America is on the verge of suffering an economic heart attack. When JPMorgan Chase ceo Jamie Dimon spoke at the Reagan National Economic Forum last month, he warned of a coming bond market crisis due to the growing national debt. Yet rather than scale back out-of-control federal spending, Congress is on track to add $2.5 trillion to the United States deficit. At this rate of expenditure, it won’t be long before U.S. creditors start demanding higher rates of return. This will make it more expensive to borrow money—not just for the government but also for everyday citizens.

A bond crisis is likely to be bad news for many people. The average U.S. household carries $105,056 in total debt, and a 2025 Bankrate survey indicates 59 percent of U.S. adults couldn’t cover a $1,000 emergency expense from savings. When interest rates start going up, a lot of people will be squeezed financially. Will you be among them? You probably will be unless you manage money better than Congress.

Financial guru, author and syndicated radio host Dave Ramsey estimates that financial success is about 20 percent head knowledge and 80 percent behavior. In other words, financial success depends more on what you do with your money than on what you know about money. So here are five biblically based financial behaviors that every Christian should practice if he or she wants to avoid economic ruin in the coming debt crisis.

1) Write out your budget.

King Solomon wrote, “The plans of the diligent lead surely to abundance, but everyone who is hasty comes only to poverty” (Proverbs 21:5; English Standard Version). This common-sense adage tells us that financial success requires planning. Yet shockingly, a 2021 survey by the Penny Hoarder reported that about 55 percent of Americans do not use a budget. Like the foolish king in one of Jesus Christ’s parables, these Americans set out to “build a tower” without first sitting down to “count the cost” (Luke 14:28-30). It is no wonder many of these people could not pay for a $1,000 emergency expense—they have no clue how much money they are spending on restaurants, entertainment and impulse purchases.

Don’t be like the congressional representative who could not even answer Sen. Ron Johnson when he asked how much the federal government spent last year. Our free booklet Solve Your Money Troubles! has worksheets to help you track your spending, calculate your net worth, visualize your budget, and see where you need to make changes. It is not enough to earn money, spend it on what you think you need, and hope there is something left over. Achieving abundance requires a plan—and a detailed, written plan is better than a vague idea.

2) Live on less than you make.

When God revealed to the pharaoh that seven years of plenty were to be followed by seven years of famine, Joseph advised him to save 20 percent of Egypt’s grain during the good times so he would have stores during the bad times (Genesis 41:29-37). This was good advice that many financial planners still recommend today. If you save 20 percent of your income (15 percent for retirement and 5 percent for emergencies), then you will likely be ready for whatever life throws at you. Some people making less than the median income may find it hard to achieve this level of saving. Regardless of the exact percentage, the principle still applies: “If your outgo exceeds your income, your upkeep will be your downfall.”

The average personal savings rate in America today is only 4.9 percent. This indicates that the average American needs to reduce his standard of living so he can save more. A staggering 19 percent of people face car payments of over $1,000 per month. And according to the usda Economic Research Service, Americans spend just as much eating out as they spend cooking at home. Driving a cheaper vehicle and eating at home more are just two things many American families could do to build an emergency savings fund to fall back on in hard times.

King Solomon also wrote, “There is desirable treasure and olive oil in the dwelling of the wise, but a foolish person devours all he has” (Proverbs 21:20; New English Translation). If you are not saving any part of your paycheck, you have a serious problem that will catch up with you eventually.

3) Get out of debt.

You can read the Bible from Genesis to Revelation and not find a single passage saying anything good about debt. The best-case scenario for debtors is they are servants to benevolent lenders (Proverbs 22:7); the worst-case scenario is they are wicked (Psalm 37:21). Two good rules of thumb are: 1) never borrow money for something you don’t need, and 2) avoid borrowing money to purchase a depreciating asset.

Since shelter is a need and houses are appreciating assets, mortgage debt makes sense as long as you can afford the payments. Auto debt can make sense in some circumstances since transportation is a need. But it should be avoided, if possible, since cars are depreciating assets. Going into debt to finance a vacation, buy an appliance, update your wardrobe, or eat out at a nice restaurant rarely makes sense.

According to the financial technology company Self, the average American will spend $649,067 in interest fees over his or her lifetime. About 89 percent of this is mortgage interest, while 6 percent is student loan interest, 4 percent is credit card interest, and 1 percent is auto loan interest. People could save a lot of money if they bought reasonably priced houses and avoided taking out loans for anything except a roof over their heads.

The U.S. government is about to find out the hard way that debt can quickly become unaffordable in an era of rising interest rates. Private citizens can protect themselves from economic hardship by limiting their exposure to interest payments. If you can lock in a mortgage at an interest rate you can afford and pay off all your other debts, then a bond market crisis won’t hit you nearly as hard as it hits your neighbors.

4) Save and invest.

Solve Your Money Troubles! recommends budgeting approximately 5 percent of your net earnings each pay period until you have accumulated three to six months’ worth of emergency expenses (aka enough money to live on for six months if you lost your job). This money should not be invested. It should be put into a savings or money market account as insurance against emergencies.

Once you have paid off your debts (except your mortgage) and created an emergency fund, it is wise to invest. “Invest in seven ventures, yes, in eight; you do not know what disaster may come upon the land. … Sow your seed in the morning, and at evening let your hands not be idle, for you do not know which will succeed, whether this or that, or whether both will do equally well.” (Ecclesiastes 11:2, 6; New International Version).

Many investors around the world fear that the U.S. dollar may soon lose its reserve currency status, so they are stocking up on gold. There is some wisdom in this strategy since gold has been a source of value since it was first used in the days of ancient Babylon and Egypt. Yet gold prices crash sometimes as well. This is why the Bible says, “Invest in seven ventures, yes, in eight; you do not know what disaster may come upon the land.” Once your emergency fund is in place, you probably don’t want to hold all of your wealth in dollars. But you don’t want to hold all of it in gold or Tesla stock either. A well-diversified portfolio will help protect you when disasters come. You never want to have all of your eggs in one basket.

5) Be generous.

Anyone who has a written budget, lives on less than they make, avoids debt, and saves money will build some measure of wealth over time. Yet God also expects people to be generous with their wealth. Numerous scriptures promise divine blessings on those who give 10 percent of their income to God’s Church (Genesis 28:20-22; Proverbs 3:9-10; Malachi 3:10). This tithe, or tenth, should be part of your written budget. Plus, God promises to pay back those who help the poor and needy (Proverbs 19:17). Giving to others prompts God to give to you.

Generosity and hospitality are hallmark qualities of those with money. You cannot be generous with wealth you don’t have in the first place. Therefore, proper money management affects more people than just you. The U.S. government hurts its people by running up debts to give foreign aid to other nations. But if America ran a budget surplus and invested the excess in a sovereign wealth fund (the way Joseph advised Pharoah), then the government could afford to help other nations.

The same holds true for individuals: Once you stop living paycheck to paycheck, it becomes much easier to be a generous person. You may have to reduce your current standard of living to get to this point, but in the long term, living within your means is the only way to build sustainable wealth.

In a democracy, government is a reflection of the people. America will never solve its budget woes until the people electing congressional representatives learn how to balance their own budgets.

To learn more, read our free booklets Solve Your Money Troubles! and The Financial Law You Can’t Afford to Ignore.