The Place of Faith

Should a Christian set aside MONEY for savings and insurance or does that mean he is not relying totally on GOD?

Many Christians think that the Christian life should be lived on the edge. Giving up our all and believing that everything will always be provided by GOD miraculously and on time is often seen to be the norm in Christian living. After all, does not Paul tell us:"We live by faith, not by sight"(2 Cor 5:7)? And what about Heb 11:1 - "Now faith is being sure of what we hope for and certain of what we do not see"? Is this really what Paul and the writer to Hebrew meant?

How does GOD Provide?
Christian are no different from the rest of the world when it comes to life's experiences. Emergencies crop up, we get sick, our children's education needs must be addressed and one day we will grow old. GOD's promise to us as Christians is that in the midst of the expected and unexpected, he is always with us, helping, protecting guiding and nurturing.

The Challenge to save and value of cash savings
Preparing and saving for the future for both expected and unexpected events is part and parcel of daily Christian living. We need cash to purchase items needed for daily living (food, clothing, transport, leisure and so on). The surplus is for savings which we can park or invest in various instruments depending on our goal and risk appetite. When considering cash savings, bear in mind that the value of money varies over time. This is the time-value or future value of money. Generally, the value of money is affected by :
A. Rate of return ( of your savings)
B. Rate of inflation

A is positive and builds up your savings while B is negative and erodes the value of your savings. In other words if the rate of inflation is higher than the rate of return, in x years from now your money will be worth less that is it has less purchasing power. In any savings plan a portion should be in cash. To meet unexpected obligations try to save at least 2 months salary in the form of cash.

Can Christians buy insurance?
Would it indicate a lack of faith in GOD? Scripture offer no support that this is so. On contrary we see that while GOD is indeed GOD of miracles he more often than not chooses to work through the normal affairs of mankind, accomplishing his purpose and will in the outworking of day-to-day events. Insurance can thus be a means of GOD's providence. In fact whether we like it or not, Christians are required to buy insurance coverage for our housing loans and motor vehicles. We know it helps to pay for monetary losses experienced at unexpected times like accidents or death. Not everyone has the luxury of extra cash after paying for the necessities of life at the end of the month. If this is your experience, perhaps it is time you reconsidered your lifestyle. This then would be your first challenge!

Practical steps to take

1. Plan and set aside a fixed amount to give to GOD every month-keep this commitment without fail
2. Then, purchase a Whole Life insurance policy with medical benefits. Start early-premiums soar with age. Try to buy a larger coverage(sum insured)-it is worth it although things may be a bit tough at first. If you bought policies years ago it is time to review them as to the current appropriateness of your coverage
3. Finally, set aside some cash monthly. Do not touch it except in emergencies-holidays, changing cars and upgrading the computer are not emergencies. The monthly amount need not be large-something is better than nothing. Put aside 10% of your monthly salary for savings if possible. The cumulative sum over years will surprise you.

In conclusion, in midst of all these considerations, remember to be grateful to GOD for all he has already provided. Trust HIM to continue to do so for he is our heavenly Father who cares deeply for us and supplies all our needs!