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Perhaps you’re living paycheck to paycheck.
Bank accounts? Depleted.
Stress level? Through the roof.
I’ve talked with many families going through difficult times – unbelievable hardships that sap their energy and wallets. Occasionally I’m asked if I think they should tithe when their budget is upside down. The short answer is yes, but hang in there and allow me to explain why.
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What’s popular isn’t always right.
Chances are, if you’ve studied personal finance for any length of time, you’ve come across the 10/10/80 budget allocation method. But is it the best for you?
The 10/10/80 method teaches that people should give 10% of their income, save or invest another 10%, and spend the rest – 80%. It is often advertised as a universally-viable method of handling your finances.
And the thing is, it sounds good, doesn’t it? That means it must be, right?
Think again.
While the 10/10/80 method correctly splits personal finance into three major categories (giving, saving, and spending), it inappropriately assumes that people should only give 10% of their income. Similarly, it assumes people should only save or invest 10% – as well as that they should start saving up to 10% right away.
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