Mastering the Art of Budgeting
How Creating a Budget is Key to Financial Stewardship
I’ve always hated the word “budget”. To me, it sounds restrictive and takes the fun out of life. Ironically, a big part of my job is helping others create a budget and stick with it. But personally, it took a lot of growth and trial and error to find one that worked for me and my family. And finally, changing the name to “spending plan”. The truth about budgeting is that it often involves a learning curve to find the right numbers, and it requires a certain level of commitment to review and adjust.
Maybe part of the challenge is the pressure we put on ourselves to get it right the first time. We often set idealistic numbers, and when we fall off track, we feel like we’ve failed- and we throw the whole thing out.
Have you ever started a workout plan or diet, only to abandon it a few days or weeks in because you didn’t see immediate results? Budgeting can feel the same way. We expect quick fixes or set unrealistic expectations that lead to frustration when things don’t go as planned.
Popular Budgeting Strategies: Finding the Right Method for You
When it comes to the budgeting process, the first step is selecting a strategy that works best for you. If calculating every small line item starts to feel overwhelming, there are plenty of software applications to help. Not all budgeting strategies are the same, so it is important to remember that if one doesn’t feel like the right fit, you can always try a different approach.
The most popular budgeting strategy is the Zero-Based Budget. This method assigns every dollar of income a specific job – whether it’s for savings, bills, or discretionary spending- until every dollar is accounted for. No dollar is left without a purpose. Even if that means allocating extra money toward a debt repayment or putting more into your savings or investing funds. This strategy works best for people who want to be very intentional with every dollar and ensure that both spending and saving are purposeful.
Another popular strategy is the 50/30/20 Budget. This strategy offers more flexibility by dividing your income into three categories: 50% for needs (like rent, utilities, groceries and gas), 30% for wants (like eating out, entertainment and subscriptions), and 20% for savings and debt repayment or investing. This approach can be a little more flexible from month to month as you track your spending in the “wants” category, but it still ensures that the essential items – needs and savings – are accounted for. This strategy is ideal for those looking for a straightforward, flexible budgeting method. And if the 50/30/20 percentages don’t quite fit your goals, you can adjust them - perhaps 60% needs, 15% discretionary and 25% savings.
If you find yourself struggling to stick to your budget or need some extra accountability, consider working with a professional—like me—to help you stay on track and ensure your budget aligns with your financial goals.
Biblical Lessons on Budgeting: What Jesus and Joseph Teach Us
One of the stories Jesus shares in Luke 14 speaks directly to the importance of budgeting and preparing for a project. He asks, “Suppose one of you wants to build a tower. Won’t you first sit down and estimate the cost to see if you have enough money to complete it?” Luke 14:28. This principle, taught in biblical times, still applies to modern-day budgeting. Just as Jesus encourages us to set aside money, ensure we have enough savings, and plan before beginning a significant project, we are called to approach our financial responsibilities with the same foresight and care.
In the book of Genesis, we see a powerful example of budgeting and preparation through the story of Joseph. After interpreting Pharaoh’s dream, Joseph warned of an impending famine. To prepare for the crisis, Egypt needed to save resources during the years of abundance. Joseph was entrusted with leading and managing the nation’s resources and storing up food during the harvest years. His wise planning and budgeting helped save the nation from devastation when the famine struck. Just as Joseph did, we too can learn to manage our resources wisely, ensuring we are prepared for both good and difficult times.
Budgeting also offers a valuable opportunity for practicing contentment and living within our means. While God provides for us, it is our responsibility to be faithful stewards of what He’s entrusted to us. In 1 Timothy 6:6-7 it says, “But godliness with contentment is great gain. For we brought nothing into the world, and we can take nothing out of it.” The resources we have are ultimately God’s, and even though we use them here on earth, we can’t take them with us. Practicing wise money management, making thoughtful purchases, and being intentional with our spending habits can serve as a reminder to be content with what we have and recognize the true source of our blessings.
Conclusion: How Stewardship Leads to Financial Freedom
Budgeting is more than just a financial tool—it’s a practice in stewardship, preparation, and contentment. By following biblical principles and applying thoughtful budgeting strategies, we can manage the resources God has entrusted to us with wisdom and care. Whether you choose the Zero-Based Budget, the 50/30/20 method, or another strategy that works for you, the key is to stay intentional, plan ahead, and make adjustments as needed. Remember, just as Jesus teaches about counting the cost and Joseph exemplifies the power of saving, budgeting helps us stay grounded and prepared for whatever comes our way.
At its core, budgeting isn’t about restriction; it’s about freedom—freedom to live within our means, avoid unnecessary debt, and pursue our financial goals with peace of mind. So, take the time to find a budgeting method that works for you, be diligent in reviewing your plan, and most importantly, remember that God is the ultimate provider. As you manage your finances with intention, you’ll experience the peace and contentment that comes from being a wise steward of what has been given to you.
Bible Verses for Reflection:
“Suppose one of you wants to build a tower. Won’t you first sit down and estimate the cost to see if you have enough money to complete it? For if you lay the foundation and are not able to finish it, everyone who sees it will ridicule you.” - Luke 14:28-29
“But godliness with contentment is great gain. For we brought nothing into the world, and we can take nothing out of it. But if we have food and clothing, we will be content with that.” – 1 Timothy 6:6-8
“During the seven years of abundance the land produced plentifully. Joseph collected all the food produced in those seven years of abundance in Egypt and stored it in the cities. In each city he put the food grown in the fields surrounding it. Joseph stored up huge quantities of grain, like the sand of the sea; it was so much that he stopped keeping records because it was beyond measure […] The seven years of abundance in Egypt cam to an end, and the seven years of famine began, just as Joseph had said. There was a famine in all the other lands, but in the whole land of Egypt there was food.” - Genesis 41:47-49; 53-54