A Budget Is Like a Fence

Show Notes

You won’t find the word “budget” in the Bible, but it does say a lot about stewardship— and budgeting is stewardship. Having a spending plan and sticking to it is the only way to control your money, stay out of debt and gain peace of mind about your finances. 

When you practice faithful stewardship, you no longer have to worry about your money, because you’ve accepted that it’s God’s money. He owns everything. So budgeting is a key part of stewardship. 

BIBLICAL BASIS FOR BUDGETING

• Proverbs 27:23 emphasizes the need to be aware of one's assets: "Know well the condition of your flocks, and give attention to your herds."
• Proverbs 21:20 contrasts wise and foolish financial behaviors: "Precious treasure and oil are in a wise man's dwelling, but a foolish man devours it."

COMMON EXCUSES AGAINST BUDGETING

• Math Skills Not Required: With tools like the FaithFi app, anyone can set up a budget quickly, even without strong math skills.
• Overconfidence in Income: Assuming one doesn't need a budget due to high income can be risky, especially with job market uncertainties.
• Relying on Unemployment Benefits: Unemployment benefits are often insufficient, highlighting the need for a robust emergency fund.
• Fear of Reality: Fear or shock of realizing overspending on non-essentials can deter budgeting but recognizing this is the first step to better financial health.
• Past Failures: Initial difficulties in budgeting are normal; perseverance is key.
• Complacency with Surplus: Surpluses can diminish over time due to inflation or lifestyle creep, underscoring the need for deliberate saving and spending.

BENEFITS OF BUDGETING

• Liberation over Limitation: A well-maintained budget is liberating rather than limiting, allowing intentional and wise use of money.
• Preventive Measure: Budgeting acts as a preventive measure against debt and financial crisis, encouraging early adoption of wise spending habits.
• Intentional Giving: A budget helps in being more intentional in giving, aligning with the understanding that all resources are God's provision.

CONCLUSION

Christians should view budgeting not as a restrictive tool but as a liberating and wise approach to managing finances, aligning with biblical stewardship, and ensuring a more secure and intentional use of God's resources.

One financial commentator put it like this: “A budget is like a fence around your money. It protects it from impulse spending. You can still spend money on things you enjoy— as long as you stay on budget.”

You can hide behind your budget fence and avoid a great deal of financial danger.

• I own two rental properties and am contemplating whether to sell them to the school district, which offered their appraised value, to pay off debts and possibly invest elsewhere or keep them for rental income in retirement.
• I'm 63 years old, wondering when the best time to start taking Social Security is, and considering selling my paid-off home in a good location, needing advice on the timing and financial implications of both decisions.