Tag Archives: Spending Plan Journal

70/30 Budget Rule:

This is similar to the 80/20 rule – the savings amount is included in the 80%. This is good if you are able to save, but if you on a course of paying down your debts then the savings/ emergency fund may be something you look to build at a later stage. Good post!

Debt Free Sisters

I found this technique a great roadmap for successful budgeting.

 

1. Pay yourself 10% of your take home pay. It would be wise to use a separate checking account and debit card for this 10% which includes your “play money”, dining out, extra-curricular activities or you can put away 5% for that special piece of jewelry.

2. Give away 10%; this could be your tithe, charitable contributions or any particular cause you are interesting in.

3. Save 10% of your take home pay each month; this should be outside of your 401K or retirement saving, but can be part of your emergency fund. Can also include saving for vacation, investments, business start-up money, savings for a special purchase/occasion.

4. The 70% of your income is the lifeline of your budget and should be managed very strategically so that you can make sure the 30% happens. Everyday living expenses include:

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Handling Your Money: Are You Really Walking the Talk?

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Over the last few months we’ve offered an independent survey for church members to volunteer and respond to five simple questions.  These questions ask how aware you are about your current financial status and circumstances.

The results (above) make for interesting reading…..

Over half of the people who took part in the survey so far say then have a pretty good handle on their finances.  That’s great!

However, in the sessions and discussions that followed, many admitted to struggling with making the next step ie to ‘access the power’ through effective planning so that they can achieve their financial goals.  That’s the real challenge…

Attend one of the FREE Access the Power (ATP)  “SMARTER Finance” Seminars – These lay-member led, bible-based seminars are held in local churches as part of the Financial Stewardship for members. These seminars  support church groups and have been annually since 2004.  Most seminars are run from April – December.  The first quarter of the year is used for workshops and practical support sessions for members new to the programmes.

If your church has never participated or held one of these sessions, show this blog to your Stewardship Co-ordinator and ask him/ her to arrange a session for your church group within your Stewardship Day programme this year.

“SMARTER Finance”  sessions are open to all participating church members in any Seventh-day Adventist church group in the UK.  A number of local church groups in England already this session for basic financial literacy as a Stewardship Day whilst others use the weekend workshops or one-day seminar services for both the church and local community outreach.

For more information or to arrange a programme at your local church click here – (this will take you to the feedback form on this blog)

KNOWLEDGE IS NOTHING WITHOUT WISDOM…

The book of Proverbs is a fantastic way for you to start gaining some of the basic understanding of how successful people approach managing credit, business, wealth and finances. One chapter a day and you have covered the whole book in a month!  It’s never too late to start now.

For ladies in the UK, see our blogs on Proverbs 31 for secrets on successful living , business and financial success.  And see the Sorority created just for you, by women just like you PI TAU OMICRON (Π Τ Ο).

For ΠΤΟ sisterhood eligibility criteria click here.

We’ll continue to update and share the overall survey results right here in this blog.

In the meantime, why not share your own tips on your experiences in moving your financial goals forward.

Onwards and upwards!