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Wise saving vs. unhealthy hoarding: where's the balance?

For today's Personal Finance Friday post, we present an excerpt from the new edition of Craig Ford's e-book, The Bible and 21st Century Finances: Thought-Provoking Answers to Nine Common Questions. (Between now and Feb. 8, you can download a free copy — we'll tell you how in a moment.)

Craig is the founder of MoneyHelpForChristians.com, a site that promotes "a frugal, simple, debt-free, and generous lifestyle so Christians can faithfully maximize their resources by putting them at the disposal of God’s Kingdom." He is also a missionary in Papua New Guinea.

In this excerpt from Craig's book, adapted for this blog post, he looks at finding the right balance between saving (which the Bible encourages) and hoarding (which it doesn't).

All of us find ourselves somewhere on the money spectrum below. We squander, save, or hoard money.

But you'll note there are no vertical lines marking the boundaries where the extremes begin. For example, there is no line marking the place where saving ends and hoarding begins. As a commenter to my blog asked, "What is hoarding and what is just shrewd financial management?"

This answer may frustrate you, but there is, quite simply, no final, definitive, or standardized way to answer that question.

However, let me suggest four keys that may help you find the balance between saving and hoarding in your own life.

1. Remember, you are not God's standard. "Why do you see the speck that is in your brother’s eye, but don’t consider the beam that is in your own eye?" (Matthew 7:3)

Yes, it is important that Christians hold each other accountable in our actions. But accountability can cross a fine line and become judgmentalism. That is a dangerous line to cross. Your job isn't to monitor the saving habits of others, but to be a faithful steward with what you have been entrusted.

Your particular financial situation is not God's standard. In other words, you cannot say that if someone has more stuff than you they are hoarding. Nor can you say that if someone has less than you they must be squandering their money.

The decision about how much to save (as well as to spend and to give) is one of proportion — proportionate to your income, proportionate to your call, proportionate to your faith, proportionate to your joy, and proportionate to your giftedness.

2. Recognize your God-given limitations. Speaking in reference to third-world missions, missiologist Paul Hiebert wrote, "There are limits to our ability to identify with another culture…. We must identify as closely as we can...but not at the expense of our sanity and ministry."

Taking this principle into the financial area, we all have limitations about what we can do. Some families save money by staying at home and never eating out. They love the experience of preparing meals at home. Other families may eat out often because they strongly dislike preparing meals. Is one family more "spiritual" than another? Absolutely not.

We all need to stretch and grow, but at the same time, we need to recognize that God hasn't created us all alike. We all spend money on certain categories that others would consider extravagant.

3. Consider what gives you joy. I think the key to the question of the right saving balance revolves around this very important word: joy. Consider two believers in very different spheres.

Mother Teresa, by all accounts, was an amazing woman. Though living in the slums of Calcutta, she lived life with joy. Her poverty wasn't a burden. She answered her call, recognized her passions, and lived a life that completely overflowed with joy.

Dave Ramsey, on the other hand, is a financially successful man who is passionate about helping other people build wealth. He recognizes that his wealth is a blessing from God. He also recognizes his passions and lives a life that is, in his own words, "better than I deserve."

4. Check your motives. You might have unhealthy reasons for saving. You might save out of fear or greed. This leads to hoarding. Ultimately, your motivations dramatically impact the end result. Saving becomes hoarding when you do it out of unhealthy motivations.

Remember, saving and giving should always be practiced at the same time. Those who save and do not give exemplify the traits of a hoarder. Saving in excess is a sign of greed, lack of trust, and a love of money (see Luke 12:13-21).

For a free download (through Feb. 8) of Craig's e-book, The Bible and 21st Century Finances: Thought-Provoking Answers to Nine Common Questions, go here for details.

Next Friday: more ideas for making the most of what you have. Have a great weekend!

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