***“Precious treasure and oil are in a wise man's dwelling, but a foolish man devours it.” - Proverbs 21:20***

This simple yet profound verse from Proverbs reminds us of the importance of living below our means and saving for the future. But how do we do that? One key tool is having a budget. Let’s dive into the numbers, address common misconceptions, and explore how the [FaithFi app](https://www.faithfi.com/manage) can help you achieve financial stability with biblical principles.

A recent survey by [NerdWallet](https://www.nerdwallet.com/article/finance/data-2023-budgeting-report) offers insight into budgeting habits in America:


- **The Good News:** 75% of Americans aged 18 and up report having a monthly budget.
- **The Bad News:** 84% of those same individuals admit to overspending their budgets occasionally.

Even more concerning, 44% of overspenders turn to credit cards to cover the gap, while the remaining 56% likely dip into savings. Without a proper budgeting system, overspending can easily lead to debt and financial instability once savings are depleted.

**Common Excuses for Not Budgeting**

At [FaithFi](https://www.faithfi.com/), we’ve heard a lot of reasons why people resist budgeting. Here are some of the most common excuses:


1. ***“It takes too much time.”***
2. ***“It’s too difficult; I’m no good at math.”***
3. ***“I never stick with it.”***
4. ***“I don’t need to budget.”***
5. ***“It limits me.”***

These are valid concerns, but they’re often rooted in misconceptions.

**Debunking Budgeting Myths**

Let’s break down the common misconceptions about budgeting:


- *“A budget is just about cutting expenses.”*

Not true! Budgeting is about prioritizing your spending, ensuring your money goes to what matters most.
- *“A budget is too rigid.”*

While structure is important, budgets are flexible tools. Adjustments are part of the process!
- *“I make enough money; I don’t need a budget.”*

Budgeting isn’t about income levels—it’s about making wise financial decisions.
- *“Only people with financial trouble need a budget.”*

Budgets help prevent financial trouble by ensuring you live within your means.
- *“My income varies, so I can’t budget.”*

You can! Calculate your average monthly income based on 6–12 months of earnings. Save during high-income months to cover leaner periods. Check out [our episode on this topic](https://www.faithfi.com/faithfi/variable-income-budgeting-7216) for a deeper dive and more insights!

**Steward Your Resources With The FaithFi App**

If you’re ready to create a spending plan but need guidance, the [FaithFi app](https://www.faithfi.com/manage) is here to help. Unlike other budgeting tools, [FaithFi](https://www.faithfi.com/manage) offers unique features to make managing your finances intentional and faith-centered:

- **Tailored to Your Needs**: Choose from three different money management styles that best suit your situation.
- **Helps You Build Rhythms**: The app encourages daily check-ins or weekly reviews to develop consistent financial habits.
- **Faith-Centered Approach**: Beyond tracking your spending, FaithFi integrates biblical wisdom and a supportive community to help you grow in your walk with God while stewarding your resources for His glory.

**Don’t let excuses or misconceptions hold you back. A budget is a powerful tool for financial freedom and biblical stewardship. Download the [FaithFi app](https://www.faithfi.com/manage) today to create your spending plan, grow in wisdom, and honor God with your finances.**

You can also **[listen](https://www.faithfi.com/search?q=Who%20Needs%20a%20Budget?%20with%20Chad%20Clark&videos=true&articles=true&podcasts=true&posts=true&groups=true&events=true&support=true)** to a related podcast on this topic.

FaithFi

Articles

Don’t let excuses or misconceptions hold you back. A budget is a powerful tool for freedom and biblical stewardship.

MANAGE | Jan 6, 2025

Who Needs A Budget?

By: Chad Clark

Where Faith Meets Finance

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