Tag: tithes
-
Avoiding Common Pitfalls to Budgeting
Your budget is simply a tool to help you plan your expenditure or manage your cash flow. This should be in the context of your financial goals. This means your budget should be aligned with your financial goals. Continuing with the example from the previous post – pay yourself first in budgeting, saving 10% of…
-
Applying Pay Yourself First in Budgeting 2
From Pay Yourself First in Budgeting part 1, we used the illustration of en employee earning a gross monthly salary of N150k. With tax an pay roll deductions amounting to 20%, tithes/giving and savings amounting to 10% each of gross income, the total deductibles from gross monthly income comes to 40% or N60k. That means…
-
Applying Pay Yourself First in Budgeting
Paying yourself first looks straightforward logic wise, but it may be difficult for most people to comprehend and practice. It took me years to get the hang of it, though I understood it mentally. To illustrate a practical application of this principle, I am going to use an example to illustrate.