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Step 3 - Plan for the long haul |
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Now that you have the tools you need and have prayed about the direction God wants you to go, it is time to initiate the plan (budget) and settle in for the long haul. This is where many people fail. They plan to make it work, however, today we have a struggle with perseverance. |
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For the love of money is a root of all sorts of evil, and some by longing for it have wandered away from the faith and pierced themselves with many griefs. But flee from these things, you man of God, and pursue righteousness, godliness, faith, love, perseverance and gentleness. |
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1 Timothy 6:10-11 |
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Develop a spending plan |
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10-70-20 Spending Plan - developed by Dr. Bob Eklund |
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After Tithe (10%) and Taxes from your gross income |
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1. 10% - Savings |
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2. 70% - Living Expenses |
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3. 20% - Debt/Future Plan |
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Envelope System of Budgeting |
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Crown Financial Ministries spending guidelines |
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Singles |
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Single Parent |
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Family of two - married |
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Family of four |
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Family of four (high housing cost) |
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Family of six |
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Determine boundaries of spending |
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What if my expenses are more then my net income? |
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1. Don’t ignore the problem - it will not go away |
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2. Cut! Cut again! Cut again! |
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3. Communicate - call your creditors (click for sample letter) |
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4. Be honest about your situation |
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5. Communicate a plan with your debtors |
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6. If necessary contact a credit counselor - Check with the Better Business Bureau |
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Develop a debt eliminating plan - click for PDF form |
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Be content with less |
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Let your character be free from the love of money, being content with what you have; for He Himself has said, “I will never desert you, nor will I ever forsake you,” so that we confidently say, “The Lord is my helper, I will not be afraid.” |
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Hebrews 13:5-6 |
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Step 4 - List of practical cuts and good savings |
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