Building a Foundation Part 1: Budget Basics and Baby Steps 1-3

Matthew 6:19-24 (ESV)

Matthew 25:14-30 (MSG)

Objective: Give people an intro to the tools needed to start building a strong financial foundation

Quote: “Money is a terrible master but an excellent servant.” ~PT Barnum

Overview:

– Budgeting Basics

– Financial “Baby Steps” to Building a strong foundation (Dave Ramsey)

• 1. Save $1,000 for your starter emergency fund

• 2. Pay off all debt (except the house) using the debt snowball

• 3. Save 3 – 6 months of expenses in a fully funded emergency fund

• 4. Invest 15% of your household income in retirement

• 5. Save for your children’s college fund

• 6. Pay off your home early

• 7. Build wealth and give

Budget Basics

– Budget Committee Meeting

– Cash Flow Planning

Building a Foundation: Part 1 Budget Basics and Baby Steps 1-3

Baby Step 1: Save $1,000 for your starter emergency fund

– Proverbs 21:20 (ESV)

Baby Step 2: Pay off all debt (except the house) using the debt snowball

– Romans 13:8 (ESV)

– Proverbs 22:7 (ESV)

– Proverbs 6:1-5 (ESV)

Baby Step 3: Save 3 – 6 months of expenses in a fully funded emergency fund

– Proverbs 28:20 (ESV)

– Hebrews 12:11 (ESV)

– Philippians 3:13-14 (ESV)

“One has to remember that every failure can be a stepping stone to something better.” ~Colonel Sanders

Other Resources: