The other day, I had lunch with someone who inadvertently gave me the greatest budgeting advice I’d ever received.
I graduated from college in 2021. I spent a lot of time in and around our Newman Center, which is the best in the country.
It’s a vibrant community of young Catholics.
It was a very formative place for my wife and me. We even got married there!
At the end of the year, the development team set up one-on-one meetings with the seniors to gather feedback and discuss giving.
This individual laid it out so simply for me…
“Don’t wait to tithe 10% of your income. Start now.”
My parents always taught me the importance of tithing. In fact, we had a weekly allowance of $10, and we’d always put $1 in the basket at Mass.
But I’ll admit, I hadn’t been great at it since then, but knew I wanted to give to things that mattered, like the Newman Center.
He continued…
“If you don’t start now, you never will. There will always be an excuse not to. But if you start by tithing the first 10% of your income, you’ll never live a lifestyle outside of your means that doesn’t allow you to tithe; thus, your entire life becomes a sacrifice. Everything you do and spend money on becomes a thoughtful sacrifice.”
This was profound.
I had never thought about it like this.
And today, it’s easier to do than ever by setting up recurring gifts to your parish, diocese, and other nonprofits/causes you care about.
I think it’s also fun to save some back to do something intentional each month with, like give a gift.
If you haven’t started, do everything you can to start now. It’s totally doable.
Here’s a breakdown of our family’s monthly budget, in order of importance:
Tithing: 10%
Student loans: 10%
Savings: $75 (this will go to 10% once loans are paid off)
Rent: 23%
Health insurance: 25%
Utilities: $325
Car, renters’, life insurance: $225
Groceries: $450
Phone: $90
Personal care: $50
Gas and car: $250
Shopping: $250
Entertainment: $225
This is for a young family of four. Adapt it for your needs.
I think smart budgeting is an important skill for every young professional who wants to lead an intentional life.
I’m sure it’s no surprise if you look around, the reckless spending is a norm in our society, especially Gen Z.
I see so many recent college grads complaining about their circumstances, student loans, etc. but at the same time, they are single, renting expensive apartments, and spending $200+ a weekend on food and alcohol.
It doesn’t make sense.
Don’t be one of those people.
Budget smart and give your first 10% and your life will change.
God bless,
Mitch