The Pastor's Personal Finances, Part 2
Yesterday I posted some initial thoughts about the pastor's family budget. Here are some of the reasoning that I laid out for myself and shared with our church's elders as I hashed out my family's 2010 budget. Some of the specifics have been redacted (I'm all for transparency in the church, but not on the web!).
Perhaps this will be helpful to your family and your church as you budget for next year:
Biblical Principles
-- True life does not consist in wealth (Luke 12:15).
-- Planning is wise (Proverbs 24:3-4, 21:5, 27:23-24). Ultimately, however, our plans are in God’s hands (James 4:13-16).
-- Money is a tool for which we will give an account (Proverbs 3:9, Luke 12:48, Matthew 25:40).
-- Ultimately, we trust that God provides for us. We don’t have final confidence because our budget sheets balance out nicely, but because God promises to be kind to his children (Luke 12:22-32).
-- Enjoyment of God’s good gifts is an act of worship (I Timothy 6:17). There is no inherent shame in having some nice things.
-- Financial gain is a gift and a reward for hard work (Proverbs 12:27, Proverbs 10:22), but not the ultimate motivation for our hard work (Proverbs 23:4, Luke 12:20-21).
McKinley Family Budgeting Priorities/Principles
-- Giving generously to the church
-- Having margin to be hospitable and generous to those in need.
-- My wife should not have to work if at all possible.
-- Standard of living that does not make the kids feel a particular burden because Mike is a pastor (as if pastors must be poor or can’t have nice things) but teaches them that ultimately we live our lives for a far greater treasure.
-- Experiences are valued over possessions
-- High quality purchases often save money in the long run.
Financial Goals for 2010
-- One vacation where we can be particularly generous with the children
-- Here I listed some other financial goals related to saving and such.
Areas That Could Be Trimmed If Needed/Non-essential Expenses
-- Here I listed areas in the budget where there was some wiggle room if necessary (for example, things like sports packages for the TV and gym memberships are not essential).
Concerns
-- Here I listed some areas that represent both short-term and long-term concerns (things like: are we able to save enough for our kids' college education? What if one of them isn't able to play D1 football on scholarship, as unlikely as that seems?)
If you are new to the idea of budgeting, check out the tools at Crown Financial Ministries or at Joseph Sangl's blog.
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