Management: The Bible teaches in Romans 13:8, “Owe no one anything, except to love each other.” Managing and reducing high-interest debt aligns with this biblical principle.

Emergency Fund: In Proverbs 21:20, we are reminded, “Precious treasure and oil are in a wise man’s dwelling.” Building an emergency fund is a responsible way to ensure financial security during challenging times.

Income Enhancement: Proverbs 12:11 tells us, “Whoever works his land will have plenty of bread.” Exploring opportunities to increase your income through honest work is in line with this biblical principle.

Invest Wisely: Ecclesiastes 11:2 encourages diversification: “Invest in seven ventures, yes, in eight; you do not know what disaster may come upon the land.” Diversified, prudent investment aligns with this wisdom.

Educational and Career Advancement: Proverbs 16:3 reminds us to “Commit your work to the Lord, and your plans will be established.” Investing in education and career advancement can lead to better job opportunities, in line with this biblical teaching.

Healthcare Savings: Proverbs 17:22 tells us, “A joyful heart is good medicine.” Prioritizing preventive healthcare can help avoid costly medical bills and maintain good health.

Social Services and Benefits: The Bible teaches in Galatians 6:2, “Bear one another’s burdens, and so fulfill the law of Christ.” Seeking social services or benefits when needed can be an avenue for support.

Negotiate Expenses: Seeking better terms with service providers can help you be a good steward of your resources.

Long-Term Financial Planning: Proverbs 13:22 encourages us to “leave an inheritance to your children’s children.” Developing a long-term financial plan is a way to steward your resources for the future.

Support Networks: As Christians, we have a community of faith. Galatians 6:2 encourages us to “bear one another’s burdens.” Seek support and offer support within your Christian community.

Maintain a Healthy Lifestyle: 1 Corinthians 6:19-20 reminds us that our bodies are temples of the Holy Spirit. Investing in a healthy lifestyle aligns with this biblical principle.

Continuous Learning: Proverbs 1:5 advises, “Let the wise hear and increase in learning.” Staying informed about financial literacy and economic trends is a way to apply this biblical teaching.

Overcoming the cost of living crisis as a Christian involves combining biblical wisdom with practical strategies. By aligning your financial decisions with the principles found in the Bible and being a good steward of your resources, you can navigate the challenges of the cost of living crisis while remaining true to your faith. Financial stability is a journey, and with faith, wisdom, and God’s guidance, you can work towards a more secure and blessed financial life.

Article supplied with thanks to Wealth with Purpose.

About the Author: Alex is a licensed financial planner and the founder of Wealth with Purpose a Stewardship Ministry that helps Christians handle their money God’s way.

Feature image: Photo by Priscilla Du Preez 🇨🇦 on Unsplash