Is it biblically wrong to save money?
The Bible encourages saving.
Live on Less Than You Make and Save
That means living on less than you make—so you'll have money left over to save. The Bible talks about the importance of saving in Proverbs 21:20 (NIV84), which says, “In the house of the wise are stores of choice food and oil, but a foolish man devours all he has.”
Frugality in the Bible
³⁶ Not only did Jesus live frugally, but He preached it as well. In Luke 18, He speaks of how it can be easier for a camel to inherit the kingdom of God that it can be for a rich person. And He gives the Parable of the Rich Fool in Luke 12.
“Whoever loves money never has enough; whoever loves wealth is never satisfied with their income. This too is meaningless.” “But remember the LORD your God, for it is he who gives you the ability to produce wealth, and so confirms his covenant, which he swore to your ancestors, as it is today.”
Turning to Bible verses for financial struggles can be incredibly helpful. Verses such as Philippians 4:19, which states, “And my God will meet all your needs according to the riches of his glory in Christ Jesus,” are a reminder that God is a faithful provider.
Biblical financial stewardship encourages a spirit of generosity. As we recognize that our blessings are gifts from God, we are inspired to share them with others in need. The apostle Paul instructs believers to "do good, to be rich in good deeds, and to be generous and willing to share" (1 Timothy 6:18).
Proverbs 21:20 says, “A wise man saves for the future, but the foolish man spends whatever he gets.” Saving is making provision for tomorrow. The most effective way to save is to do it every time you receive income. Save for both long-term and short-term.
Live within your means.
Proverbs 21:20 advises, “The wise store up choice food and olive oil, but fools gulp theirs down.” In other words, it is wise to plan for the future and save money rather than spend everything we have in the present.
Being frugal is not a bad thing. It only becomes an issue when it is taken to the extreme. I believe that everyone should have some sort of "frugality" as a part of their life, but you must be smart about it.
While God does not expect us to live on nothing, he does require us to maximise our resources for the building of God's kingdom. Those fortunate enough to be born into affluence have a responsibility to use their wealth to provide for those who don't have enough.
What does God say about helping people financially?
PROVERBS 19:17
“Whoever is kind to the poor lends to the LORD, and he will reward them for what they have done.” Sometimes we need a little extra incentive to remind ourselves to be generous. Knowing that God will reward our compassion and kindness towards the less fortunate can be just that!
Proverbs 23:4-5 – Do not toil to acquire wealth; be discerning enough to desist. When your eyes light on it, it is gone, for suddenly it sprouts wings, flying like an eagle toward heaven. Solomon mocks lazy people and warns them to expect poverty and family shame.
We are encouraged to save, but we must do it for the right reason and in the right proportion. 1 Timothy 6:17-19 - As for the rich in this present age, charge them not to be haughty, nor to set their hopes on the uncertainty of riches, but on God, who richly provides us with everything to enjoy.
Matthew 18:27, 30, 32, 34 - Forgive because your debts have been forgiven. Luke 7:42-43 - He who is forgiven much (debt) loves much; he who is forgiven little (debt) loves little. Romans 4:4 - Wages, like a debt owed, must be paid. Colossians 2:14 Jesus canceled the record of debt we owed by nailing it to the cross.
God is working to display His glory in our financial limitations. This is true not only because it forges our character to become more like Christ, but also because it allows us to be witnesses of Christ to those who do not know Him.
#6 Proverbs 13:11 (ESV)
"Wealth gained hastily will dwindle, but whoever gathers little by little will increase it." The phrase “slow and steady wins the race” may not be in the Bible, but Proverbs 13:11 certainly has something to say about the importance of slow, diligent, and deliberate stewardship.
Biblical teachings on money emphasize our need to steward it wisely and never let it become more important than it is. We are encouraged to love God and people, never money. Money should be used as a tool to help the less fortunate and to spread the message of Jesus to people who haven't heard.
Whoever loves money will never have enough money; Whoever loves wealth will not be satisfied with it. This is also useless. The more wealth people have, the more friends they have to help spend it.
Proverbs 13:11: "Dishonest money dwindles away, but he who gathers money little by little makes it grow." Proverbs 21:20: "A wise man saves for the future, but a fool spends whatever he gets."
Gluttony is an interesting 'financial sin' and probably one of the most prevalent. Many of us are guilty of over consumption and certainly over spending every now and again (my own guilty pleasure is my ever growing book collection!)…
What does the Bible say about helping financially?
First, God's Word tells us to help those in need … lending money if necessary. Deuteronomy 15:8 says, “You shall open your hand to him and lend him sufficient for his need, whatever it may be.”
Luke 6:20-21 (NIV)
“Looking at his disciples, he said: 'Blessed are you who are poor, for yours is the kingdom of God. Blessed are you who hunger now, for you will be satisfied. Blessed are you who weep now, for you will laugh. '”
The Bible encourages saving.
Saving is accumulating appropriate material resources for a defined, responsible purpose. A wise person does this (Prov. 6:6-8, 21:20). As you work and God provides you with income, He expects you to pay your taxes, give to His work and meet your present needs.
Financial freedom, however, is for every Christian steward who faithfully follows God's plan for giving, saving and spending. Financial freedom means having enough to provide adequately for your household and to give generously and joyfully to God's work.
Money is a tool God uses to help us live and love like Jesus. Regardless of how much—or how little—money you have, God is at work in your life through your circ*mstances. He is leading you to a deeper trust in him.
