Suggested budget percentages household how to#

Without a formal Christian budget plan, many families have a tendency to spend their earnings as soon as they come in. Do we really need a budget just to deal with our Christian personal finances, we ask ourselves? Of course businesses need them, but does our household? Probably a great many people have heard of budgeting, but when it comes to making one, we tend to slack off.

Suggested budget percentages household how to#

Let’s start by making a Christian budget plan.įirst and foremost, what is a budget? A budget is a formal, written plan about how to spend our money to make sure we are taking care of our responsibilities while also getting the most out of our earnings. But how can this help your family learn how to practice Christian money management in the nitty gritty details? Our personal finance needs to be part of our faith, just like every other aspect of our lives. In plain English, what does that mean? It means we are called upon to practice Christian budgeting by making a plan for our money and sticking to it. You may recall Proverbs 21:5, which states, “The plans of the diligent lead surely to abundance, but everyone who is hasty comes only to poverty.” You, too, are called upon to be a Christian budget planner. See Also: Best Money Management Tips (What You Need to Know About Money Management) How can we use the Bible in conjunction with strong financial practices to govern our blessings well? Whether we are in lean times or fat, we need to invite Him into our Christian personal finances and business dealings. So, how can we go about learning everything he has to teach us about Christian money management? He uses times of want to teach us how to govern our blessings, as well as times of wealth. It says we should be smart with what God has given us. That passage doesn’t say we should live in poverty and financial bondage. This article will explain how a Christian budget is biblically supported and how you can go about starting one for yourself.īe sure you know the condition of your flocks, give careful attention to your herds for riches do not endure forever, and a crown is not secure for all generations. Instead, it means we should employ some Christian money management skills to take care of what we have. This does not mean that we must always be poor. According to scripture, God wants us to be good stewards of the blessings He’s given us. There is a misconception among a great many Christians that becoming wealthy or having money is sinful.

The 70/20/10 budget rule works by allotting 70% of your income for monthly bills and everyday spending such as cell phones, groceries or utilities, then 20% goes to saving and investing and 10% goes to debt repayment.Overview: Christian Budgeting & Financial Planningĭoes Christian personal finance sound like a misnomer to you? If so, you are not alone.-Transportation or auto services: 10-15%.-Insurance, such as life, medical, home or auto: 10-25%.

Though breaking down your budget in percentages is based on your unique financial situation, here is a good general breakdown:.

What percentages should you use for your budget?.

The remaining 30% of your income is for discretionary spending. That leaves 50% for needs, including essentials like mortgage or rent and food.

The popular 50/30/20 rule of budgeting advises people to save 20% of their income every month.

Here are the answers to some of the most frequently asked questions regarding budget percentages.