Creating and Following a Budget

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Creating and Following a Budget

by Tim Rubash

Money stewardship is the responsible management and oversight of one’s financial resources. At the heart of effective money stewardship lies the art of budgeting. Budgeting is not merely about restricting spending; rather, it is a tool for empowerment and financial freedom. We will discuss the importance of budgeting, how to set up a budget, strategies for following it, and tips for staying on track.

Setting Up a Budget: The first step in effective money stewardship is to create a budget. To begin, gather all sources of income and list them. This may include salaries, bonuses, freelance earnings, or any other sources of income. Next, compile a list of all expenses, categorizing them as fixed (e.g., rent, utilities) or variable (e.g., groceries, entertainment). Subtract total expenses from total income to determine discretionary income. This surplus can be allocated towards charitable giving, savings, investments, or debt repayment.

How to Follow a Budget: Following a budget requires discipline and commitment. Start by establishing clear financial goals. Whether it’s saving for a vacation, paying off debt, or building an emergency fund, having specific objectives will provide motivation to adhere to the budget. Allocate funds accordingly, prioritizing necessities while allowing for some flexibility in discretionary spending. Regularly review and adjust the budget as needed to accommodate changes in income or expenses. If you have a spouse or partner, it is essential that they are on the same page.

Strategies for Staying on Budget: Several strategies can help individuals stay on budget. First, automate savings and bill payments to ensure they are prioritized each month. Additionally, use cash or debit cards for discretionary spending to prevent overspending. Consider using budgeting apps or spreadsheets to track expenses and monitor progress towards financial goals. Set aside time each month to review spending habits and identify areas for improvement. Include your spouse. Finally, practice self-discipline and avoid impulse purchases by sticking to the budgeting plan.

It is important to understand the difference between Needs and Wants. Needs are expenses that are essential for a person to live and may include rent or mortgage payments, insurance premiums, utilities, transportation expenses and food costs. In addition, health and child care fall into this category. Wants, nonessentials, lifestyle and discretionary purchases are costs that are not necessary to maintain your basic quality of life.

By implementing strategies for staying on track, individuals can successfully manage their money and achieve long-term financial success.

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About The Author

Tim Rubash

Tim is a graduate of Iowa State University and has a Mechanical Engineering degree. He spent 40 years in Corporate America before retiring and focusing on other endeavors. He is active with his loving wife and family, volunteering, keeping fit, running the West Egg businesses, and writing blogs and articles for the newspaper.

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2 Comments

Pamela Rubash

I think this is key to peaceful living and a beautiful life

Pamela Rubash

Great information and reminders

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