When I was in college I was the finance chairman for my fraternity. This was a big responsibility and one that could not be taken lightly. One of the best things that I learned from that experience was the importance of budgeting. I know most people hate the word budget and never want to even think about making a budget for their personal finances. But, I found that setting up a budget is not only a good idea but it is Biblical. Luke 14:28-30 says, “Suppose one of you wants to build a tower. Will he not first sit down and estimate the cost to see if he has enough money to complete it? For if he lays the foundation and is not able to finish it, everyone who sees it will ridicule him, saying, ‘This fellow began to build and was not able to finish.’ When I first made up a budget for my personal finances I found holes that money was slipping through, I was able to save more, and I felt more at ease with my financial well-being.
What I did was first figured out how much income I expected to make over the course of a month, and then assigned every dollar to a category. I suggest giving first what you feel is right, then paying yourself with 10% either going toward any debt (above the monthly payment) or into savings that can later be invested. After that pay the normal bills and then you can budget a “blow”, shopping, or fun category. And if you don’t have enough income to put any in the blow category, then it ain’t time to blow! As you first start to budget it won’t be perfect so don’t fret too much. Over time if you stick to making a budget it will be more accurate and can even be fun (at least for some of your personalities)! One program I found that has helped Brittany and I keep an accurate budget with very little effort is www.mint.com. It is a website specifically for budget. I definitely recommend checking it out and using it.
In the end I can guarantee that budgeting your money monthly is well worth the effort. I encourage everyone to budget together with your spouse if you are married and take control of your finances. If you have any questions about budgeting just leave a comment and I would be glad to help you out! Now go out there and put it into action!
God Bless-
Paul
What I did was first figured out how much income I expected to make over the course of a month, and then assigned every dollar to a category. I suggest giving first what you feel is right, then paying yourself with 10% either going toward any debt (above the monthly payment) or into savings that can later be invested. After that pay the normal bills and then you can budget a “blow”, shopping, or fun category. And if you don’t have enough income to put any in the blow category, then it ain’t time to blow! As you first start to budget it won’t be perfect so don’t fret too much. Over time if you stick to making a budget it will be more accurate and can even be fun (at least for some of your personalities)! One program I found that has helped Brittany and I keep an accurate budget with very little effort is www.mint.com. It is a website specifically for budget. I definitely recommend checking it out and using it.
In the end I can guarantee that budgeting your money monthly is well worth the effort. I encourage everyone to budget together with your spouse if you are married and take control of your finances. If you have any questions about budgeting just leave a comment and I would be glad to help you out! Now go out there and put it into action!
God Bless-
Paul
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