Budget Isn't a Dirty Word Ericka Young Ep 244

Don't Mom Alone Podcast

Education, Leisure, Kids & Family, Parenting

4.9 • 2.3K Ratings

🗓️ 22 April 2019

⏱️ 49 minutes

🔗️ Recording | iTunes | RSS

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Summary

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

Transcript

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0:00.0	Hey y'all, welcome back to the Don't Mom Alarm Podcast.
0:09.8	I'm your host Heather McFadian and this is the place where I'm going to walk alongside
0:13.8	you and connect you with people and resources who remind you you don't mom alone.
0:20.4	And this episode number 244 I have the pleasure of chatting with my new friend, Erica Young.
0:26.9	The budget should bring freedom and the reason I even started the business is because the
0:32.7	Bible says in Habakkuk 2, right the vision and make it plan on tablets so that he may
0:36.9	run who reads it.
0:38.4	Then it goes on to talk about the vision.
0:40.3	It's set for an important time.
0:42.3	And so here's the deal.
0:44.2	You write it, you write the vision, you make it plain, and then you simply run with it.
0:49.6	This is your vision.
0:51.0	And so if we're stressing, it's because we've actually created a stressful situation in
0:55.4	our budget.
0:56.4	And we've not created it with a room or we haven't given ourselves permission to enjoy
1:01.4	or we need a savings account.
1:03.5	And so we need to tackle some of those goals in order to bring some of that flexibility
1:08.6	that the budget can provide.
1:10.1	And so it's a vision, it's a roadmap, it's some healthy boundaries around your money
1:15.1	so that you can get where you eventually want to go financially.
1:18.7	I don't know what your story has been when it comes to budgets and maybe finances you're
1:22.2	already like not for me.
	...

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