Episode 3

S8 Ep 3: Top 10 Tips for Practical Budgeting

In the third episode of this Faith and Finance Top 10s season, Simon shares his Top 10 Tips for Practical Budgeting.

Some key points of interest covered in this episode include the following:

  • Simon’s first top tip for practical budgeting is to itemise carefully all of our income so that we know how much money will be coming in monthly and over the course of a year. [01:43]
  • Because of the great importance of giving and being generous (as discussed in Season 5), Simon suggests that top tip number two should be to decide how much we are going to give. [04:02]
  • Thirdly, Simon highlights the importance of prioritising budgetary items through a process of identifying essential payments and then discretionary items, with the latter category being ranked according to their importance to us. [05:33]
  • Top tip number four is ‘Write it down!”. [07:33]
  • Next, Simon suggests that we should ensure that we review our financial commitments regularly. [09:32]
  • Simon explains the ‘three bank account system’, which can help us manage our money according to the type of expenditure involved; ‘pots’ that are available through banking apps can be used to achieve the same outcome. [11:06]
  • Simon explains how we can put in place an arrangement for coping with less frequent, but potentially very significant, expenses [14:22]
  • Another key principle is to focus on reducing and then eliminating any debts that we may have. [17:16]
  • Simon’s penultimate point is that we should try to balance our budget on an ongoing basis so that we are living within our means. [20:39]
  • Simon’s final top tip on practical budgeting is to develop the habit of saving to buy rather than borrowing to buy. [22:21]
  • The focus of the next episode in this season will be on generosity when Simon and Bex will discuss ten top tips relating to giving well and effectively. [24:28]

Suggestions or feedback arising from this episode can be sent via email to whereyourtreasureis@freerangepodcasting.co.uk while messages via Instagram should be directed to @whereyourtreasureispodcast.

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About the Podcast

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Where Your Treasure Is...
Conversations about faith and finance with Chartered Financial Planner of the Year, Simon Glazier

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About your hosts

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Simon Glazier

Simon is a forty(something), average height, mostly bald, Christian, husband, father of three, bad taste in fashion, movie-loving, not-very-musical-but-likes-to-sing, outdoor type, board-game playing, dancing, acting (would love to get back into amateur dramatics), kind of guy.

He also happens to be a very experienced, qualified and award-winning Financial Planner (and not just any award - the UK Chartered Financial Planner of the Year Award!).

After 20+ years in the finance profession and having worked for one of Aberdeen and the UK’s best financial planning firms (they also won awards...) he started Stewardship Wealth on the 1st April 2018. His goal is to build a business that would delight clients, gather a team of fun to work with people, and raise money for charity, in particular the Church he is a part of. He has committed to giving away at least 10% of all the income of the business to charity, even before he pays himself!

He's been part of a growing Aberdeenshire church for 25+ years, during which time he as acted, sung, played the tambourine (sad, but true), served in and helped lead the children's ministry, helped run several Marriage Courses, Parenting Courses and Money Courses, been a Treasurer and Trustee for over 13 years and has helped lead a small group based bible study for as long as he can remember.

If you’re ever up for a deep and meaningful conversation about faith and finance...or a strategy based board game...then he’s your man.

P.S. He also has a collection of over 60 Monopoly Board Games, owns a Bowler Hat and once represented England in the World Folkdance Festival as a Morris Dancer...!
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Bex Elder

Bex Elder is a freelance translator and writer based in the North East of Scotland. While Bex is by no means a financial expert (unlike her more knowledgeable co-host), her love of a good chat, and sometimes debate, led her into podcasting. Bex splits her working hours between her own business and working a day a week for her local church as the Assistant Youth Pastor. Bex loves running, getting lost in a good book, drinking copious amounts of tea and never says no to a macaron.