Who here does not like to spend money? Do your fingers get a severe case of arthritis when you open your wallet? Do spider webs appear as you open up the old pocket book?
When you get your paycheck—who knows where it goes? You sure don’t. Like sand through the hour glass and straight through your fingers. The dollar bills just disappear as if Chris Angel or David Copperfield were partners in your bank account. I know, not a laughing matter.
Well, then this blog is for the tightwad and the spendthrift alike! Money can be emotional, especially when we call upon the “B” word: “budget.” Scary, I know.
Become the “Dollar General”
There is an easier way than the “B” word. Are you ready? It’s 10 20 70. If you add those numbers up, they equal 100. We are going to carve up your post tax pay check, just like that. Each of you “Monetary Marines” have specific marching orders to become the “Dollar General!” Here’s how:
10 is Share
20 is Save
70 (my favorite part) is SPEND!!!!
Let’s Break it Down
- 10% is for sharing. This would be the technical Old Testament “should give” portion of your monies. Remember, the New Testament is about the “could give” according to the Lord’s blessings. ESV Deuteronomy 16:17 says, “Every man shall give as he is able, according to the blessing of the Lord your God that he has given you.”
- 20% is saving for that rainy day. You need to have three to six months of expenses in just plain old cash. After you have your cash, it’s then earmarked for longer term concepts, like retirement (not a biblical concept—more on that in another blog) or college for the kids and grandkids. As in NIV Ecclesiastes 11:2, “Invest in seven ventures, yes, in eight; you do not know what disaster may come upon the land.”
- 70% is the spending part. It’s the bucket where you pay all your expenses and liabilities. This includes the house payment, car payment, gas and groceries. I think you get the idea. NIV 1 Timothy 5:8 says, “Anyone who does not provide for their relatives, and especially for their own household, has denied the faith and is worse than an unbeliever.”
This looks simple, and simple is not always easy. Many of us won’t be able to do 10 20 70 in the first attempt. I encourage you to start, even if it’s at 1 1 98. Just Start Every Month. Try to increase the share and save buckets by 1%, while focusing on refining your spending. It’s a war and you don’t want your family finances to be collateral damage. The good news is this: after you get good at it, the banks will say you have “collateral”. So there is your battle plan, General. Now go and do likewise!