Honesty

For those of you on track 2, you’ll have an opportunity to start on the Estimated Spending Plan. This will be a key starting point and help you be a faithful steward of all that God has entrusted to you.

1. Estimate your income

List all your income in the “Income” section of the Estimated Spending Plan. Some people don’t receive steady, predictable income. If your income is not consistent, estimate your yearly income and divide by 12 to determine your average monthly income.

2. Estimate your expenses

Complete and total each expense category on the Estimated Spending Plan. Not all spending is consistent each month. Spending that varies can include:

• Irregular monthly expenses — such as food and utility bills. Simply estimate what you spend in an average month.
• Expenses that don’t occur every month — such as auto maintenance, medical bills, clothing, and vacations. Estimate the annual amount spent for an item and divide by 12. For example, if you spend $300 a year for car repairs, set aside $25 a month to pay for repairs.

3. Use your goals

Use your Goals Worksheet, to help you build the Estimated Spending Plan. For example:

• If you have a goal of giving 15 percent this year, incorporate that number into the “Giving” portion of the estimated spending plan.
• If you have a plan to pay off debt with the snowball strategy, use the information from the List Your Debts & Snowball Strategy form in the “Debt” portion of the estimated spending plan.
• If you have savings and/or investing goals, enter those numbers into the plan.
• If you have personal goals such as fitness and hobbies, make sure you include what the costs may be in your estimated spending plan. For example, if one of your goals is to exercise every day, you may need to consider adding the cost of exercise equipment or a gym membership to your plan.

4. The key word is “estimate”

Today’s Bible study has revealed important truths about honesty that will be helpful as you complete this application. In the process of estimating your income and expenses, you’ll want to make sure that you are completely honest with yourself on your estimated income and spending.

Do your best to identify all your income and expenses. We’ve provided a detailed list that can help you identify some that are easy to forget. Not all categories may be relevant for your situation, and if you don’t see a line item for your specific income or expense, just put it in a place that makes the most sense to you.

Download the Estimated Spending Plan (PDF) | Example (PDF)