LEXINGTON, Ky. — Religious beliefs often influence behavior, but the economy's current woes have people searching for financial direction infused with faith. And the key to this religion-based economic model is understanding that money should be viewed as a gift from God.
"Money provides things and comfort and fun, and that tends to become the key motivation," said Dan Ewing, a deacon at Lexington, Ky's Tates Creek Christian Church who has taught money management there. But Ewing, who uses the principles set out by Dave Ramsey's popular Financial Peace University, said there is more to it.
"The money we have is money that is provided by God, and we are just managing it," he said. In that light, it is both a tool and a responsibility.
Ramsey, who has a syndicated radio talk show and newspaper column, is the most well-known purveyor of financial tools infused with Christian values.
But the view of money as a gift from God that should be used responsibly is common.
"God is the ultimate owner" of financial riches, said Suleiman Darrat, senior lecturer in Islamic studies at the University of Kentucky. "The role of the human being is being the trustee."
The responsibilities of the human trustees are spelled out in great detail throughout the Quran, said Darrat, who teaches a class on the Islamic economic model.
One of the key factors is that Muslims are not allowed to borrow or lend money with interest. Although Darrat carries a credit card, he said he pays off the balance every month before interest in accrued.
Fast and easy credit is often the center of people's financial woes, said Jennifer Phelps, who facilitates Financial Peace University part-time for workplaces. "You just don't register the pain when you swipe" a credit card instead of paying cash.
Studies have shown that people spend 10 percent to 12 percent more when they don't pay with cash.
Over the years, as credit cards became more and more available, Phelps said, people lost sight of the value of money. She said her grandparents are a good example of how things used to operate: They bought only what they could pay for on the spot.
"They just didn't borrow for cars or clothes or furniture. They would never dream of buying any of that sort of thing on credit," she said.
But the flip side to curbing spending is recognizing the true value of money as measured by the good it can do in the world.
An important tenant of Islam dictates how much of a family's income should be given away, Darrat said.
The Quran spells out eight areas, such as education and community welfare, where the money should be spent.
"If we go by these principles, we will find balance," he said.
Similarly, the Bible's Old Testament speaks of tithing, or giving 10 percent of income to the church. The Financial Peace University program also suggests donating 10 percent of income to the community. It doesn't have to be a church, but any kind of charity, said Ewing, of Tates Creek Christian.
There are additional benefits to getting finances under control, said Dave King, who taught Financial Peace University at Advance Memorial United Methodist Church in Flatwoods, Ky. He and his wife, Margaret, received a grant from the Methodist church to cover the cost of materials.
King says that talking about financial planning in a church setting "lends credibility to it."
"There is no one trying to make a buck off of them. We are just giving them good, common-sense advice," he said. "I think their lives change in more than just the financial aspects."
When the Kings went through the Financial Peace University program, he said, "it made our marriage better because we were talking about everything."
Ewing and his wife, Christa, "were in debt up to our eyeballs" and bouncing checks before they became involved in the Peace University program five years ago.
Now, Ewing said, "they are completely debt-free except for the house. It's amazing how much more peace it has brought us. We don't have Visa fights anymore."
There are no bills to argue about.
King said he isn't seeing "a great influx of people running through the front doors of the church saying, 'I need solace,'" because of financial troubles. But, he said, he has seen people who came to church primarily for the financial classes staying in the pews after the sessions end. That, he said, "is heart-warming."
There is a freedom that comes with not being burdened with debt, Darrat said.
"There is a huge relief that comes from this kind of approach," he said.
Finances and faith actually tie together nicely, said Ewing, who has become a passionate advocate for sound money management.
"The overriding message is hope for the future, hope beyond this life," he said. "And the message here is that we have hope in the future economically.
"Part of that hope is in God and part is in what we can do as individuals to pull us out of a bad economy."
(c) 2009, Lexington Herald-Leader (Lexington, Ky.).