There are certain summers that stick with you—not because everything went smoothly, but because life had a way of handing you exactly the lessons you needed. My internship in the state of Washington, the summer of 1980, was one of those. Back then, I was a junior at Iowa State, trying to line up all the things I thought would guarantee a good job after graduation: solid grades, some campus involvement, and most importantly, that golden ticket on any engineering résumé—an internship in your field. So I spent the spring sending out application after application, collecting a thick stack of rejection letters in return. It became routine enough that some days I’d find myself laughing at how efficiently companies could say “No thanks.” My dorm room wall was full of “flush letters” and I treated it like it was a badge of honor.
Creating and Following a Budget
Creating and Following a Budget
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.
If you wish to purchase Dave Ramsey's "The Total Money Makeover" book from Amazon https://amzn.to/49l1dZe
Leave a Comment 👋
Leave a Comment 👋
Leave a Comment 👋
Leave a Comment 👋
I think this is key to peaceful living and a beautiful life
Great information and reminders
The Internship That Changed Everything
Long Lake Summers
There are seasons in life you don’t see coming—chapters that don’t announce themselves with fanfare, yet settle so deeply into your memory that years later you can still smell the lake water, feel the pull of the tow rope, and hear the hum of a boat engine echoing across a still summer evening. For me, one of those chapters began the moment I graduated from Iowa State in May of 1981 and took my first real job at 3M. I was barely 22, carrying that mix of confidence and cluelessness that only a new graduate can pull off, and ready to step into the adult world.
Hero of the Beach
When I think back to my childhood— maybe around nine years old—there’s a very specific smell, a very specific feeling, that comes rushing back: the scent of ink and old paper from a stack of Marvel comic books. It’s funny how memory works. I can’t remember what I ate last Tuesday, but I can still picture—clear as day—the cover of The Amazing Spider-Man #56 with the Daily Bugle headlines screaming "Spidey joins Doc Ock" sitting on the floor of my bedroom, or the way the corner store rack looked when I spun it, hoping for a new issue of anything with the red-and-blue web-slinger on the front.
I think this is key to peaceful living and a beautiful life
Great information and reminders