Creating a Basic Spending Plan to Achieve Financial Goals

Most people would admit they should have a budget (or spending plan), but a Gallup poll shows that nearly two-thirds of Americans don’t have one. Why is that?

• For some, budgeting just feels overwhelming.
• For others, they don’t know where to start.
• Still others don’t think they need one.

While you may be able to get along without a super detailed budget, everyone should at least have a basic spending plan.

Biblical Wisdom on Budgeting

The Bible tells us that if we don’t control money, it will control us. “The plans of the diligent lead surely to abundance, but everyone who is hasty comes only to poverty.” – Proverbs 21:5

We also see the principle of watching over what has been entrusted to us:

“Know well the condition of your flocks, and give attention to your herds… the lambs will provide your clothing, and the goats the price of a field. There will be enough goats’ milk for your food, for the food of your household.” – Proverbs 27:23–27

Today, most of us don’t have flocks and herds to manage, but we do have dollars and cents. The principle is the same:

If you budget your income and spend wisely, you’ll have enough to live on.

As stewards of God’s resources, we need to have a plan for where our money is going.

Part of having a plan is also planning for future saving, purchasing, investing, and giving goals.

A basic spending plan is simply a monthly plan assigning every dollar that comes in to some predetermined purpose (or category). It uses broader categories than a detailed budget and prioritizes every known need.

Example Basic Spending Plan

July 2025—Expected After-Tax Income: $4,400

• Giving: $500
• Debt Repayment: $300
• Saving: $200
• Housing: $1,400
• Food: $600
• Transportation: $400
• Medical: $300
• Miscellaneous: $700

Getting Started

There are several options for creating a spending plan, from web-based solutions to smartphone apps to good old-fashioned paper and pencil. You have to use what works for you, but the most tried-and-true method simply starts with manually tracking your spending.

With the FaithFi app, you can easily figure out how much you’re spending in different categories. Here's a simple process: Track your spending for 30 days. Capture everything. The FaithFi app allows you to track manually or by connecting directly to your bank accounts. Learn what your true income is after taxes.

This can be found on your pay stub.

Break down your monthly expenses by broad category.

Use the example above as a guide. Feel free to adjust based on your own needs.

Compare your expenses with your income.

Begin the process of making “adjustments” if you’re spending more than you’re earning.

If you’re married, do this with your spouse.

This is an opportunity to get on the same page, not to point fingers.

Don’t forget non-recurring expenses.

Include things like insurance payments or HOA fees that don’t happen monthly.

Making It Work Long-Term

Once you have collected all this information, make a plan for each month. If you don't like your allocations, adjust them. Find a system that works for you and continue to tweak it so you’re getting the information you need before you’re in a financial bind.

• Regularly check your progress throughout the month.
• Adjust as needed.
• Track how much income you have left to spend during the month.
• When that number gets low, it’s time to tighten up.

If you can consistently spend less than you make, every other financial arena in your life will become more manageable.

Rob West’s Suggested Steps

As you begin to “know well the condition of your flocks,” Rob West recommends the following steps:

• Begin every planning session with prayer
• Be honest with your spouse (don’t hide purchases or missteps)
• Find alignment in areas where you’ll cut back
• Be flexible—stuff happens every month
• Keep giving, be generous
• Don’t forget enjoyment—celebrate your successes
• It’s your plan—revise it if necessary

Remember: you only have 100%.

If your income doesn’t allow you to meet your goals, you either need to:

• Save beforehand
• Make adjustments
• Or increase your income

Budgeting isn’t about restriction—it’s about freedom. And when done in light of God’s Word, it becomes an act of worship and stewardship.