"The 7 Baskets principle" is a budgeting method that can be used to manage money in a way that aligns with biblical principles according to
Genesis 47:24 where its says "But when the crop comes in, give a fifth of it to Pharaoh. The other four-fifths you may keep as seed for the fields and as food for yourselves and your households and your children.”
This prinicple involves dividing your income into different "baskets" or categories, each with a specific percentage allocated to it. In this we serve the Lord through good stewardship.
- Basket 1: Home
This basket is dedicated to expenses related to housing, such as mortgage or rent, property taxes, and home maintenance.
Proverbs 24:3 reminds us "By wisdom a house is built, and by understanding it is established."
The Home basket practices the biblical principle of wisdom and diligence in managing one's household. By allocating a percentage of income to this basket, you can better track home expenses, ensure that your home's exact needs are met, and make informed decisions that contribute to the stability and well-being of your household.
- Basket 2: Storehouse
This basket is dedicated to savings and other stores of wealth, for emergency funds, retirement, and other long-term savings goals.
Proverbs 13:11 says "Dishonest money dwindles away, but whoever gathers money little by little makes it grow."
Allocating a percentage of our income to this basket, you are following the biblical principle of stewardship and preparation to; build reserves, protect your grain, and provide a secure foundation for continued growth wisely managing and preserving your future.
- Basket 3: Tithe
This basket is dedicated to giving, including tithe, offerings, and charitable donations.
Malachi 3:10 reminds us "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."
The tithe basket practices the biblical principle of sowing and obedience. By allocating a percentage of your income to this basket, you honor God through tithing, contribute to the needs of His church, and support the work of His kingdom.
- Basket 4: Head of House
This basket is dedicated to the head/head's of the household, to be a reward for managing and good stewardship.
Luke 16:10-11, which states: "One who is faithful in a very little is also faithful in much, and one who is dishonest in a very little is also dishonest in much. If then you have not been faithful in the unrighteous wealth, who will entrust to you the true riches?"
The head of house basket practices the biblical principle of stewardship and faithfulness. By allocating a percentage of income to this basket, you are rewarded for diligent management of your household, ensuring that the resources entrusted to you are used wisely. This provides peace of mind when spending or investing, knowing that you are honoring God with all He has given you.
- Basket 5: Field
This basket is dedicated to investing in your field, planting seeds for a great harvest, that can be later replanted to increase your future harvests. .
2 Corinthians 9:6, "The point is this: whoever sows sparingly will also reap sparingly, and whoever sows bountifully will also reap bountifully."
The field basket practices the biblical principle of sowing and reaping. By allocating a percentage of income to this basket, you are investing in fertile ground, demonstrating good stewardship of your talents and abilities. This basket designates a specific amount for investing in various assets or "fields," with the potential for future growth and returns.
- Basket 6: Trade
This basket is dedicated to expenses related to trade or expenses of the home or business.
Proverbs 22:3 says "The prudent see danger and take refuge, but the simple keep going and pay the penalty."
The trade basket practices the biblical principle of prudence and wisdom. By allocating a percentage of income to this basket, you wisely plan for ongoing expenses and potential pitfalls, ensuring that monthly bills and other non-fixed costs are covered. This approach reflects good stewardship of your resources, helping you manage everyday financial obligations effectively.
- Basket 7: First fruits
This basket is dedicated to setting aside a percentage of your income as a first fruit offering.
Proverbs 3:9 says “Honor the Lord with your wealth and with the firstfruits of all your produce.”
The first fruits basket practices the biblical principle of giving the first and best of your income to God. By allocating a percentage of your income to this basket, you honor God by giving offering from the first of your increase, acknowledging His provision and placing Him first in your life and financial priorities.
In conclusion, "The 7 Baskets principle" is an effective way to align your budgeting with biblical principles, it allows individuals to prioritize their expenses and make sure they are using their money in a way that aligns with their values and goals. It's important to remember that these baskets and percentages are not fixed and they can be adjusted as the individual's life circumstances change.
