How much money do you save? How much do you live on? Give away? Have you ever thought about it?
How about the 10/10/80 plan. You might have heard of this the other way around, 80/10/10. This is where you spend 80% of your paycheck on bills and living expenses, 10% goes into savings, and 10% is given away. I, however, prefer to look at it my way… in order of importance.
10…
Steady, regular, tithing of 10% of your income. There are many blessing to giving away your money. I can honestly say, few things make you feel better.
10…
Again, steady and regular. This time however, it is steady and regular into your savings account. Fortune grow when additions are consistent. How much is 10% of your paycheck? How about after a year? That much in savings adds up fast.
80…
Lastly, the remaining 80% of your paycheck is what you live on. By using only 80% of your income, you are making it virtually impossible to live beyond your means.
Basic? Yes. Simple? No. depending on your situation, learning to live on only 80% of your income could take time. Those that have never tithed before might find the concept strange. However, if you follow this plan you will be creating a strong financial foundation to live on.
3 comments ↓
I like it by order of importance, if only everyone did this. How do you do your first 10% though, so you don’t spend it? Do you write a check to the church, or something more automatic?
Thanks for the comment. Currently I handle this with a seperate checking account that is only for tithe money. Every pay check I get has 10% automaticaly transfered into this account where I also have several automatic payments set up. This way our sponsour child with Compassion, and a couple of other ministries my wife and I support automatically get paid each month. Once or twice a month we will write a check to our church for any money still in this account. I have found that by completely segregating this money from the rest of our funds, not only have we been able to keep God’s money separate, but we have been able to automate most of our tithing as well.
[...] I kept telling myself we should be doing. We really wanted to be doing the 10/10/80 thing, but we never quite got around to it. Plus, we were determined to remain debt-free. Could [...]
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