Your income is your number one asset; it represents your ability to repay debt. If you’re like most people, you pay on your debt and try to save what’s left, finding there’s usually little to nothing. This is why budgeting is so very important and necessary. Establishing and maintaining a budget is the number one way of showing financial responsibility. For the majority of my clients I use a formula of:

10% tithes and offerings

10% savings

10% self

35% living expense

35% retiring old debt