Financial Tune-Up: a Personal Take on Saving

By Mitch Stutzman

Any conversation around money will inevitably include some talk about saving for the future. Whether that conversation is couched in terms of emergency savings, college savings, saving for a large purchase like a car or home, or retirement savings, the topic gets a lot of attention when a person considers their overall financial situation.

As I have thought about my own financial journey, and particularly about how saving has impacted my financial life, I have thought about times when my savings has become particularly meaningful. Times when my savings became more than just numbers floating in cyberspace that represent a determined value that our society has placed on them.

I found myself standing at the counter at my local auto repair shop. I had taken my vehicle in to be serviced and for a trained eye to give it a once-over and make sure everything was ready to go for a long trip that I was about to embark on. Things had been running well and I had no particular concerns but just wanted a seal of approval from someone smarter than me.

After my mechanic took a look at everything he told me that a there was some things he would recommend as a safety measure before taking this vehicle on a cross country trip. I trust my mechanic and believed that he had no intentions of selling me something I didn’t need. I said I would go ahead and have him do the work that was necessary. He informed me that with the additional work my bill was going to come to $1,200 for that particular visit. Well, I had not planned for this visit to the shop costing quite that much; but I wrote a check for the repairs. Ouch, that smarts.

After the work had been completed, I picked up my vehicle and was driving home with my wife. We were talking with each other about the unforeseen expense. I remember saying, “Well, writing that check wasn’t fun. But isn’t it great that we can write that check?”

I had read that week in an article from Forbes that 63% of Americans do not have enough savings to cover a $500 emergency. I told my wife that even though I didn’t welcome a $1,200 expense, I was so glad that we set aside emergency savings to cover it.

There was a time in my life when that would not have been the case; a time in my life when if faced with a $1,200 repair bill I may have been tempted to just call it a loss, leave the car at the shop, and walk home and let my mechanic deal with how to dispose of the vehicle. But over the past several years I have developed strategies for saving that work for me and (I can’t even believe what I am about to say) make me excited about saving!

Saving all starts with identifying your cash flow: What is coming in and what is going out. When what is going out exceeds what is coming in, the rest of your financial life doesn’t seem to fall into place like it should. In the words of my mechanic, “There’s your problem, right there.”

Establishing a healthy cash flow plan is the first step in building your savings. I want to take a moment to simply recognize that a person’s expenses exceeding their income can be the result of many different factors. I also want to own and recognize that I have found myself in places of privilege throughout my life which has afforded me opportunities not available to some. But, regardless of status, the principle remains the same that to save you need to make sure expenses do not exceed your income.

Some expenses are unavoidable. Things like food, clothes, and shelter are basic needs that typically require some level of financial commitment.  However, when you step back and take a hard look at your spending, you may be surprised to find that there are some things that could be cut from your everyday spending. I heard it said once that people rarely get themselves into debt or money trouble from one $10,000 purchase, but rather one thousand $10 purchases.

The discipline to make more intentional choices takes practice. It is truly amazing how much money you can save by just waiting one more day to make your decision instead of making your purchase right away.  Instead of buying that cute novelty coffee mug that you saw online, wait one day and see if your life is empty without it. I would venture to guess that many of our “impulse buys” are things that we can probably do without.

So, give yourself a financial tune up and consider what it is that brings you satisfaction. In my experience, peace of mind provides a level of satisfaction that stuff doesn’t. The knowledge that if an unexpected expense reveals itself I can cover it helps me sleep better at night. Take a hard look at your spending and saving habits and make the changes you must to position yourself in way that you can live comfortably and give generously to the causes and organizations you love most.

About the Author

Mitch Stutzman is a Stewardship Consultant for Everence.

This blog is a component of the Ecumenical Stewardship Center’s COMPASS Initiative to engage young adults in conversations about faith and finances. Like what you see and want to know/do more? Visit the COMPASS blog, follow us on Twitter, and join the COMPASS community on Facebook.

