How Budgeting Contributes to Living A Fulfilled Life

The debate over whether or not budgeting contributes to living a fulfilled life is one that will not end soon.  I know people who argue that a budget restricts them from having what they want when they want it. To these people, there is no way they can enjoy a fulfilled life with a budget. Others, on the other hand, contend that having a budget does, in fact, ensure they live a fulfilled life. This is because a budget helps bring to light what resources are available and how they can be used effectively.

The key to living a fulfilled life is to determine what constitutes an ideal life for you; where you feel you are basking in God’s glory and enjoying his blessings. Maybe your goal is to enjoy a comfortable retirement or ensure you can afford to pay for your children’s tuition in future. Alternatively, you may be a person who wants to enjoy the pleasures of life and travel around the world but still live a debt free life. Having a budget allows you to plan effectively so that you know what exactly you have to put away in your nest egg for a specific duration in order to enjoy your dream.

You may have one time or another looked at your finances and wondered where all the money went. Perhaps that is why John Maxwell said: “a budget is telling your money where to go instead of wondering where it went.” From this definition, budgeting can best be described as a process of creating a plan of how to allocate your finances.

[clickToTweet tweet=\”In my personal view, the benefits of budgeting far out way the inconveniences associated with it. \” quote=\”In my personal view, the benefits of budgeting far out way the inconveniences associated with it. \”]Below I share some of my reasons why.

Budgeting allows you to take control of your finances

Nothing will help you avoid leakages or wonder where all your money is going like a budget.  A good budget usually starts with you ascertaining how much exactly you have available to you. When you clear about what you have then you are ready to begin assigning each amount a role.  A budget also allows you to critically examine what you are spending your money on. In most cases when people begin budgeting they are in shock at how much they have been spending on certain things.

In addition, with a budget one is able to enjoy a sense of financial clarity which enables them to take advantage of opportunities as they arise.

Budgeting allows you to enjoy the pleasures of life without guilt

I once read a story about a lady who said she feels guilty every time she goes to buy herself something. She is fine if the purchase is for her home or her children but not for herself.  When you operate on a budget, there is no way feelings of guilt can arise. This is because you would have planned and are sure that the resources are available for you to make that purchase. This is what will allow you to spend on yourself without any guilt.

Budgeting is a biblical principle 

When you examine these words in Luke 14: 28 – 30,

²⁸ “Suppose one of you wants to build a tower. Won’t you first sit down and estimate the cost to see if you have enough money to complete it?²⁹ For if you lay the foundation and are not able to finish it, everyone who sees it will ridicule you, ³⁰ saying, ‘This person began to build and wasn’t able to finish.’

It is clear from these verses that Jesus was asking us to have a plan in place before we embark on a project. What better way to come up with such a plan than with a budget.

Budgeting helps you pass on a good legacy to your children 

One of the benefits of budgeting is you need to have all concerned parties involved for it to be effective. Doing this teaches family members especially children how to spend responsibly and live within their means. Children raised in homes where budgeting is emphasized learn how to focus on the big picture and eliminate immediate want which often steals from long-term desires.

A family that operates on a budget knows how to sit with want. They do not make unnecessary purchases instead, they aim at planning for everything. The long-term results of doing this are that such families tend to lead a life that is full of experiences and less material stuff.

In addition to this, when you have a budget you are able to be generous with your giving. As Christians, we are commanded to give a tenth of our earnings to the work of God. With a budget, you are able to make this a fixed expense. Your children grow up seeing you do this and they too will do it in future.

Budgeting helps you to build wealth

When you are in control of your finances, you are able to ensure that you set aside some money for the future. A budget allows you to do just that. In our family, we use the formula of first give then save and finally spend. When you make it a habit to save before you spend, you are guaranteed to have a nest egg which you can invest for the future. Scripture tells us that “a good man leaves an inheritance for his children\’s children”. 

A budget is what can allow you to determine what you will be given out, saved and then spent. Budgeting is also what allows you to make investments which you can turn to in future when your earnings have dwindled.

Finally,

Budgeting does contribute to you living a fulfilled life in that it helps you stay out of debt. In most cases when you are not aware of the finances available to you, you may find you are living beyond your means and this is when debt comes into the picture. Bill Hybels defined debt as \”wanting more than God\’s current provision for your life and arranging other ways to get it\”.Debt not only robs us of the money we would have put towards engaging in activities that fulfill us but it also causes stress. With a budget, you are able to discern between what is a necessary expense and what is a discretionary one instead of putting the latter before the former. This ensures that you plan how to use your available resources and avoid incurring debts.

There are several online tools that can help you come up with a budget like quicken or the mint app. In my case, I use a Monthly Budget Sheet which I update every month to suit our needs. Keep in mind that “Budgeting is not just for people who do not have enough money. It is for everyone who wants to ensure that their money is enough.” “Budgeting is not just for people who do not have enough money. It is for everyone who wants to ensure that their money is enough.”

I would love to know, which side of this debate do you belong to? Do you think that budgeting enables you to live a fulfilled life or does it restrict you from enjoying life in full? Please share your answer in the comments section.