Budgeting your finances is the process of realistically balancing your lifestyle and cost of living with your actual income. Escalating interest rates due to excessive use of credit inevitably creates financial stress and disaster. Someone said, “If my income keeps exceeding my out-go, my up-keep is going to be my down-fall.”
Good stewardship is wisely managing the dispersion of your salary. Determine the difference between necessities and luxuries. Your income establishes and limits the amount you have to spend. Don’t obligate yourself beyond what you can afford. Budgeting is not difficult. The hard part is disciplining spending and sticking to the budget.
Proverbs16:16 (MSG)
“Get wisdom- it’s worth more than money. Choose insight over income every time.”
Practical Application and Assignments:
Financial planning is a tool that can encourage discretion in spending. Compulsive, reckless spending is an addiction. Trying to keep up with the Jones’ can lead to bankruptcy. Shopping smart through budgeting leaves the possibility of reserving a portion of your income for future expenses, unexpected emergencies, or special occasions.
- Save your pennies and they will turn into dollars. The reason you usually see lost pennies is because people pick up the other coins. Benjamin Franklyn said, “A penny saved is a penny earned.” If you don’t value a penny, you probably won’t value your dollars either.
- Stretch your dollars through creative purchasing by using money-saving coupons and taking advantage of reduced sale items.
- Avoid finance charges when possible by not charging more on your credit cards than you can afford to pay in full each month.
- Always include tithing and giving in your budget and you will become a money magnet. Never spend your last dollar. Give it away. If you eat your last seed, it will be your last harvest.
“We plan the way we want to live, but only God makes us able to live it.” Proverbs 16:9 (MSG)