Millennials and Credit – One Personal Perspective

By Timothy Siburg

You have seen the numbers and the data. Marcia Shetler did a nice job of summarizing the reality about millennials and credit. I think it would be fair to say that millennials are apprehensive and anxious when it comes to credit cards. As a millennial myself, I get the sentiment, I do. It can be easy to be afraid, and caught by those fears of money, scarcity, security, and the feeling of not having enough. But as time has gone on, my wife Allison and I have found ways to deal with credit cards effectively for our finances and needs.

Like most millennials, we have debit cards. But perhaps surprisingly unlike many, we have a credit card too. We didn’t take this on without some serious thought, though. My parents’ advice has always been, “A credit card is a tool. Don’t misuse it, and pay it off every month, and you’ll be fine.” I have found that advice to be sound and helpful.

To translate, make sure you don’t carry a balance on a credit card, because if you do, that’s when the interest and the amount you owe can spiral. I think that’s where the fears of many millennials come in. We already have plenty of big interest payments we make each month on student loans, so the last thing we want to do is to create another such financial burden or challenge to overcome.

You might remember that Allison and I often budget over pancake breakfasts. We still do this, though perhaps it’s been a bit more sporadic lately. But when we do this, we include an update on all of our accounts, what it will take to pay off any credit card balance that month, and our plan of action.

I’ll admit, there have been months when those credit card payments are a bit higher than I might like. Just because you have the card doesn’t mean you get to put off budgeting, spending within your means, and saving responsibly. I view a credit card as a tool to make the most of the spending that my wife and I already need to do.

One of the biggest things that we enjoy from our credit card are airline miles. Being half a country away from most of our extended families means we travel a lot. Having air miles to use towards those flights and trips can be a big help in bringing down airline ticket costs. Besides, if we were going to spend that money anyway, we might as well get some additional benefits from those purchases.

In terms of what we purchase with our credit card, we usually use it towards big expenses and online purchases. This might mean a recent car repair bill I had to pay, or as new parents very soon, we have been stocking up on baby essentials, and ordering all of the fun baby furniture online. Using a credit card for online purchases can potentially help give a little extra security.

Friends we know use their credit card faithfully on regular purchases like filling up their gas tank, or buying groceries. They do so because they have developed a system with their family budget, of paying off that credit card weekly while receiving some extra benefits from those purchases. That system hasn’t quite worked for us, but I have seen it work for them.

If credit cards are used wisely as a tool, they can help build up your credit score over time by proving that you are reliable with your finances, and making timely payments. This might prove helpful down the road, when considering a bigger purchase like a new home or car, or when stepping into a new chapter of life like moving to a new state and/or growing as a family.

In terms of faith, one of the things that I enjoy most about having a credit card, is that it gives me a little piece of mind when giving to my church and other causes that matter to me—online. It’s quick and easy to use. These are offerings and donations that we would make anyway, and there’s a little bit of freedom to be able to do these from the comfort of our own home, and see the transaction credited within moments.

These have been things that we have found to be helpful. This advice might not work for you, and I am certainly not a financial expert. For us, having one primary credit card, and debit cards has been the right approach for living faithfully with our finances, and stewarding them. We’ll see how this approach might change once Baby Siburg arrives.

About the Author: Timothy Siburg is the Director for Stewardship of the Nebraska Synod of the Evangelical Lutheran Church in America (ELCA), a Deacon in the ELCA, and is a member of the COMPASS Steering Committee. His wife Allison serves as an ELCA pastor, and together with their cat Buddy, they reside in the greater Omaha area and are expecting their first child. Timothy attended college at Pacific Lutheran University, and graduate school at the Claremont Graduate University and Luther Seminary. Timothy can also be found on TwitterFacebook, and on his blog.

Hope you have a Debt-Free Christmas!

By Sandy Crozier
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Christmas is a time for giving. It is a time for thinking of others. A time for expressing the
joy and hope we have inside because of God’s perfect gift to us.

Gift giving, holiday parties and family gatherings are all good things–but when they become the focus of the season, many people experience stress, guilt, and pressure to spend what they do not have–as well as the debt that follows. With the Canadian Debt-to-Income ratio hitting 150% early this year, many people are still paying off last Christmas (if not the one before too).

Somehow, we have bought into the cultural lie that we have to spend a lot for Christmas gifts to be socially acceptable. There are now guidelines on who and how much to buy for everyone from your boss to your mailman.

