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From the Podcast:

Don’t kill your budget by making some common mistakes like letting greed and lust guide your decisions.

You may not be religious, but these “seven deadly sins” of budgeting are relevant for all of us. Don’t let these things destroy your budget:

#1 Lust

Lust is about desiring things you don’t have to the point that it becomes an unhealthy obsession. Imagine if you actually bought everything you saw at the store that you thought you might like. You’d probably walk out with a cartload of chocolate, ice cream, and gadgets that were once sold on TV infomercials! Your budget would also be broken. Don’t let “lust” for stuff you don’t really need to break your budget.

#2 Wrath

Instead of fighting over money with your spouse and being “wrathful,” you should make a budget and stick to it so you know how much there is to spend and. This will help reduce marital tension (one of the biggest causes of divorce is money!)  and keep you on target.

#3 Pride

Do well with your money, but be humble. Don’t allow the fact that you’ve been doing well for a while cause you to get ahead of yourself. A financial disaster or becoming a spendthrift because you’ve convinced yourself you’ve got cash to burn are quick ways to get humbled. “Pride goes before the fall.”

#4 Envy

Envy is looking at something someone else has and hoping others don’t have it. It’s about wishing bad things for others because they have what you don’t. This goes hand-in-hand with lust, wrath, and pride. Don’t let your financial woes cause you to be cold and bitter toward friends, family, and others.

#5 Sloth

Too lazy to budget? You’ll never win with money, then. Managing your money takes effort. You have to be willing to cut costs now so you can have something to live off later. If you’re not willing to look at what you can afford to spend, you’ll overspend. Don’t be lazy, and don’t lease your future because you want to live large today.

#6 Gluttony

Believe it or not, food is a huge budget buster. It’s easier to stop and grab something than it is to plan your meals ahead of time and eat leftovers. The average American eats 2,000 pounds of food per year, much of it processed or from restaurants. And that’s not counting the cost of going to Starbucks instead of buying coffee and making it at home. Managing food and drink purchases is one of the best ways to cut back on your budget. Failing to manage them is one of the quickest ways to break your budget.

#7 Greed

Hoarding stuff because you need to look cool or have the newest, greatest phone or computer is all about greed. You need to learn to be satisfied with what you have and to live within your means. To paraphrase one famous quote: “We spend money we don’t have to buy things we don’t need to impress people we don’t like.” One of quickest ways to bust your budget is to do just this. Don’t let your emotional needs or a desire to look cool cause you to end up in the poor house.

We need to learn to be content with where we are and what we have if we want to keep these tips in mind. Don’t let lust, wrath, pride, envy, sloth, gluttony, and greed destroy your relationships, your marriage, your finances, and your life. Start taking control of your money today.

Article for this topic by Daniel Martin.
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Key Points:

  • We can all make big budgeting “sins” if we let our emotions guide us against logic.
  • Financial “lust” is about desiring things you don’t have to the point that it becomes an unhealthy obsession.
  • Instead of fighting over money with your spouse and being “wrathful,” you should make a budget and stick to it.
  • Be humble. Don’t allow the fact that you’ve been doing well for a while cause you to get ahead of yourself.
  • Envy is looking at something someone else has and hoping others don’t have it.
  • Too lazy to budget? You’ll never win with money, then.
  • Believe it or not, food is a huge budget buster. It’s easier to stop and grab something than it is to plan your meals ahead of time and eat leftovers.
  • Don’t be greedy. You need to learn to be satisfied with what you have and to live within your means.
  • We need to learn to be content with where we are and what we have if we want to keep these tips in mind.

Quote This:

A debt problem is, at its core, a budgeting problem. -Natalie Pace

Talk About It
  1. What is your initial reaction to this topic? What jumped out at you?
  2. Do you have a budget? Why or why not?
  3. What do you think are some of the hardest parts of budgeting?
  4. What are some of the benefits of budgeting?
  5. How have you seen “lust” to be a problem for budgeting? Why is it important not to be impulsive in our spending?
  6. How have you seen “wrath” to be a problem with not budgeting or from failing to keep your budget?
  7. How have you seen “pride” to be a problem for budgeting? Why is it important to be consistent even when things seem to be going great financially?
  8. How have you seen “envy” to be a problem for budgeting? Why is it important not to damage our relationships because we want what others have?
  9. How have you seen “sloth” to be a problem for budgeting? What will be the long-term result if you let “slothfulness” guide your budgeting (or lack thereof)?
  10. How have you seen “gluttony” to be a problem for budgeting? What are some ways you can start cutting back costs of food this week? (Not just on groceries, but on snacks, coffee, and eating out.)
  11. How have you seen “greed” to be a problem for budgeting? Why is it important to be happy where we are and to live within our means if we ever wish to overcome greed?
  12. Write a personal action step based on this conversation.