Achieving Your Financial Goals Through Intentional Budgeting

Ralph Estep Jr.:
00:00

Before we dive in today, let me ask you this. Do you ever feel like you're just trying to stay afloat when it comes to your finances? Like you're working hard, but not really making any progress towards your goals. What if I told you there's a tool that can help you take control of your money, aligning your spending with your values and achieve true financial freedom? That's our hot topic for today, folks.

Ralph Estep Jr.:
00:25

Hello everyone. And welcome back to the Ask Ralph Podcast, where we tackle your finances with faith at the forefront. I am so glad you're joining me today. You know, we talk a lot about budgeting on this show. It's one of those foundational financial practices that can truly help you revolutionize your relationship with money.

Ralph Estep Jr.:
00:43

But if you ever stopped to think about why budgeting is so important, beyond just keeping track of your dollars and cents, that's exactly what we're diving into today. We're uncovering the 5 main purposes of budgeting and trust me. These go far beyond just avoiding debt. This is about aligning your money with your values and living a life of purpose and intentionality.

Ralph Estep Jr.:
01:07

Before we jump in, I want to give a quick shout-out to all of our new listeners. Welcome to the Ask Ralph family. If you're new here, we release fresh content every single morning, coming everything from practical money management tips to the intersection of faith and finances. I hope you're able to listen to yesterday's show where we spoke about what to do when your IRS tax refund was not exactly what you were expecting. If not, I want to encourage you to go check it out. We have excellent content on our website. That's at askralphpodcast.com.

Ralph Estep Jr.:
01:36

And speaking of content. Tomorrow is a can't miss episode. I'm sitting down with the incredible Ral West, a business coach and mentor who's helped countless entrepreneurs avoid burnout while scaling and growing their businesses. Ral has some incredible insights to share. So make sure you hit that subscribe button. You don't miss that one.

Ralph Estep Jr.:
01:59

Now let's get back to today's topic. The 5 main purposes of budgeting. To kick things off, I want to share a verse from Proverbs that really sets the stage for our conversation. And that's this. "The plans of the diligent lead surely to abundance, but everyone who is hasty comes only to poverty." That's from the book of Proverbs, chapter 21, verse 5. This verse reminds us that intentionality matters. It's not enough to simply hope for financial stability. We need to be proactive and plan for it. And that's where budgeting comes in.

Ralph Estep Jr.:
02:34

So, without further ado, let's dive into the 5 main purposes of budgeting.

Ralph Estep Jr.:
02:39

And the first one is this: Gaining Clarity and Control. Imagine this, you're driving down a winding road, but you have no idea where you're going. You're just following a curve, hoping for the best. Well, that's what it's like if you manage your money without a budget. You're at the mercy of impulse purchases and unexpected expenses.

Ralph Estep Jr.:
02:47

It brings up a funny story. I can still remember when I was prescribed glasses for the first time. I feel like it was during my junior year of college. I was standing at the checkout counter of the store. I bought my glasses and put them on and wow. I could see clearly across the road. I had clarity I hadn't seen in years. It's an experience I can still remember to this day. Well, many years later. No need to share exactly how many years we're talking about.

Ralph Estep Jr.:
02:58

Budgeting brings clarity. It allows you to see exactly where your money is going each and every month. It helps you identify areas where you might be overspending and highlights opportunities to save and listen, we can all help doing that. It's like putting on a pair of financial glasses. Suddenly you can see clearly where you are and where you want to go.

Ralph Estep Jr.:
03:19

But clarity is just a first step. Budgeting also gives you control. When you have a plan for your money, you're no longer reacting to your financial situation. You're proactively shaping it. You're making conscious decisions about how to allocate your resources. That will empower you to achieve your financial goals. And in my personal case, those glances empower me to see farther and with more clarity than I have been able to see in years.

Ralph Estep Jr.:
04:08

Let's move on to purpose number 2: Aligning Your Money with Your Values. As Christians, our faith should permeate every aspect of our lives, including our finances. Our money is a gift from God, and we're called to be good stewards of it. If you listen to the show, this is something I talk about all the time. But how can we be good stewards if we don't have a clear understanding of where our money is going? That's where budgeting becomes a powerful tool for spiritual growth. It allows us to align our spending with our values.

