Spending money is fun and easy, budgeting is not!
"Finances - A virtuous Woman seeks her husband's approval before making purchases and spends money wisely. She is careful to purchase quality items which her family needs."
Budget, it's the word most people shudder at. Why worry about budgeting when there's money in the bank account? Why stick to a budget when there's something I really want? Why even bother sorting through a budget when it takes so much time?
Budgeting is fresh on my mind this snowy morning. Just last night Dave and I sat down to go through our spending habits for January, February and March. It takes us, on average, several hours to pour over all the expenses of the quarter and categorize every transaction. It's a process that neither one of us necessarily enjoys, but we know is necessary to hold ourselves accountable.
I often find myself getting defensive, as I did last night, when I've spent more than I should on things. I try and justify why I bought those clothes, went out to dinner, or exceeded my grocery allowance. Regardless of the good sales I found, the meal I didn't want to cook, or the food I'm working to diligently stock up in the basement, I was wrong to try and squeeze a few more dollars out of what we're trying to work with month to month.
A budget is important for so many reasons. It is necessary for a family or individual to learn how to operate within their means. This includes day to day expenses as well as putting money away for future endeavors. But, working within a budget also exercises self control, one of the Fruits of the Spirit I continually need to improve on.
The Bible is clear on what God expects of Christian stewardship. Dave and I use this Biblical example as a template in our home. With that being said, our first and most important priority is giving back to God what He has graciously given to us. Tithing is not something that's optional in our family. It is a life style we began when we first got married. More than 10% of our household income goes to our church while we designate other funds to Ankit, our Compassion child, and other non for profit charities. When you give to God and others with a joyful heart, He will give you a peace that is not found anywhere else.
Other than our home, we are completely debt free. We own both our vehicles, do not use credit cards, and are no longer paying student loans. This allows us to put the money we would be spending on payments directly into savings, and savings is important! We're working towards making sure we're prepared for retirement as well as helping our children reach their future goals for higher education.
Then there's other monthly expenses that are non negotiable such as; mortgage, auto insurance, gas, utilities, life insurance, preschool tuition, and groceries. Add into that things that are not necessary, but make your life easier on a daily/weekly/monthly basis; garbage collection, internet, and mobile phone. Suddenly you find there's not a whole lot of money left for the unnecessary (yet fun) expenses! That is why we have a strict budget for; entertainment, eating out at restaurants, buying clothes, providing gifts for family and friends, taking care of personal care items such as haircuts, vacations, and using the ATM for receiving cash. When we've spent the allotted funds for the month, we stop any and all spending.
The hard and fast truth is when you spend more than you can afford on the "fun" things, you are unable to take care of the "necessary" ticket items. I don't always like tying myself to finances so strictly. While spending money on myself is a temptation I personally do not struggle with, I love being able to spoil the people I love!
It can be difficult, as it has been this past quarter, to resist purchasing the unnecessary things, but it's important to find the inner strength to exercise self control and just walk away...no matter how amazing the sale/deal/coupon is. This is my own personal goal for April, May and June. I will not exceed our budget!
Budget, it's the word most people shudder at. Why worry about budgeting when there's money in the bank account? Why stick to a budget when there's something I really want? Why even bother sorting through a budget when it takes so much time?
Budgeting is fresh on my mind this snowy morning. Just last night Dave and I sat down to go through our spending habits for January, February and March. It takes us, on average, several hours to pour over all the expenses of the quarter and categorize every transaction. It's a process that neither one of us necessarily enjoys, but we know is necessary to hold ourselves accountable.
I often find myself getting defensive, as I did last night, when I've spent more than I should on things. I try and justify why I bought those clothes, went out to dinner, or exceeded my grocery allowance. Regardless of the good sales I found, the meal I didn't want to cook, or the food I'm working to diligently stock up in the basement, I was wrong to try and squeeze a few more dollars out of what we're trying to work with month to month.
A budget is important for so many reasons. It is necessary for a family or individual to learn how to operate within their means. This includes day to day expenses as well as putting money away for future endeavors. But, working within a budget also exercises self control, one of the Fruits of the Spirit I continually need to improve on.
The Bible is clear on what God expects of Christian stewardship. Dave and I use this Biblical example as a template in our home. With that being said, our first and most important priority is giving back to God what He has graciously given to us. Tithing is not something that's optional in our family. It is a life style we began when we first got married. More than 10% of our household income goes to our church while we designate other funds to Ankit, our Compassion child, and other non for profit charities. When you give to God and others with a joyful heart, He will give you a peace that is not found anywhere else.
Other than our home, we are completely debt free. We own both our vehicles, do not use credit cards, and are no longer paying student loans. This allows us to put the money we would be spending on payments directly into savings, and savings is important! We're working towards making sure we're prepared for retirement as well as helping our children reach their future goals for higher education.
Then there's other monthly expenses that are non negotiable such as; mortgage, auto insurance, gas, utilities, life insurance, preschool tuition, and groceries. Add into that things that are not necessary, but make your life easier on a daily/weekly/monthly basis; garbage collection, internet, and mobile phone. Suddenly you find there's not a whole lot of money left for the unnecessary (yet fun) expenses! That is why we have a strict budget for; entertainment, eating out at restaurants, buying clothes, providing gifts for family and friends, taking care of personal care items such as haircuts, vacations, and using the ATM for receiving cash. When we've spent the allotted funds for the month, we stop any and all spending.
The hard and fast truth is when you spend more than you can afford on the "fun" things, you are unable to take care of the "necessary" ticket items. I don't always like tying myself to finances so strictly. While spending money on myself is a temptation I personally do not struggle with, I love being able to spoil the people I love!
It can be difficult, as it has been this past quarter, to resist purchasing the unnecessary things, but it's important to find the inner strength to exercise self control and just walk away...no matter how amazing the sale/deal/coupon is. This is my own personal goal for April, May and June. I will not exceed our budget!
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