Sadly, many feel that even if they are completely broke, they can still spend thousands of dollars on Christmas gifts—and believe it is not only their right to do so, but that they are chain-1027864_1280obligated to do it. For those living on tight budgets, who have been as careful as they know how to be, and have a Budget or Spending Plan–the pressure to overspend at Christmas is still there.

And it is not just money that we overspend. There is also the mounting pressure to attend every event, party, rehearsal, and gathering. Saying yes to these will surely over tax our time and emotions. At the very time of the year when relationships could and should be of highest priority, over-activity and overspending combine to become a toxic potion that effect our relationships with God and each other.

The Christmas story begs us to see it as far more than a peak event in December that is soon followed by the reality filled with bills we cannot pay. We should be celebrating the greatest gift of all–God with us. But it should not come with any more debt–other than the debt of love to God and each other.

Tips to having a Debt-Free Christmas

  1. Make a commitment to NO NEW DEBT at Christmas – Overspending increases stress, not joy, to the season.
  2. Set a budget for your holiday spending and stick to it! Make a list of everyone you are buying a gift for and what you can afford to spend–and don’t go shopping without the list. You will be far less likely to buy on impulse.
  3. Save BEFORE you Shop – Many people find it is necessary to open a completely separate account for this purpose. You can set yourself up to have an automatic transfer of funds to a savings account and come Christmas time you’ll have money ready for shopping.
  4. Pay Cash / Avoid Credit – One of the best ways to stick to a budget is to pay cash for everything. Take out the total dollars you can afford to spend over the holidays. Put the money in an envelope and pay for all your gifts from that single source.
  5. Shop Early – Last minute shopping can be expensive. Stores may be out of the items on your list. When you are tired and frustrated, it is easy to make costly impulse buys just to cross that name off your list.
  6. Be Creative – There are a lot of ways to give without spending any or very little thought-2123970_1280money. Handmade crafts, cookies or jars of preserves are always appreciated. You can give your time/service (babysitting, cleaning, home repair, etc.) Use reward points gift cards (movie pass or restaurant). For those hard to shop relatives who do not need anything – consider giving a gift in their name of a goat or cow through World Vision or Samaritan’s purse or another mission that is important to them.
  7. Get out of the house & enjoy the season. There are lots of lights, community events, carol sings and more that you can enjoy for free with your family that focus on the season and not your wallet.
  8. Model a sane schedule – Avoid overtaxing your health and relationships by limiting how many commitments you make. And when you do feel stressed and pressured to do more – stop and take a deep breath. Do what really needs to be done and then choose to take the second deep breath of God’s Spirit. Take this moment to reflect on your perspective and ask God’s Spirit to guard your heart and renew a right spirit in you. Bill Bright used to call this “Spiritual Breathing.” Remember – Christmas is not about the gifts, it is about “The Gift” to each one of us – one that costs us nothing but cost God everything.


About the Author

Sandy CrozierSandy Crozier is Stewardship Development Director of The Free Methodist Church in Canada.

Image credits: pixabay.com

Four Guidelines for Financial Planning

By Matt DeBall

Financial planning is important, and it’s been great to talk about it this month. Marcia Shetler identified the new rules for financial planning for young adults in comparison to past generations. Jacqueline Painter of Everence highlighted the cost of making financial mistakes and led an awesome Live Chat about faith-based financial planning. Most recently, John Withum shared reorienting spiritual principles for financial planning.

As we conclude this month, here are four quick guidelines to help you with financial planning.

 Assess where your money is going

directory-235079_1280Do you have a budget? If not, consider forming one that reflects your goals and values. If you do have a budget, do your financial actions represent it well? Is there any way to modify your budget or spending habits to more closely put your faith, values, and goals into practice? Knowing how your money is used is a good first step in making changes and charting a course forward.

Ask a friend for help

It’s nice to be self-sufficient and learn new skills, but if you have a friend or family member who is well versed in handling their money, why not ask for help? There’s no reason to struggle on your own and you shouldn’t feel ashamed of asking for advice. (Note: rather than springing questions on your friend at a social gathering, ask if they would be willing to come over for dinner and talk about financial planning.)

