3 Easy Steps to Creating a Personal Monthly Budget 

Start tracking what matters so you can give, save and spend with purpose. 

If you’ve ever reached the end of the month wondering where your money went, you’re not alone. A monthly budget is one of the simplest—and most powerful—tools you can use to take control of your finances. And it’s not just about tracking expenses. A thoughtful budget helps you align your finances with your values, prepare for the future and give generously. 

Here’s how to get started in three simple steps. 

1. Know what’s coming in and what’s going out

Begin by listing all your sources of income: salary, side hustles, Social Security, etc.  

Then track your expenses. Include the big stuff (like housing and utilities) and the little stuff (like coffee or subscriptions).  

If you’ve never done this before, go back and look at your last one or two months of spending. 

By taking this first step, you’ll better understand your spending habits. Ask yourself a couple of questions:  

• • What surprises you?  
  • What can you adjust? 

2. Plan with purpose
A budget isn’t just about limits—it’s about priorities. Once you know where your money is going, you can start telling it where to go. 

Here are three key categories to build into your plan: 

1. Giving
Many Christians begin with tithing—often giving 10% of their income to the church. Your journey may look different depending on your circumstances. What matters most is your heart and your intention to give your first and best to the Lord. 

“Honor the Lord with your wealth and with the firstfruits of all your produce; then your barns will be filled with plenty.” — Proverbs 3:9–10 

Generosity is a loving and respectful act of worship. Building it into your budget helps you make it a regular practice, not just something you do when there’s money left over. 

2. Saving and Investing
After giving, it’s wise to set aside a portion of your income for the future. Many financial professionals recommend saving or investing 15–20% of your income toward an emergency fund, retirement or other long-term goals. 

At LCEF, investing can be a way to do more than grow your funds. You can also support Lutheran Church—Missouri Synod (LCMS) ministries and workers. It’s a chance to steward your resources faithfully while strengthening ministry.  

From investments like the All Access Account where you can access your funds anytime, anywhere while earning a competitive rate, to term notes and Individual Retirement Accounts (IRAs), LCEF offers a variety of short- and long-term investment options to LCMS church members. Learn more about aligning your investments with your faith.  

Not sure where to start? Take our short investment quiz for recommendations. 

3. Spending
This covers your everyday needs and living expenses: housing, groceries, transportation, insurance, childcare and more. It’s also where entertainment, travel and personal care fall. As you plan this category, ask yourself: What do I need? What brings joy? What can I simplify? 

An All Access Account from LCEF is perfect for managing day-to-day expenses. Gain interest and support LCMS ministries while have daily access to your funds. Learn more at lcef.org/AllAccess. 

Aim to strike a balance between what’s essential and what’s enriching without overspending your income. 

Make sure your plan is realistic. If it’s too rigid, it won’t stick. 

3. Use your budget every month

Budgets only work if you use them. Revisit yours regularly—bi-weekly at first, then monthly—and make adjustments as needed. Expenses change. Surprise costs arise. Life changes. That’s okay. A living budget grows with you and helps you stay focused. 

Ready to start budgeting with confidence?
Download LCEF’s free budget worksheet to begin creating your personal monthly budget today. Whether you’re just getting started or ready to refine your plan, this simple tool will help you take the next step. 

LCEF is a nonprofit religious organization; therefore, LCEF Investments are not FDIC insured, are not a federally insured savings or deposit account or insured by any state or federal agency. This is not an offer to sell investments, nor a solicitation to buy. LCEF will offer and sell its securities only in states where authorized. The offer is made solely by LCEF’s Offering Circular. Investors should carefully read the Offering Circular, which more fully describes associated risks. StewardAccount products are not available to investors in South Carolina. StewardAccount access features are offered through UMB Bank n.a. Neither LCEF nor its representatives give legal, accounting or tax advice. Consult your tax advisor as to the applicability of this information to your own situation. UMB Bank n.a. serves as the custodian for the LCEF IRA/HSA programs.