Benefits of Budgeting
By Tyler Buckley
A budget is a plan for how you will spend and save your money. It involves tracking your monthly income and allotting the proper mount of money for the monthly expenses you anticipate—and the ones you can’t see coming. There are many ways to create a household budget. You can use software such as Excel or Quicken or a manual paper-ledger system. Most important is developing a budget and using it consistently. Here are four benefits of budgeting:
It promotes financial well-being. Budgets serve as financial frameworks that rein in our bad spending habits. Spending more than we make or buying impulsively gets us into trouble. By staying within the framework that a budget provides you’re more likely to sidestep the many land mines that come with financial difficulties.
It eliminates the unknown. When your financial house in not in order, you’re likely to be plagued by uncertainty and worry. Having a budget is liberating. It makes you aware of your financial situation and effectively eliminates most, if not all, the anxiety. Having a bud-get allows you to set aside money each month for major unplanned expenses such as car and house repairs. With some money saved for emergencies, you are reassured that even when unexpected expenses arise you’ll be more prepared for them.
It allows you to make adjustments. Last year my property taxes and house insurance jumped. But because I had a budget I was ready. I was able to determine which expense categories I could readjust to offset the increases. Adjusting your budget may mean making lifestyle sacrifices. However, even when you encounter unexpected expenses, you’ll be able to recalculate and shift some funds from nonessential categories to the areas where your costs have increased.
It lets you pursue your beliefs and goals. Giving to God’s work is important. A budget can ensure that you’re faithful in your giving. You might have to adjust to provide for giving, but it’s worth it. Having a budget helps you align your spending with your core beliefs and values. If you factor in the cost of giving early on, you ensure that you live by your beliefs even in the way you give. NM
Tyler Buckley is the director of administration for Park Avenue Baptist Church in Titusville, Florida. He advocates stewardship and provides financial counseling to those in need.
This article “Benefits Of Budgeting” written by Tyler Buckley is excerpted from New Man Magazine a Nov/Dec 2007 edition.
This article may not be written by an Apostolic author, but it contains many excellent principles and concepts that can be adapted to most churches. As the old saying goes, “Eat the meat, throw away the bones.”