This broadcaster has 514 podcast archives available on-demand.
Keep up-to-date with this broadcaster on social media and their website.
September 18, 2024 3:00 am
Can you name two things that don’t seem to go together—but actually do? How about freedom…and budgeting?
We hear from folks all the time who feel that living on a budget cramps their style, hems them in, and makes them feel trapped. Brandon Sieben is with us today to make the case that just the opposite is true.
Brandon Sieben is the Chairman of the Board at Compass Financial Ministry.Â
How Simplified Finances Lead to Peace of MindAlthough budgeting might seem restricting, it can lead to financial freedom and peace of mind. Here are the fundamental principles to consider if you’re struggling with putting together a budget:Â
1. Keep It Simple
The first principle of freedom budgeting is simplicity. Often, people avoid budgeting because they think it's too complicated or time-consuming. The goal is to make the process easy, so you'll stick with it, whether utilizing a simple Excel spreadsheet on the fridge to track your expenses or using a tool like the FaithFi app for simplicity and visibility.
2. Be Honest
The second principle is honesty and transparency. As Jesus said in John 8:32, "The truth will set you free," and this holds true for budgeting. Many people avoid budgeting because they fear what they’ll find—that their spending exceeds their income. Being honest about where your money is going is crucial to financial freedom.
3. Allocate Non-Negotiables First
Next, it's crucial to prioritize the "non-negotiables"—the essentials that must be paid first, such as tithing, rent, utilities, and food. After these basics are covered, you can think about discretionary spending.
4. Save Every Month
Even while playing financial defense, it’s essential to start saving something every month. The habit of saving, no matter how small, is crucial. If you spend every dollar you earn, you have no options. But if you save a portion, even 20%, you’ll begin to build financial flexibility and choices over time.
5. Budget for Fun
Once you’ve applied the first four principles—simplifying, being honest, prioritizing needs, and saving—you can move on to the final principle: budgeting for fun. Financial freedom doesn’t mean depriving yourself indefinitely. As your savings grow, you can intentionally allocate money for enjoyment.
Through these principles, you can move from financial overwhelm to freedom. You can eliminate the anxiety that robs you of joy and embrace a lifestyle aligned with God’s plan for you. As Luke 16:13 reminds us, "You cannot serve both God and money." By choosing God’s principles over financial chaos, you can find freedom.
By keeping it simple, being honest, prioritizing needs, saving consistently, and allowing room for fun, you can reduce anxiety and experience the freedom that comes from managing money well.
On Today’s Program, Rob Answers Listener Questions:Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network and American Family Radio. Visit our website at FaithFi.com where you can join the FaithFi Community and give as we expand our outreach.