Applying Budgeting Principles
Today’s post fills in the blanks in yesterday’s lesson.
Luke 16:12 “And if you have not been faithful in that which is another’s, who will give you that which is your own?”
Root of Budget Problems: Attitude
Attitudes that lead to budget problems can manifest themselves as greed, covetousness, ignorance, indulgence, or impatience. (Larry Burkett, Christian Financial Concepts)
1) Greed-excessive or rapacious desire, especially for wealth or possessions.
The Bible warns against greed.
Luke 12:15 Then he said to them, “Watch out! Be on your guard against all kinds of greed; life does not consist in an abundance of possessions.”
2) Covetousness— wrongly desirous of wealth or possessions.
Covetousness is specifically forbidden in the Ten Commandments.
Deuteronomy 5:21 “You shall not covet your neighbor’s wife. You shall not set your desire on your neighbor’s house or land, his male or female servant, his ox or donkey, or anything that belongs to your neighbor.”
3) Ignorance—not counting the true cost of owning an item.
Problems that arise from ignorance include:
- Buying things you cannot afford because you haven’t properly considered the purchase price, finance charges, storage costs, maintenance and repairs
- Failure to properly balance your checking account and check for bank errors
4) Indulgence—buying something of little or no utility to you
Indulgence purchases frequently wind up in garage sales or collecting dust.
To avoid indulgence purchases:
- Identify your need for the item desired
- Allocate money to pay for it
- Search out the best buy
- Pray about whether or not to make the purchase
James 5:1, 5 “Now listen, you rich people, weep and wail because of the misery that is coming on you….You have lived on earth in luxury and self-indulgence.”
5) Impatience— restless desire for change and excitement. Impatience manifests itself in:
- Making unwise purchases. Before you buy, identify your need, allocate the money, search out the best buy, and pray about the purchase
- Trying to “get rich” quickly
Proverbs 28:22 “The stingy are eager to get rich and are unaware that poverty awaits them.”
Two Common Tendencies of Budgeting:
1) Set plans but never follow them.
2) Set unrealistic plans.
1) Assessing the current situation
2) Deciding where you need to go
3) Making a realistic plan to get there