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Top 5 Financial Traps for Pastors

Why do those of us who are entrusted with the sacred task of discipleship often have so much trouble with discipline? Today I want to help you to identify and overcome the top five financial traps that can damage your ministry and marriage.

“Those who want to be rich fall into temptation, a trap, and many foolish and harmful desires, which plunge people into ruin and destruction.” 1 Tim. 6:9

The verb “fall” is in the present tense, which suggests continual, compulsive (normal) action. Is your financial track record normal? If so, you should know that normal is stupid: 90 percent of Americans admit to buying things they can’t afford and spend 10 percent more than they make; 92 percent of their disposable income is spent on debt payments (coenic.org).

Pastors, decide to be abnormal, smart and “above reproach” by avoiding these five financial traps.

1. Spending like you are single

Since most pastors are male and married, I am going to write this blog as man to man. My first financial trap was at seminary when I succumbed to my desire for the latest, cutting edge technology—a VCR (go ahead and laugh). I fell for the “only $10 a month” ruse and ended up paying for that dang thing twice over the next few years!

Fortunately, this madness stopped the day I said “I do” to Janet and “I don’t” to consumer debt, which were the same day. We have avoided the credit card trap for 27 years and counting, and thus have never paid a penny of credit card interest in our marriage.

Set a spending limit for individual purchases and consult with each other on the rest. This won’t alleviate all marital conflict, but it will minimize it.

2. Impulse purchases

“Stupid people spend their money as fast as they can get it.” Prov. 21:20b

Scripture does not dichotomize self-leadership and church-leadership, so neither will I today. As others have said before me, “Every spending decision is a spiritual decision.” The root of this trap can be seen in the tenth commandment.