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Posts tagged with: giving

A Huge Oversight In My New Budget

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This is a religious, christian-faith post about my personal decision to start tithing. As this concept may not be understood by those outside of the faith, please note that I am journaling my personal decisions and walk.

In my journey to be debt free, I have been almost exclusively focused on saving money. I didn’t tithe because at its simplest theoretical level, I considered tithing as giving away money that I could allocate toward debt-reduction or saving. And this was counteractive to my goals. But theological principles explains that tithing is returning a portion of income that belonged to God to start with.  

Here’s the thing- none of this information was new to me. I simply disregarded tithing because I thought that it did not directly contribute to my financial goals. To be completely honest, I will admit that it has been months, years even, since I have tithed. Perhaps this was because I had let my relationship with God become less and less of a priority until it wasn’t one at all.

But at the beginning of this year I made the decision to return to God fully, giving my heart and actions. Two Sundays ago, I went to church for the first time in the city that I live in and I made a small offering of under $20.

I’ve also realized that despite my financial situation, I can still afford to be charitable and to have a giving spirit. I know that there are some people that would gladly trade me for my debt. So I strive to be more generous, which I’ll also admit that, as a tight budgeter, does not come naturally or easily to me.

But God reminded me of the power of giving without strings attached. I have been looking for a quality part time job for months and instead did odd things like substitute teach when it was convenient in the meantime. Last Friday, I was offered a part-time job for about $30 an hour. I got the offer out of the blue and I know that this was not circumstance. I will start this job in a few weeks and should have my credit card paid off even faster than my original plan.

Not only did this happen, but I just found out that I will also be receiving additional pay this month. I have been putting in many extra hours after the workday to work on a project. (That’s right! The day hardly ever ends after the students go home for the many people that think educators leave work around 3 p.m.) This is simply the culture of schools and no one expects to get paid overtime. In my years of being an educator, I don’t know if I ever have. However, I was informed this week that I would be getting paid for the extra hours that I recently put in. I already have that money earmarked. With the combination of this surplus money and the income from my part time job, I will have my Bank of America balance paid in full with my March paycheck and April at the latest. I will keep you updated on this payoff date.

I’m sure that none of this was by coincidence. After only planting a small seed, I have been given a great part time job and also received extra pay. I will give my full tithe ($300 or 10% of my $3,000 income) to the church this month. A key factor in monthly tithing is being intentional about it in my budget as I would any other priority so that it does not become forgotten. I will have to modify my March budget and will do so with a grateful spirit.


A Different Perspective

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I posted several weeks ago about my Glamping Budget expectations, but I have been putting some thought into it think I want to change my perspective.  Before you jump down my throat, hear me out.

I wrote the budget anticipating income from two part time jobs, a small amount from child support and adoption assistance for the twins.  But two things, one of my part time jobs has thusfar been unreliable in producing hours (like 3 weeks with no hours) and two part of this move is to let me get on my feet, build a consulting business and save for the future.

So, since our overhead is going to be SUPER low, I have been thinking that I should budget my percentage rather than by actual number.  Ok, I don’t actually have a plan yet, but what are your thoughts.

It would look something like this I suppose and as any income came in it would be divided up based on these percentages.

Saving – 35%

Debt – 35%

Living – 20%

Giving – 10%

A little more of my thoughts on this:

Saving – when our Glamping time is over, I have to have a substantial amount of money to get us into something new, whatever and wherever that may be, having this savings is very important.

Debt – obviously need to pay off debt, big time!  So don’t want to slow down on that, but this would balance paying on debt with saving, and using percentages would leave no question of what to do on months I earn more, which I hope will come soon.

Living – In an ideal world, I think you are supposed to be able to live on 30-40% of your income, right?  Because our rent/utilities are going to be covered for the time being, I think we can live on significantly less, in fact, I’m wondering if we could live on less than 20%, but this seems safe for now.

Giving – I know many would say don’t give in the situation you are in, but frankly, we have been given so, so much that I cannot, cannot NOT give, so this is staying.

So with my regular income the last few months being right around $2,000 per month that would break down as:

Saving – $700

Debt – $700

Living – $400

Giving – $200

Breaking things down this way, really tell me I have got to get more work!  But aside from that, what are your thoughts on budgeting by percentage rather than by actual number?