I know that, practically speaking, I need to save money for the future — but I sometimes feel that, in doing so, I’m not really trusting in God to provide.

Recent statistics point out that we aren’t saving as we should. For the 30-year period from 1970-2000, Americans saved 7% of their income, a pretty healthy rate. Starting in 2005, the nation’s savings rate turned negative. In 2006 it was a negative 1%. This is the first time since the Great Depression that the country has had an overall negative savings rate.

What does the Bible have to say about saving? One of the key passages is the story of Pharaoh Potiphar and Joseph in Genesis 41. You’ll recall that Joseph interprets pharaoh’s dream that Egypt is to experience seven years of plenty to be followed by seven years of famine. Joseph suggests to pharaoh that the people set aside 20% of their crops during the years of plenty in order to provide during the times of famine. This is a classic passage that supports our responsibility to save.

But then consider what the Lord tells us in Luke 12:16-21: “The land of a rich man brought forth plentifully; and he thought to himself, ‘What shall I do for I have nowhere to store my crops?’ And he said, ‘I will do this: I will pull down my barns, and build larger ones; and there I will store all my grain and my goods. And I will say to my soul, Soul, you have ample goods laid up for many years; take your ease, eat, drink, and be merry.’ But God said to him, ‘Fool! This night your soul is required of you; and the things you have prepared, whose will they be? So is he who lays up treasure for himself, and is not rich toward God.”

So, we should be saving for future needs, but not reach the point of hoarding, as in the parable of the rich man. What we need is balance and making sure that we are keeping the Lord front and center in our lives. I’ve always appreciated the instruction we are given in Proverbs 30:8-9, where we read, “Give me neither poverty nor riches; feed me with the food that is needful for me, lest I be full, and deny thee, and say, “Who is the Lord?” or “lest I be poor, and steal, and profane the name of my God.” These verses capture the balance we should be striving for.

How much should you be saving for the future?

For most people, saving at least 10% of gross income is a good starting point, but you can do your own analysis using the tools available through My Veritas Plan at VeritasFinancialMinistries.com. God love you.

Phil Lenahan is author of 7 Steps to Becoming Financially Free.

See review on page 11.