"Be very careful then, how you live--not as unwise but as wise, making the most of every opportunity, because the days are evil" (Ephesians 5:15-16).
A popular phrase goes "Time Is Money", and I feel that falls short of knowing what is really happening. Think about what your money represents... in most cases, it is an exchange for the hours you've worked. If you can relate to it that way, you'll better comprehend what it takes to make purchases and understand the finite amount you have available.
Every time you spend money, you are exchanging hours you've worked to acquire ________. Considering if __________ is worth the number of hours you've worked is a wise thought. Also know that when you pay interest, you're trading an additional number of hours worked just to have it sooner.
Usually we can equate this exchange to buying a house, we understand it is a 30-year commitment of a large portion of our take-home pay. But with the expanded use of credit cards, have we applied the same thought... especially considering how much our balance can fluctuate month-to-month?
Credit cards have high interest rates that average 14.95%, and the typical household has $7,400 in credit card debt. If that was paid sending in the minimum 2.5% each month, it will take 18 years to pay off with over $6,700 going to interest alone.
If you've been carrying a balance on your credit card for some time, calculate how many hours of your labor it will take to pay it off. You'll also have to account for taxes and tithes to the Lord before arriving at that figure. By doing so--and also knowing that the interest continues to count against you, you should want to reduce that balance now.
Proverbs 22:7 warns us that "a borrower is servant to the lender". When we borrow, we're promising from hours to years of our labor in wages that we haven't even earned yet... isn't that just like slavery? But unlike the regrettable slavery that took place long ago, we chose to be bound into this financial slavery today.
Jesus provides the insight to avoiding this from Luke 14:28, "For which of you wishing to build a farm building, does not first sit down and calculate the cost to see whether he has sufficient means to finish it". His context was in discipleship, but He used that analogy because those listening understood it fully.
Know that there are three ways to purchase something: 1) borrowing, 2) Using the funds you have today, 3) Using funds saved up for the purchase. By borrowing it requires additional hours of labor to pay the interest, by using today's funds it is equal, and using saved funds a gain can possibly come to us.
Try this going forward, in the context of trading your hours of labor for items - any purchase more than your hourly wage... think about it first. Any purchase higher than your daily wage... wait at least a day to see if you really need/want it. And any purchase beyond your paycheck amount... sit before the Lord and seek His wisdom about the purchase and its timing.
Lastly, be encouraged to know the Lord will always satisfy the needs of His children - "But my God shall supply all your need according to His riches in glory by Christ Jesus" (Philippians 4:19)
God Bless you and may He show Himself greatly to you,
Paul
