How to Calculate Your Personal Cost of Living
Faith & Finance with Rob West
You track your steps. Maybe even your calories. But do you know what it really costs to live each month? Your personal cost of living is one of the most important numbers in your financial life. Without it, you may be spending in ways that don’t reflect your values—or your faith. Let’s explore why this number matters, how to calculate it, and how it ties into faithful stewardship.
Show Notes
You track your steps. Maybe even your calories. But do you know what it really costs to live each month?
Your personal cost of living is one of the most important numbers in your financial life. Without it, you may be spending in ways that don’t reflect your values—or your faith. Let’s explore why this number matters, how to calculate it, and how it ties into faithful stewardship.
The Basics of Stewardship
No matter your income level or stage of life, the same principles apply. There are five things you can do with money:
- Earn it
- Live on it
- Give it away
- Owe it to others
- Grow it through saving and investing
Today, we’re focusing on “living on it”—what it really takes to cover your day-to-day needs. And remember: it’s not just rent and groceries. A true cost of living includes less frequent expenses too—insurance premiums, car repairs, or even Christmas gifts.
Why Tracking Matters
Inflation may be slowing, but most of us are still paying more than before. The government reports a national “cost of living,” but that number doesn’t reflect your personal circumstances. That’s why tracking your own cost of living is crucial—it provides clarity, and clarity is the foundation of stewardship.
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