Many people, despite good income, have financial problems because they do not know how to manage their money. They spend their money on anything they want, particularly on the world’s three basic values in life:-
First: Pleasures – lust of the flesh. Pleasure is a primary value of this world. Like, going to parties and touring exciting places in the world.
Second: Possessions – lust of the eyes. This is buying things we do not need to impress other people that we know, for many people self-worth is based on their net worth.
Third: Prestige. For many people, image is everything. We are very status-conscious. We want people to look up to us. We want people to think that we are important and successful. In our desire to maintain our prestige, we spend money incessantly .
When you embrace these three values – pleasure, possessions and prestige – you are likely to fall into financial problems.
We need to stay away from spending our money on the above-mentioned values to avoid facing financial problems. To insulate us from the influence of world’s values, we need to make a regular monthly family budget to be sure that our money is spent only on the essentials (needs) not wants.
The formula of an ideal Family Budget is: 10%; 10%; 80% = 100%.
What does it mean? If you are a Christian believer, the first 10% should be given to the church where you worship. In the Bible it is called “tithe” meaning 10% of your net income. Said amount is for God, to support His church to spread the gospel or good news of salvation (Matt. 28:19-20), to people who do not know God’s plan of salvation.
The philosophy or reasoning of tithing is – God’s own everything we have: our life, talents and abilities to earn a living. In fact, we have no control when we are going to die or to get sick, for only God is in control (Psalm 24: 1; Deut. 8:17-18; Malachi 3:8-10).
The second 10% is for savings (force savings) in times of emergency like: you lost your job, you or your love one gets sick and circumstances beyond human control.
The last 80%, this is for food, clothing, shelter, utilities, transportation, children’s education, vacations and miscellaneous expenses.
For a Family Budget works, you need to discipline yourselves not to spend money for the three world values of pleasure, possessions and prestige. It simply means, spend your money only for your needs not wants. Family budget should be discussed and agreed by all family members. This is important that each family member should spend within the budget.
By spending in accordance with your Family Budget, you can avoid, financial crisis. That could give you peace of mind, for no creditors would bother you and sometime even harass you of going to court of law to enforce collection on your unpaid bills.
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