The only way to truly prosper financially is to spend less than you earn so you have money left over to invest for future growth for greater giving and living. It has been said that when your outgo exceeds your income your upkeep will be your downfall and a fool and his money are soon parted. You need to tell the money entrusted to you by God what to do according to His will and design so that circumstances and other voices do not misdirect the money and pillage your and your family’s future.
For the next six months, use a budget to identify your expected income and expenses each month. Getting all your income, debt, and expense information together and drafting your initial budget will take about four hours. The process can be faster if you have a computer or online budget program because you can copy and paste entries you otherwise would have to write down numerous times. Once you've finished your initial budget, it usually takes less than an hour every pay period to maintain your budget and track your results including revising income and bill payments that differ from your original estimates.
If you remain disciplined and conservative in your spending, using as your original income estimate only average net monthly income as the basis for budgeting, then it’s easier to maintain control over your situation so you can reap savings and investment benefits when raises and promotions come your way. On a sheet of paper, enter your average net monthly income. Then, subtract a tithe of your gross income plus an offering. Next, subtract the minimum monthly payment due for each bill that you have, such as mortgage/rent, car note, visa, mastercard, school loans, retail charge cards, gas, electric, water, cable, telephone, etc. The remainder is what you expect to have available for personal expenses, savings, and debt elimination. Personal expenses include groceries, gas, bus fares, clothing, movies, etc.
The moment you know the amount of your next paycheck, you should revise the original estimate for that pay period so you have a more accurate picture going forward of the income you actually have to try pay expenses, give, save, and invest. You should do the same when you know the actual amount of expenses you will have to pay during particular pay periods. Remember, continuing to have categorical expenses that compromise your ability to stay financially solvent is largely up to you based on how much debt you take on in order to have things. You can stop the madness when you decide to do so. The simple process described above helps you maintain the control necessary for financial vitality by encouraging you to write the vision down plainly, know the state of your flocks and herds, and count the cost before building so you can experience greater financial prosperity. You can do all things through Christ that strengthen you.
Please pray for this ministry and email any questions. May God bless you richly as you follow His plan!!!
Proverbs 27:23-27, Habakkuk 2:2-4, Luke 14:28-32, Philippians 4:11-13
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