Who Needs A Budget? with Chad Clark

“Precious treasure and oil are in a wise man's dwelling, but a foolish man devours it.” - Proverbs 21:20God’s Word couldn’t be any plainer on the need to live below one’s means and to be able to save for the future. To do that, you need a budget. Chad Clark is here to share some interesting facts about budgeting.Chad Clark is the Executive Director of FaithFi: Faith & Finance and the co-author of Look at the Sparrows: A 21-Day Devotional on Financial Fear and Anxiety. More People Budget Than You Think—But There's a CatchA recent NerdWallet survey revealed that 75% of Americans have a monthly budget. Encouraging, right? However, the same survey found that 84% of those individuals regularly exceed their budget.What happens when people overspend? For 44%, it means relying on credit cards, while 56% dip into their savings. Both paths can lead to financial instability, highlighting the importance of creating a budget that works—and sticking to it.Why Do People Avoid Budgeting?We have heard a variety of reasons why people avoid budgeting, including:“It takes too much time.”“I don’t like math.”“I can’t stick to it—it feels like a diet.”“I don’t need a budget; I’m doing fine.”“It limits my freedom.”Most of these reasons stem from misconceptions about what budgeting truly involves.Busting Common Budgeting MythsHere are a few common misconceptions about budgeting—and the truth behind them:1. “A budget is about cutting expenses.”Not true! A budget is a decision-making tool to help you prioritize spending and make wise financial choices. It’s about aligning your spending with your values, not just slashing costs.2. “A budget is too rigid.”Your budget can be as flexible as you need it to be. It’s meant to adapt to your circumstances and help you make adjustments when necessary.3. “I don’t need a budget because I make enough money.”Even multi-million-dollar companies use budgets! A budget helps you steward what God has entrusted to you, regardless of your income level.How the FaithFi App Can Help You Budget BetterThe FaithFi app is designed to make budgeting accessible, effective, and Christ-centered. Here’s how it can help:1. Tailored to Your Money Management StyleThe app offers three different ways to manage your money so you can choose the method that works best for you.2. Establishes Healthy Financial RhythmsWhether you prefer daily check-ins or weekly reviews, the app helps you build habits that keep your finances on track.3. Focuses on More Than MoneyFaithFi integrates financial management with spiritual growth. Its content and community features encourage you to be a faithful steward of God’s resources.Ready to Get Started?The FaithFi app is more than a budgeting tool—it’s a resource to help you manage your money intentionally and grow in your relationship with the Lord. It’s about bringing order to your finances and aligning your decisions with God’s principles.Download the FaithFi app today at FaithFi.com or find it in your app store by searching for “FaithFi: Faith & Finance.” Make this the year you take control of your finances and honor God as a faithful steward.On Today’s Program, Rob Answers Listener Questions:I separate my giving in three ways—to my church, InTouch Ministries with Charles Stanley, and a ministry that works with autistic children. Is there anything wrong with splitting up my giving like this if that's what's on my heart?I have a self-directed IRA, called a "checkbook IRA," that I used to invest in a rental property. I have both traditional 401(k) and Roth 401(k) savings. When I retire in under two years, I plan to roll my 401(k) into the IRA to pay off the loan on the rental property. Is there any issue with commingling the Roth and traditional 401(k) funds to do this?I've been retired for a number of years, and my one daughter is a few years away from retirement. I would like to know the tax implications if I withdraw the money from my Roth IRA now and give it to her versus letting her accept it as a beneficiary when I pass away. Would she have to pay any taxes on it either way?I have a 14-year-old child and a newborn, and I've opened brokerage accounts for both of them. What are the best investment options, especially for newborns with a longer time horizon? I'm not looking to earmark the money specifically for college, but I want to invest it for their future. What are some good options to consider?Resources Mentioned:Faithful Steward: FaithFi’s New Quarterly PublicationList Of Faith-Based Investment FundsLook At The Sparrows: A 21-Day Devotional on Financial Fear and AnxietyRich Toward God: A Study on the Parable of the Rich FoolFind a Certified Kingdom Advisor (CKA) or Certified Christian Financial Counselor (CertCFC)FaithFi App Remember, you can call in to ask your questions every workday at (800) 525-7000. Faith & Finance is also available on Moody Radio Network and American Family Radio. You can also visit FaithFi.com to connect with our online community and partner with us as we help more people live as faithful stewards of God’s resources. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.