Rob West

Budgeting For Beginners

November 14, 2020
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You’ve heard it before, everybody talks about the weather, but nobody does anything about it. A funny line, no doubt, but might we say the same thing about budgeting? Maybe you’ve done your share of talking about a budget but never got around to it. Or you’ve tried and failed and your technique needs a tweak. So first up, financial planner and teacher Rob West talks us through the basics. Then it’s your calls at 800-525-7000.

•          No matter how much or how little you have, everybody needs a budget. There’s no other way to stay on top of your spending, get out of debt, give to your maximum potential,  and plan for the future.

•          Step 1 is list your monthly income. That means your “after tax” income.

•          Step 2 is to list all of your fixed expenses, the things you pay the same amount on every month. These would include your rent or mortgage payment, auto loans and insurance, credit card minimum payments and student loans.

•          Include your giving in this step because that’s certainly a needed expense. Determine a percentage for your giving and do your best to stick to it.

•          Step 3 is to list your variable expenses. These are things that vary from month to month. 

•          Step 4 is budget some money for your “wants.” Give yourself a little spending money for a few things that make life a little easier and more enjoyable.

•          Step 5 is start paying off your debt. You need to determine the amount of your remaining discretionary income that you can put toward debt that is, above your minimum payments. 

•          Step 6 is start saving. And for the purpose of this exercise we’ll assume you don’t have an emergency fund. 

•          The 7th step is to look for ways to cut spending. Can you raise or lower the thermostat to trim your utility bills? Can you cut something from the grocery budget?

•          Step 8 is to set up a system for tracking your expenses as you go forward. This is essential to know whether you’re on budget. We think the best way to do that is with the new MoneyWise app, which you can download for free at the App store.


Here are some questions we answered from our callers on today’s program:


•           I am out of debt and in full time ministry. What is the best way to build my retirement?

•           I have a lot of my investments in silver. Is this wise?

•           I have a 401K and life insurance. I have student loans, credit cards and a car payment. How should I be investing?


Ask your questions at (800) 525-7000 or email them at Visit our website at where you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources.

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About MoneyWise

MoneyWise is a daily radio ministry of MoneyWise Media. Hosted by Rob West, the program offers a practical, biblical and good-natured approach to managing your time, talents and resources.

About Rob West

Rob West is the host of the nationally syndicated radio programs MoneyWise and The MoneyWise Minute heard on more than 900 radio outlets each day. Rob also serves as the President of Kingdom Advisors, an international community of financial professionals who are specialists in delivering biblically wise financial advice. Rob serves as primary spokesperson for the organization and gives leadership to organizational strategy.

A radio veteran, Rob previously co-hosted a live, call-in, financial radio program with his father from 1998 through 2008 at WAFG, Fort Lauderdale, FL. Rob has dedicated his professional career to working at the intersection of faith and finance having led a successful faith-based financial services firm, serving as the host of several radio programs on a biblical approach to finance, and speaking frequently on the topic. Rob and his wife, Julie, live in Marietta, GA with their four children.


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