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Today, we’re picking Drew’s brain!

Drew attends nearly every Stewardship Lifestyle Seminar we conduct across the U.S. and is our resident budgeting expert. We wanted to ask him about the most common budgeting mistakes and questions he encounters at these seminars—so let’s dive into these key issues!

Top Budgeting Mistakes

7. Not Shopping Around for Lower Costs

Bills like cell phone plans, cable, internet, and insurance are often negotiable. Yet, at seminars, we notice that many people simply get lazy about these things.

Yes, it takes time, but it’s worth the effort if it saves you money every month. Drew regularly negotiates his bills and is willing to change providers if he finds a better price.

Proverbs 21:5 – “The plans of the diligent lead surely to abundance, but everyone who is hasty comes only to poverty.”

6. Overspending on Vacations

Some people view vacations as a need and spend extravagantly, only to realize afterward that they couldn’t afford it—sometimes even going into debt. They compromise future financial goals for immediate pleasure.

We’re not saying vacations are bad! But many people overspend, stretching their finances thinner than necessary.

Alternative Ideas:

  • Consider a staycation or a week of day trips.
  • Take a budget-friendly local vacation rather than an expensive getaway.
  • A staycation can sometimes be more restful and productive than exhausting (and costly) travel.

Luke 14:28 – “For which of you, desiring to build a tower, does not first sit down and count the cost, whether he has enough to complete it?”

5. Not Tracking Spending

Many people create a budget but don’t track their actual spending. Without accountability, they consistently overspend.

Drew calls this being “receipt-driven.” Some people need to track receipts forever because they are chronic overspenders, while others may not. But regardless, tracking spending helps you stay true to your budget.

Proverbs 27:23 – “Know well the condition of your flocks, and give attention to your herds.”

4. Not Budgeting for Retirement Savings

Drew frequently meets people who:

  • Aren’t saving for retirement at all.
  • Dip into retirement savings to cover current expenses (and pay penalties).

This lack of planning jeopardizes their financial future.

Real Story: Drew and Angel once sat with a couple and asked the husband about his retirement savings. He had worked for a company with a 401(k) match for over 30 years—but never contributed a single penny. His wife was not happy. Now, retirement seems like an unlikely option for them.

Even small contributions today can grow significantly over time because of compound interest.

Proverbs 6:6-8 – “Go to the ant, O sluggard; consider her ways, and be wise. Without having any chief, officer, or ruler, she prepares her bread in summer and gathers her food in harvest.”

3. Overspending on Amazon (and Similar Retailers)

Online shopping makes impulse spending far too easy.

At one seminar, a man pulled up his Amazon cart—he had 15 items in it, but no money to pay for them!

It’s not just Amazon—retailers like Target, Walmart, and Temu make it easy to buy instantly, removing the time to consider the purchase.

How to Avoid This Trap:

  • Use a waiting period. Give yourself 24 hours before checking out.
  • Set a spending limit. Only allow yourself to buy when you’ve budgeted for it.
  • Price compare. Don’t assume Amazon (or any one retailer) has the best deal.

Proverbs 25:28 – “A man without self-control is like a city broken into and left without walls.”

2. Too Much Eating Out!

For many, eating out has become more normal than cooking at home.

The problem? Most people don’t budget for it—and don’t even realize how much they’re spending.

Crazy Example: Drew once helped a family uncover that they were spending $1,800 per month on eating out—while simultaneously borrowing money from their parents to stay afloat. They had no idea they were spending that much.

Solution:

  • Track restaurant spending. Awareness alone can help you cut back.
  • Plan your meals. Meal prepping saves both money and stress.

1. Not Giving to Their Church

Many people love their church but don’t feel like they can afford to give.

Haggai 1 reminds us that when people neglect giving, God withholds blessings. It’s not about a Prosperity Gospel—it’s about how God operates.

  • If we live with an open hand, God can bless us.
  • If we clench our fists, God won’t give to us because He sees that He can’t give through us.

Malachi 3:10 – “Bring the full tithe into the storehouse, that there may be food in my house. And thereby put me to the test, says the Lord of hosts, if I will not open the windows of heaven for you and pour down for you a blessing until there is no more need.”

Stewardship Application

Be diligent with your finances.

We will stand before the Lord someday and give an account of how we stewarded His resources.

The Parable of the Talents (Matthew 25:14-30) challenges us to ask:

  • If God called you home today, could you honestly say you’ve stewarded His blessings well?
  • Are you caretaking and consistently managing what He’s given you?
  • Are you using resources for your family and His Kingdom—and doing so wisely?

This doesn’t mean you can’t have fun! Enjoy vacations, go out to eat—but do it responsibly and within the framework of faithful stewardship.

 

Next Steps

 

 

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The topics discussed in this podcast are for general information only and are not intended to provide specific investment advice or recommendations.  Investing and investment strategies involve risk including the potential loss of principal. Past performance is not a guarantee of future results.

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