Budget Isn't a Dirty Word Ericka Young Ep 244

When Ericka Young and her husband made the choice to get out of debt, they had two small kids and $90,000 to pay off.

In the midst of the expensive, hard season of raising their daughters they worked hard for five years to get debt-free and now Ericka teaches the budgeting principles they used to help others find freedom. She believes that while many of us see a budgeting as restriction it can actually bring a lot of freedom.

“You can be creative if you want, you can call it a spending plan, you can call it a cash flow plan, whatever want to call it is totally fine. But when I say the word budget, everybody has a response, good or bad. And many times it's bad. It is the straight jacket. It's restriction, it's lack of freedom, that kind of thing. But here's the deal. It's what you make of it. Your budget is your own, make it your own.”

We chat about teaching our kids about money and tithing and how we are ultimately stewards of the resources God has given us.

“I love numbers. And so how I get out of my head is to realize that God is my provider. I am not the fixer of all financial issues. God is the provider. He also leads the way. And so when things come up and I have to shift or do a detour or what have you, I still know that he's in control. And so the budget is the guide. It's the plan. But when life happens, I also know that God's got this.”

What we chat about:

• Her and her husband’s history with debt and money
• Finances while you are raising young kids
• Parental peer pressure can cause us to spend money we don’t need to
• Why having a budget and money goals can help you get a handle on your finances
• Having shared financial goals with your husband
• Track your spending for the past three months and see if it aligns with your priorities
• Plan for out-to-eat meals in your budget and use wisdom on when to eat out
• Teaching your children about the costs of items and how to spend within limits
• Being committed to tithing and how to discuss it with our kids
• Responsibilities, allowances and working with kids on money
• Why we need cushion in your budget for emergencies. It helps takes stress off an already stressful situation.
• Your budget can bring freedom from the stress of not knowing where your money is