Work with a professional

If you had a leaky pipe, you’d call a plumber. If you became very sick, you’d go to a doctor. These and other professionals have expertise and can help you more than you are able to help yourself. This includes financial advisors. If you’re in a difficult financial situation or anticipate one in the future, reach out to a financial professional and prevent current challenges from becoming worse.

Set one goal and stick to it

Financial planning can seem like a daunting task. Rather than trying to make many arrow-2886223_1280financial maneuvers all at once, set one attainable but challenging goal that will make a difference, and stick to it. Do you want to save more money? Consider where there is room in your budget to do so, and open a new checking or savings account to deposit that money after each paycheck. Improving your financial management one goal at a time is far better than becoming worn out or discouraged by trying to make many changes and not seeing much progress. Celebrate steps in the right direction and set new goals as old goals become habits.

About the Author

m-deball-9-2016Matt DeBall is the COMPASS Communications Coordinator for the Ecumenical Stewardship Center. He also serves as Coordinator of Donor Communications for the Church of the Brethren. He has an MDiv from Northern Seminary of Lombard, Illinois and a BA in Communication Arts from Judson University of Elgin, Illinois. He loves running, reading, and napping. He and Chelsea live in Northern Illinois with their Welsh Corgi, Watson, and attend the First Baptist Church of Aurora.

This blog is a component of the Ecumenical Stewardship Center’s COMPASS initiative to engage young adults in conversations about faith and finances. Like what you’ve read? Visit the COMPASS web page, follow us on Twitter, and join the COMPASS community on Facebook.

Image credits: pixabay.com

Reorienting Spiritual Principles for Financial Planning

By John Withum

car-768711_1280While planning a day off from school in Ferris Bueller’s Day Off, the titular character wants access to a vintage Ferrari belonging to his friend Cameron’s father. When Cameron points out his dad’s meticulous attention to  details of the car, including its mileage, Ferris replies, “We’ll just drive home backward,” with the hopes the mileage will reverse.

Financial planning, at least in the “conventional” view outside of the church, is meant to maximise the potential of our money to build wealth and protect the future for the investor. When the working years are over, this line of thinking says, money will provide a verdant pasture for retirement and golden years of relaxation and leisure.

But much like Ferris Bueller, we have to look at the whole situation backward. We are followers of Jesus, whose birth was an exaltation of the lowly, whose ministry cared for the poor and powerless, and whose victorious kingdom reverses the power structures of the kingdoms of this world. This alone causes us to think of all sorts of priorities in new ways. Our approach to financial planning, then, must be based around Kingdom priorities as well. It matters little whether we would be considered wealthy in this world or poor; our entire lives fall under the rule of King Jesus, and we should view how we utilise our money accordingly.

While not exhaustive, here are three reorienting principles around which we should consider financial planning.

First, financial planning gives us the opportunity to line all of our priorities up together. Jesus tells us in Matthew 6 that our heart will find rest wherever our treasures are (v 21). We are also told to seek the kingdom of God above all else (v 33). Even if we talk about Jesus, worship weekly, and participate in Christian community, our money could be living a different life than we are. If we are truly interested in offering our whole lives to Jesus, we need to stop viewing our money as a means to personal gain and instead as a means to further the redeeming and healing mission of Jesus Christ in our neighbourhood and world.

Second, having a plan allows us to utilise our stamp-2022899_1280
money instead of it controlling us. Spending can get out of control quickly, day-to-day necessities can overwhelm, and the urgent can take priority over the truly important. When we lack a plan to use our money wisely, to invest it properly and well, it ends up taking over our lives. No matter what our income, having a plan for how to manage our finances helps us to navigate both day-to-day spending and long-term saving. Most of us carefully plan how to spend our time; likewise, we must have a plan for how to use our money.

Finally, our money can do work for us in the years our bodies can no longer physically serve the Lord. Followers of Jesus should be devoting their whole lives—work, rest, time, and money—to God’s ongoing mission in the world. At some point, however, our years of work will end, and eventually (hopefully many years later) our bodies will not be able to continue the same level of participation or activity we once could offer. In those years, if we have planned well, our money will be able to continue bearing the fruit of our life’s service to Jesus. My education was funded by the financial legacy of several individuals who had given their lives to educating pastors and missionaries. I am blessed to be a part of their ongoing work.

