1 Timothy 6:17-19
Instruct those who are rich in this world’s goods that they should not be proud and should set their hopes not on money, which is untrustworthy, but on God who gives us richly all that we need for our happiness. They are to do good and be rich in good works, generous in giving and always ready to share – this is the way they can amass a good capital sum for the future if they want to possess the only life that is real.
Living within our means is a concept that is not only practical but also rooted in Catholic values. As Christians, we are called to be good stewards of the resources God has given us, and managing our home budgets is one way we can fulfill this responsibility. Here are a few tips for Catholic home budgeting:
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- Start with prayer: Begin each budgeting session with a prayer, asking God for guidance and wisdom in managing your finances. By inviting God into the process, we acknowledge that our money is ultimately His, and we seek His will for how to use it.
- Track your income and expenses: It’s difficult to create a budget if you don’t know how much money is coming in and going out. Take the time to track your income and expenses over the course of a month or two, so you have a clear picture of your financial situation. I have been using the EveryDollar budgeting app from Ramsey Solutions for a few years now and it fits my needs. It’s free although they offer a premium version that has extra features. A spreadsheet works just fine too or just a piece of paper, as long as you are tracking your finances somehow.
- Prioritize your spending: Once you know how much money you have to work with, prioritize your spending to ensure that you’re meeting your basic needs first. This might include things like housing, utilities, groceries, and transportation. From there, you can allocate money for other expenses like entertainment and non-essential items. If you are carrying any debt, (or even if you aren’t) I highly recommend reading Dave Ramsey’s The Total Money Makeover. His formula is simple and it works. We used it to pay off over $45,000 in debt from school loans and credit cards. It also just has rock solid financial guidance.
- Tithe: As Catholics, we are called to give generously to support the work of the Church and help those in need. Consider setting aside a portion of your income for tithing, even if it means making some sacrifices in other areas of your budget. As a side note, a charity that I’ve wanted to support for a while is Marion Medical Mission. They build wells in rural African areas. $450 sets up a community with clean water which is amazing.
- Seek out resources: There are many Catholic resources available to help you manage your home budget, including books, websites, and financial advisors who share our values. Don’t be afraid to seek out these resources for guidance and support.
These tips are just a start but they can help create a home budget that reflects your Catholic values and helps you live within your means.
Phillipians 4: 6-7
Have no anxiety at all, but in everything, by prayer and petition, with thanksgiving, make your requests known to God. Then the peace of God that surpasses all understanding will guard your hearts and minds in Christ Jesus.