Ralph Estep Jr.:
04:39

For example. Let's say generosity is important to you. Your budget can reflect that by allocating a specific amount for charitable giving each week or each month. If you value experiences over material possessions, your budget can prioritize travel and entertainment. The truth is, folks, budgeting helps us move beyond simply paying bills and allows us to start living intentionally. It allows us to use our finances as a tool to make a difference in the world and live out our faith in tangible and measurable ways. I certainly encourage all my listeners to live out their faith. I think that's what we're here for.

Ralph Estep Jr.:
05:14

Let's go to purpose number 3, and that's Achieving Your Financial Goals; whether it's buying a home, paying off debt, retiring comfortably, we all have financial goals we're working towards. But without a plan, these goals can feel like distant dreams. Budgeting provides a roadmap to reach your financial destination. It helps you break down large goals into smaller, more manageable steps. Again, this is something I talk about on the show all the time.

Ralph Estep Jr.:
05:42

By tracking your progress and making adjustments along the way, you'll stay motivated and on track to achieve your financial aspirations. Remember, a budget isn't about deprivation. It's about prioritization. It's about making conscious choices today that will set you up for financial freedom and abundance tomorrow.

Ralph Estep Jr.:
06:04

We've covered a lot of ground so far, haven't we? We've talked about how budgeting brings clarity and control. It aligns our money with our values and paves the way to achieve our financial goals. But there are 2 more critical purposes of budgeting that we need to unpack. And remember, tomorrow we're diving deep into the world of entrepreneurship and avoiding burnout with the amazing Ral West. You don't want to miss her insights.

Ralph Estep Jr.:
06:24

Let's get back to those final 2 purposes. Purpose number 4: Building Financial Security and Peace of Mind and folks, we all need that. Financial stress is a heavy burden to carry. It can affect our relationships. It can affect our health and it will affect our overall wellbeing. But the good news is that budgeting can be a powerful antidote to financial anxiety. I have seen so many marriages abruptly end based solely on financial stresses and the fallout from that stress. It is truly sad.

Ralph Estep Jr.:
06:58

When you have a budget in place, you're no longer living in a constant state of uncertainty about your finances. You know where your money is going. You have a plan to cover your expenses, and more importantly, you're actively working towards your financial goals. This sense of control can bring immense peace of mind and free you from the grip of financial worry.

Ralph Estep Jr.:
07:18

Remember what Philippians chapter 4, verse 6 says, "Do not be anxious about anything, but in every situation by prayer and petition with thanksgiving present your request to God." Budgeting combined with prayer and trust in God's revision can be a powerful way to find peace in the midst of financial challenges.

Ralph Estep Jr.:
07:39

And finally, we have purpose number 5. Leaving a legacy of generosity. As Christians, we're called to be good stewards of what God has entrusted to us. And that includes our finances. Budgeting isn't just about taking care of ourselves. It's also about positioning ourselves to bless others. I have said many times that unless you're able to steward your own resources, you're never going to be able to help and bless others. That is just a fact, my friends.

Ralph Estep Jr.:
08:07

When we manage our money wisely, we create margin in our lives. This margin allows us to be more generous with our time. We can be more generous with our talents, and we could be more generous with our resources. We can support ministries we believe in. We can help those in need, and we can leave a lasting legacy of generosity for generations to come.

Ralph Estep Jr.:
08:28

Remember, it's not about how much we have, but how we use what we've been given. Budgeting empowers us to be intentional with our finances, so that we can live generous lives that honor God to make a difference in the world. So there you have it folks. The 5 main purposes of budgeting. Gaining clarity, and control, aligning your money with your values, achieving your financial goals. building financial security and peace of mind and leaving a legacy of generosity.

Ralph Estep Jr.:
08:59

Remember, budgeting isn't about restriction. It truly is about freedom. It's about taking control of your finances so that you can live a life of purpose. A life of intentionality, and a life of abundance. And if you're ready to start your budgeting journey, head over to askralphpodcast.com. We've got a ton of resources there including past episodes. We've got blog articles and even my book that helps you master your money, God's way.

Ralph Estep Jr.:
09:27

Before we wrap up, I want to encourage you to join our email list. That way you get all the latest episodes, those blog posts. I just talk about an exclusive content delivered straight to your inbox. And if you found today's episode helpful, do me a favor. Please share it with a friend or family member who could benefit from this information.

Ralph Estep Jr.:
09:44

Well, that's all the time we have for today. Remember to tune in tomorrow for my conversation with Ral West on avoiding burnout and growing your business. It's going to be a good one. Until next time, my friends. As I always say, stay financially savvy and God bless you abundantly.