Here is what good ole Wikipedia says:
A budget (from old French bougette, purse) is a list of all planned expenses and revenues. It is a plan for saving, borrowing and spending. A budget is an important concept in microeconomics, which uses a budget line to illustrate the trade-offs between two or more goods. In other terms, a budget is an organizational plan stated in monetary terms.
So here is a funny story for you.
A month into Micah and me courting he asks me how much debt I am in (probably wondering what he would have to take on).
S: I don’t have debt
M: don’t you have a car payment and school loans?
S: oh, sure but I pay my car every month, and school loans haven’t started yet. Also, I am never late on credit card payments. I just use them to build credit
M: ……… um, you do have debt then. You owe money for your car and education.
Thus, we have a conversation about what debt is and how to pay it off, how the Lord doesn’t want us to be in debt because we are then slaves to it.
I know I seemed a little ignorant. I was. I don’t know how! My parents are really good with money and taught me stuff. I think it was one of those things where you think you get it so you don’t ask questions but really you don’t get it all the way.
Anyway, fast forward to nowadays. I paid my car of within 5 months of that conversation and I paid my school loan off a couple months ago. I don’t say this out of pride, I say it because it’s been a huge learning experience for me! One of my favorite ones I think.
Two of the biggest lessons out of all of it:
1) I don’t really “have” that money if I am in debt. I owe that money to someone else. Yuck.
2) The most significant one- ALL money is God’s. Who am I to spend it however I please without consulting Him. I still need work on this one for SURE.
People can become so expectant on what they think is theirs. Like they are entitled to it or something, when in reality, God can change their circumstances in a second! Or they can if they aren’t wise.
One of my favorite stories about things not being ours is from the Kiracofe family. They stayed with us and in the morning we were eating blueberry muffins and eggs. The 2 ½ year old twins were grabbing at the same plate of eggs, when Brandon stops them and asks “girls, whose eggs are these anyway?” in the cutest little voices they answer “they are Gods”, and they stop pulling at the same eggs! What?! Huge parenting lesson for Micah and I!
We don’t have a ton of extra money to buy a lot “things” (whatever those may be) or anything like that but I love that we are paying for what we have now: rent, food, gas, tithe, etc.
In August I started “budgeting” (whatever that means). Right now for us it means, I have an excel spreadsheet that I keep track of all of our spending and income broken up into lots of different categories. I am doing this for the time being because since I didn’t even know how much we would spend in a given month I couldn’t say “let’s only spend this much on food, this much on gifts, allowance, etc”.
It has made me SO aware. Our goal is to pay Micah’s seminary loan off as soon as possible as well. That way we can actually start a real “savings account”.
Do we save for:
- missions someday?
- a house?
- an adoption?
I have a 401k through work so that’s what I consider “retirement” money.
In reality I don’t think Micah and I would ever “retire” and move to the beach, maybe Peru or something like that… haha who knows what tomorrow (or 60 years) will bring.
- What do you save for?
- What are your best kept budgeting tips?
- Besides couponing (which I’ve heard is wonderful I just don’t have the time), how do you not spend a MAJORITY of your money on food?……. lol
- How do you decide how much goes to what or whom?
Happy Friday everybody! Spend or Save wisely this weekend 😉
Posted on September 23, 2011, in Christian Women, Money, Thoughts and tagged 401k, budgeting, credit cards, debt, giving, money, retirement, savings, savings account, school loans. Bookmark the permalink. 1 Comment.