50-30-20 Rule

I’m Miriam Neff, and I’m Valerie Neff Hogan, with Wise Women Managing Money.

M Whether married or single, one possible budget formula is the 50-30-20 rule.  Simply stated, dividing your income into 3 categories.  Half on needs and the rest on wants and savings.  As Christ followers we’d change that to 10% first for Kingdom purposes, then divide the rest.

V This is simply an idea. Each person or couple, with discussion and prayer, can decide based on their common agreements.  If you haven’t had a recorded spending plan, keep track.  Then categorize knowing what’s going out by Kingdom purposes, needs, wants, and savings.  Now you know it. It’s real; and own that reality.  Is it sustainable?  If your income does not match what’s going out.  Yes, you must change it.