Stewardship 101: Applying Biblical Principles to College Finances
The Bible teaches us how to be good stewards of our money while instilling the importance of generosity and economic responsibility. And it's never too early to begin developing biblical and responsible financial habits.
The truth is that the earlier you begin wisely stewarding your money for God's glory, the more confident you will feel as you make financial decisions.
If you're wondering what God says about money, explore these six Christian financial tips to begin applying biblical principles to your college finances.
"Each of you should use whatever gift you have received to serve others, as faithful stewards of God's grace in its various forms." - 1 Peter 4:10 (NIV)
Give Cheerfully and Generously
The spirit of generosity is at the backbone of biblical financial stewardship. Indeed, scriptures on the importance of giving abound across God's word — from church tithing to the value of sharing with others and more.
In Romans 12:13, the apostle Paul encourages believers to "share with the Lord's people who are in need. Practice hospitality." 1 Timothy 6:18 reads, "Do good, to be rich in good deeds, and to be generous and willing to share."
While in college, you may not necessarily be earning a monetary income if you're not working, but that doesn't mean you cannot cultivate a heart of generosity and give in other capacities, like sharing time, skills, and other resources with those in need. If, however, you are earning money, it's a good time to remember why you should give to Jesus and develop the habit of tithing and even finding a charitable organization you'd like to support.
Ultimately, generosity blesses others and reflects the recognition of our blessings as gifts from God to be shared. As Luke 6:39 says: "Give, and it will be given to you. A good measure, pressed down, shaken together and running over, will be poured into your lap. For with the measure you use, it will be measured to you."
Practice Contentment
In college, it can be easy to fall into the comparison trap — especially when it comes to worldly possessions, financial status, and more. And comparison quickly breeds dissatisfaction. But God's word encourages a spirit of contentment with what we have while avoiding greed and covetousness. 1 Timothy 6:6 teaches, "godliness with contentment is great gain."
Biblical financial stewardship relies heavily on remembering the eternal — and that contentment and that true wealth lies in our relationship with the Lord, not on which designer handbag or new car we have.
Hebrews 13:5 reminds us: "Keep your lives free from the love of money and be content with what you have, because God has said: 'Never will I leave you; never will I forsake you.'"
Establish a Responsible Budget Plan
Establishing and adhering to a budget in college is an essential part of stewarding your finances — and it will pay dividends now and in the future. God makes this clear in Luke 14:28: "Suppose one of you wants to build a tower. Won't you first sit down and estimate the cost to see if you have enough money to complete it?"
A responsible budget not only helps you prioritize your expenses and avoid impulse spending that can lead to unnecessary debt, but it also provides clarity and insight into when and how you're spending money.
Some of the best budgeting apps include:
The apps take the guesswork out of the spend, save, and give process, while apps like Rakuten can help put money back in your pocket. Also, when you're adhering to a budget, there are lots of other money-saving hacks and tips for clothes and other college student shopping essentials to reduce financial stress.
Finally, online tools like college costs calculators help you easily estimate how much you may need to budget, as you take into account tuition, food, and housing, along with books and supplies, equipment, dorm room essentials, travel expenses, clothes, and more.
Seek Godly Counsel
Godly counsel from experienced individuals serves many purposes in a Christian's life, including providing wisdom and guidance on the path of financial stewardship. This type of counsel can help avoid many mistakes along the way and is instrumental in making both small decisions and big decisions about managing money, making purchases, and giving back.
Proverbs 15:22 reminds us as much, saying that "plans fail for lack of counsel, but with many advisers they succeed."
Often, the reason students don't seek out such counsel is because they want to avoid being told what to do, especially when it goes against something they want or desire. But trusted financial counselors or mentors can help you make informed decisions, learn how to steward your money better, and navigate financial challenges.
Consider a Financial Literacy Course
Wise financial stewardship is not only biblical but also built on a solid foundation in financial literacy. That's why investing time in a financial literacy course during college can pay dividends now and in the future.
DBU offers two courses to help you invest in your financial literacy. The first is Personal Financial Planning, which is a broad overview of the financial planning process with areas of emphasis that include cash and debt management, life and health insurance, investments, college funding, retirement planning, and estate planning. The second is Corporate Financial Management, which covers financial markets, financial statement analysis, financial planning, time value of money, loans and interest rates, debt policy, and so much more.
Put Your Confidence in God
When it comes to college finances, there can be several extreme reactions. Some students are burdened by anxiety when it comes to money; others may be a bit lazy in how they manage their expenses. Neither is what God wants or asks of us.
Biblical financial stewardship puts God first and foremost in our finances. True security is found in God. Philippians 4:19 shares the encouragement: "And my God will meet all your needs according to the riches of his glory in Christ Jesus." Meanwhile, 1 Timothy 6:10 reminds us that "the love of money is a root of all kinds of evil."
This doesn't mean you can take a hands-off approach. But when you apply biblical principles to your finances and faithfully save, carefully spend, and thoughtfully invest in the eternal, you can put the rest in God's hands.
Financial stewardship is an integral part of your walk with the Lord. Discover insights about faith-based financial wisdom for college students.
