Preparing Your Budget

• The wage of the righteous leads to life, the gain of the wicked to sin (Prov. 10:16).
• A good man leaves an inheritance to his children’s children, but the sinner’s wealth is laid up for the righteous (Prov. 13:22).
• The crown of the wise is their wealth, but the folly of fools brings folly (Prov. 14:24).
• In the house of the righteous there is much treasure, but trouble befalls the income of the wicked (Prov. 15:6).
• Better is a little with the fear of the LORD than great treasure and trouble with it (Prov. 15:16).
• Know well the condition of your flocks, and give attention to your herds, for riches do not last forever; and does a crown endure to all generations (Prov. 27:23-24)?

Hindrances to Developing a Budget

• Fear - Some people are too fearful of what they might find to begin developing a budget.
• Comparison - Don’t let what others own own you.
• Discontentment - When you can’t afford the type of lifestyle you think you deserve, you will make financial decisions that will cost you more in the long run.
• Busyness - If you never create the margin to develop and maintain a budget process that works for you, you may never experience financial peace of mind.
• Disorganization - A failure to address the pertinent issues will cause more pain later than it will be to wade through them now.

Goals for Developing a Budget

• Eager Generosity - Steward your blessings in order to bless others.
• Aligned Strategy - Establish a system in your family that provides regular opportunities for financial awareness and upcoming plans.
• Lifestyle Accuracy - Attempting to live beyond your means will eventually cost you more than you can afford.
• Complete Transparency - A family will rarely survive ongoing spending deception and escalating financial frustration.
• Future Mentality - Any financial strategy that disregards future needs will confront your family at the worst possible time.
• Practical Tranquility - If you can control your spending and develop a budget, you will experience a needed peace for your life.

Steps to Developing a Budget

1. Assign every dollar a responsibility.
2. Acknowledge your actual expenses.
3. Adjust as you go.
4. Access last month’s money.
5. Address danger areas gradually.

8 Money Milestones by Art Rainer

1. Start giving
2. Save $1,500 for a minor emergency
3. Max out your 401(k) or 403(b) match
4. Pay off all debt except your mortgage
5. Save 3-6 months of living expenses for a job-loss emergency
6. Put 15% of your gross income to retirement
7. Save for college or pay off your mortgage
8. Live generously