Budgeting Myths and Truths

Description

When it comes to handling money, what’s comfortable isn’t always best. Chuck Bentley shares six budgeting myths to help you perfect your skills.

“Be sure you know the condition of your flocks, give careful attention to your herds”  (Proverbs 27:23 NIV)

It’s easy to say “I can’t” when you’re faced with a difficult task, but when it comes to handling money, what’s comfortable and routine isn’t always best. Take budgeting, for example. You may say, “I tried it once before, and it didn’t work.” That may be true, but you don’t perfect new skills on the first try. Instead, you learn from previous mistakes and experience.

Here are six other myths concerning budgeting:

  1. “Because I live on a variable income, I can’t budget.” Plan your budget based on your average monthly income.
  2. “It’s impossible to budget for contingencies and unplanned expenses.” Contingencies are one of the most important items to include in your budget. Build an emergency savings account to expect the unexpected.
  3. “I can’t have a budget because I’m not mathematically inclined.” There are many easy forms and software that do the math for you. You simply have to plug in the numbers.
  4. “We don’t have enough income to budget.” The smaller your income, the more you need a budget. Anyone can live beneath their means regardless of what they earn.
  5. “We earn too much income to worry about a budget.” Unfortunately, for many, as incomes rise, expenses rise at the same or greater rate. A budget can help you be a wise manager of your surplus.
  6. “I don’t have time to keep track of a budget.” It takes far more time to handle a financial mess than it does to keep your finances in order. A budget will help you know where your money is going, and it takes less time than determining where your money went.

Daily Scripture Reading:

Matthew 21:23-22:14
Mark 11:27-12:12
Luke 20:1-19

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