MoneyWalk 47: Make a budget and work it

This program will help you undo financial bondage.

Making a budget and working it will enable you to obtain debt freedom and shed financial burdens. It helps you overcome the irresponsible nature that exists in all of us. And it crushes the heads of the demonic spirits that would otherwise lead us to be bad stewards of God’s resources who think only of ourselves and our desires. Writing our goals plainly on tablet (paper) concerning how we utilize our income allows us to exercise financial prudence knowing that it will lead us to give, save, and spend in accordance with God’s will for our lives. Budgeting will ultimately change the negative financial patterns that have overtaken our lives.

The process is not as complicated as some people seem to think. Just do the following and spend a little time each week checking in with your budget to ensure that you’re following through on your commitment to better your stewardship.

1) List your net monthly income.

2) If you’re a Christian, you should first subtract a tithe from your income that you will give to church ministry for the spreading of the gospel and good works at home and around the world as evidence that you have faith God will take care of your needs. No one can or will make you do this. It has to be a matter of the heart. For where your treasure is there will your heart be also.

3) Now subtract from your net monthly income (or the amount that remains after tithing) the minimum payment for every bill due this month.

4) When bill payments for particular services are not required each month or they vary each month (insurance, utilities, lawn maintenance, snow removal, etc.), subtract the estimated average monthly amount of each bill.

5) What remains is your disposable income.

6) You should discipline yourself (you disciple you – smile) to get in the habit of spending no more than your disposable income on additional products and services so that you don’t continue to or wind up drowning in a sea of debt.

7) Your disposable income should be spent on needs first. Prioritize in a manner similar to: 1. Shelter (house, apartment, room, etc.), 2. Transportation (bus, commuter van, vehicle, gas, repairs, etc.), 3. Clothing, 4. Food, 5. Etc, etc. etc.

8) Reason being that shelter and transportation to and from work, medical appointments, etc. will be the most difficult to come by when you’re in a tight situation. Clothing and food can be come by from many different sources when you don’t have the means to obtain them at a given time. (Mission stores, food pantries, and the goodness of family, friends, neighbors, and co-workers.)

9) The amount that remains could be spent on offerings, personal care items, debt reduction, saving, entertainment, etc.

10) Do not spend amounts you subtracted for bills not due each month, so that when these bills come due you'll have money already in your budget to pay them.

11) You should discipline yourself to budget for at least a six-month cycle. Although taking the first step to budget for this month is great. Now, each week add to that a budget for the next month and so on,

A budget is somewhat flexible because income and expense estimates may not be exact and emergencies do arise. Yet, you should not use this as a reason to bend your budget to the point of breaking when these situations do not occur.

Following your budget will help you build an emergency reserve savings account to cover such emergencies and will help you reach the point of investing to truly build wealth throughout your lifetime.

Heart and mindsets that help your budgeting process are refusing to spend more than 80% of your take home pay, refusing to take out loans to get what you want, and letting God Almighty provide needs that you truly cannot provide for at the moment. He cares and will make a way through your family, friendships, co-workers, and community services.

All of the things you desire that are not necessary for you to live can wait until you have disciplined yourself to follow your budget and have built cash reserves to pay for them without using credit. After a year or two of engaging such discipline, you'll find yourself enjoying the fulfillment that comes from giving, saving, investing, and wealth building that help you carry out the purpose God intended for your life.

Please email any questions and pray for this ministry. May God bless you richly as you follow His plan!!!
Proverbs 30:24-28, Ecclesiastes 10:17-19, Habakkuk 2:1-4, Luke 16:8-13
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