Biblical and practical budget principles were explored Tuesday during the first session of the annual "Theologian-in-Residence" lecture series at Tusculum College.

"I used to hate the word 'budget' because I thought that it meant that you couldn't spend money and have any fun at all," said Ervin Barham, a budget counselor of Crown Financial Ministries, who led the first session of the popular series sponsored by the college and the Holston Presbytery.

However, Barham said, living on a budget is actually freeing because it allows individuals to get out of debt and effectively manage their finances. "Jesus calls us to be free from all bondage," he said. "Debt is bondage, and if you don't believe it, try it."

Barham is the first of four speakers affiliated with Crown Financial Ministries speaking as part of this year's series, "Christian Principles for Managing Finances," with sessions to be held on each of the remaining Tuesdays of this month. Crown Financial Ministries is an international organization that works with local churches and the Christian community to teach Biblical financial principles through seminars, small-group studies, one-on-one counseling, and the broadcast media.

As newlyweds, Barham said he and his wife had both brought substantial financial debt to their new marriage and by God's grace and mercy have been able to become financially sound with their only debt the mortgage on their home.

Barham said Biblical principles for financial management are based on one fact: God owns everything. He referred to Psalm 24:1, "The earth is the Lord's, and everything in it, the world, and all who live in it."

In that one principle, the other Biblical financial principles are founded, he said, including trustworthy stewardship, saving for the future, and tithing.

After exploring the spiritual guidelines for financial management, Barham presented five basic principles for budgeting. These include keeping accurate records of expenditures, identifying areas of over- and under-spending, creating a realistic budget, and balancing that budget.

The three greatest "budget busters" are housing, automobile, and credit card expenses, he said. "If these three are 70 percent or more of your monthly expenses, you have a problem," he added.

During the budget analysis, people sometimes have to prayerfully make hard decisions regarding what expenses may have to be reduced to not spend more than monthly income, Barham said.

"It takes six to nine months for people to get on a budget if they have not been on one previously," he said.

Although both a husband a wife need to understand the budget process and goals, there only needs to be one bookkeeper, Barham advised. "If not, you get two checkbooks - 'his money' and 'her money' and never the twain should meet," he said.

Asked about credit card debt, Barham advised that a person should first deal with the spiritual issues that have resulted in the situation, and then get on a budget. As with other financial difficulties, credit card debt was not created in a day and takes a long-term plan to solve, he said.

Barham further advised that the credit card with the lowest balance and highest interest rate be paid first and that a portion of any surplus funds be used to pay off credit card debts.

The next Theologian-in-Residence lecture will be on Feb. 11 when Chuck Coker will address Biblical business principles. The series, in its 13th year, continues on Feb. 18 with Michael Smith addressing "Ownership verses Stewardship." In the final session on Feb. 25, Chuck Bentley will focus on Nehemiah's ministry plan.

A lunch in the Tusculum College cafeteria is provided at no cost to those attending the Theologian-in-Residence series. Persons planning to attend are asked to contact the office of Mark Stokes, vice president for administration at Tusculum, at 1-800-729-0256, extension 7638, preferably by the Friday preceding the Tuesday session they will attend. This will enable the college to ensure sufficient seating and meals.