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Originally Posted by hoyacoug
Now that I have your attention, would it be bad to invest all of your tithing money from every paycheck into an ING account or other safe savings account bearing 5% interest or so? You could make quite a bit of money on the interest over the course of a year, withdraw all of the money in December to pay tithing, and then pay tithing on the interest that had accrued.
I suppose the only question would be, does the church need the money immediately or would the money be of more value to the church immediately than it would be to me? I assume the church has hundreds of millions in cash reserves, if not more, and doesn't need my meager contribution right away. Then again, if everyone did it, it could put the church in a crunch.
We only need to account for tithing once a year. Does that mean we only need to pay once a year?
Thoughts?
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I need to weigh in on this one. As the financial clerk of my ward there are several people who pay yearly and personally I find it interesting when we do the tithing to take a huge deposit to the bank. We had one gentleman who was CEO of a company and when he retired they gave him the golden parachute. That was one one of those sundays where the tithing slips reached 6 figures. Personally it would be a lot easier if people only paid once a year. I spend an hour each sunday doing tithing and offerings. Some people pay every week. Some people pay with two different checks (that drives me nuts). Just write one check for two weeks its not that big of a deal. <rant over> One thing I do know for sure. is that Fast offerings are needed as soon as possible and the bishop can use whatever he get during the year. so if you pay at the end of the year the bishop really doesnt get to use that money for your ward as its all cleared out and they start anew for next year.
I am hoping for the day when we can just log in and pay our tithing on line. Automatic deduction would be just fine by me.
As far as the whole savings account idea would it really be worth it? Lets say you paid tithing of $500 a month (this fictional person is not a high roller like John Haddow) that would yield an interest at 5% of a whopping $139 after the tithing you would have made an extra $125. If you held out for two years it get you $593 or interest or an extra $534