How do I set a budget or a spending plan?
In this short video (2:49), and in next week’s segment, Ron will take two weeks to answer the two questions that most frequently come up about short-term planning and long-term planning. This week, he tackles the topic of budgeting. Next week, he will discuss planning for retirement. We welcome your comments on the blog and thank you for your ongoing participation in the Virtual Feedback Loop!
Also, we are in an exciting time at MasterYourMoney.com as we are getting ready to unveil “Phase Two” of the site in the coming few weeks. We really hope that you will continue to enjoy this blog and the video answers and that you will enjoy the new structure and expanded features of the site. Check back soon to see the changes, and let us know what you think by emailing firstname.lastname@example.org!
As always, Ron’s encouragement to you is to go back to God’s Word to restore your faith. Take a moment to consider the following Scriptures, and meditate on their Truth and their application.
Proverbs 16:9 (NASB)
“The mind of a man plans his way, but the Lord directs his steps.”
Luke 14:28 (NASB)
“For which one of you, when he wants to build a tower, does not first sit down and calculate the cost to see if he has enough to complete it?”
Matthew 6:19-21 (NIV)
“Do not store up for yourselves treasures on earth, where moth and rust destroy, and where thieves break in and steal. But store up for yourselves treasures in heaven, where moth and rust do not destroy, and where thieves do not break in and steal. For where your treasure is, there your heart will be also.”
I John 2:15-17 (NIV)
“Do not love the world or anything in the world. If anyone loves the world, the love of the Father is not in him. For everything in the world—the cravings of sinful man, the lust of his eyes and the boasting of what he has and does—comes not from the Father but from the world. The world and its desires pass away, but the man who does the will of God lives forever.”
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Related Articles & Links:
Christian PF describes how to create your budget, including a link to ten budgeting worksheets.
Common budget busters and percentage of net spendable income guidelines are at Crown Financial Ministries.
Crown Financial Ministries discusses finding financial freedom.
Debt Free Christian gives some tips for setting a budget for families with children as they grow.