As part of our Money Talks sermon series, we are offering Financial Peace University at a special price. For just $50, you can purchase direct access to the course (normally $110). We believe through this dynamic 9-week class, you’ll be empowered with the practical skills and confidence needed to achieve your financial goals and experience true financial peace!





1. Gather every financial statement you can.

This includes bank statements, investment accounts, recent utility bills, and any information regarding a source of income or expense. One of the keys in the budget-making process is to create a monthly average, so the more information you can dig up the better.


2. Record all of your sources of income.

If you are self-employed or have any outside sources of income, be sure to record these as well. If your income is in the form of a regular paycheck where taxes are automatically deducted, then using the net income (or take-home pay) amount is fine. Record this total income as a monthly amount.


3. Create a list of monthly expenses.

Write down a list of all the expected expenses you plan on incurring over the course of a month. This includes a mortgage, car payments, auto insurance, groceries, utilities, entertainment, student loans, retirement or college savings — essentially everything you spend money on.


4. Break expenses into two categories: fixed and variable.

Fixed expenses are those that stay relatively the same each month and are required parts of your way of living. They included expenses such as your mortgage or rent, car payments, cable and/or internet service, trash pickup, credit card payments and so on. These expenses, for the most part, are essential yet not likely to change in the budget.

Variable expenses are the type that will change from month to month and include items such as entertainment, eating out, and gifts, to name a few. This category will be important when making adjustments.


5. Total your monthly income and monthly expenses.

If your end result shows more income than expenses, you are off to a good start. This means you can prioritize this excess to areas of your budget such as paying off any debt faster. If you are showing a higher expense column than income, it means some changes will have to be made.


6. Make adjustments to expenses.

If you’re in a situation where expenses are higher than income, you should look at your variable expenses to find areas to cut. Since these expenses are typically non-essential, it should be easy to shave a few dollars in a few areas to bring you closer to your income.

Download the following resources to help you with your budget!

Quick Start Budget Cash Flow Plan Irregular Income Planning Allocated Spending Plan Additional Resources