The platitude “you can’t take it with you” is true, in the sense we give up personal control of our finances at the moment of our earthly lives. If we have planned well, however, our money can continue serving the Lord long after we are gone.

About the author

Processed with VSCOcam with kk1 presetJohn Withum is the associate pastor of the First Baptist Church of Aurora, Illinois. He also serves as the recess supervisor at a local elementary school. He has an MDiv from Northern Seminary of Lombard, Illinois and a BA in Journalism from Marshall University of Huntington, West Virginia. He and his wife, Katie, live in Northern Illinois with their dog, Bacon.

Image credits: pixabay.com

The Cost of Making Financial Mistakes

By Jacqueline Painter

When it comes to our physical health, many of us regularly visit with and get advice from doctors, nurse practitioners, and pharmacists. And when we have concerns about doctor-check-uprelationship issues, we often talk with our pastors, professional counselors and therapists. We know we don’t always have the answers we need, so it makes sense that we seek out the wise counsel of experienced professionals.

But when it comes to our financial decisions, a lot of us avoid thinking about it or try to do it alone, instead of asking for help—and that can be costly.

According to a 2012 report by the Consumer Federation of America, two-thirds of middle-class Americans said they had made at least one “really bad financial decision”, and nearly half acknowledged that they had made more than one bad financial decision. Eleven percent of these people said these bad decisions had cost them at least $50,000, and 2 percent said their losses had been $200,000 or more.

It’s difficult for us to be able to view our money and other financial decisions from every thinkingangle to see if we’re making good decisions or about to make a costly mistake. One reason likely is because talking and thinking about money can be emotional. Those emotions can get in the way of making good financial decisions. On top of that, determining your financial goals—much less accomplishing them—is hard work, especially when you’re not sure what decisions to make or don’t have someone to help keep you accountable.

Responsibly handling your financial resources is a multi-faceted journey, and one that can be complicated to walk through by yourself. Working with a qualified financial planner to develop a well-constructed financial plan can help you gain control of your finances, and get a clearer understanding of your short and long-term goals.

In general, a wide-ranging financial plan encompasses your entire financial life, including:

  • Cash flow Does it ever feel like your money is controlling you, instead of the other way around? If so, then you might need to take a closer look at your cash flow.
  • Protection planning. What would happen if a fire were to destroy your home? padlockWhat would your family do if they lost their primary source of income because of a death or disability? Obviously, there’s no way to know what will happen in the weeks, months, or years to But you can take steps now to have resources in place for your family and loved ones in case the unexpected happens.
  • Tax All of us are affected by taxes. And whether your finances are fairly simple or really complicated, our tax system can be pretty confusing. Because nearly every financial decision you make can have tax consequences, it’s important to understand how your taxes work and know what you can do to impact your tax situation.
  • Investment From retirement income to college funding, there are a number of reasons why we invest our money. But in order to have that money for our future needs, it’s important to think strategically about the way we are investing. This includes understanding your goals, objectives and risk tolerance, and then finding investments that match your needs and values.
  • Retirement planning. The biggest fear that many people have about retirement is running out of money, which is why you can never begin too early when it comes to retirement The sooner you start, the more time you have to determine how much you will likely need in retirement and how you might get there.
  • Estate Effective estate planning gives you the ability to direct your assets and plans in the event of your death. It also helps you make clear who should be the custodial and financial guardian of your children or other dependents, should you die unexpectedly. Without an estate plan in place, state laws and/or local court decisions will prevail, and they may not be what you wish to happen.
  • Charitable Being generous is an important way to live out your faith and values. give-moneyDeveloping a plan for your financial affairs will help give you the freedom to be more generous, so you can make an impact on the missions and ministries closest to your heart.

The end result is a complete financial plan that gives you the big picture of your current financial health and helps you get on the right path for the future. Planning for your financial life may be one of the best gifts you ever give to yourself and those you care about. It’s a way for you to gain control of your finances and avoid some potentially costly mistakes down the road.

JJacqueline_Painter_2017acqueline Painter is an Everence Financial Advisor at 841 Mount Clinton Pike, Suite A, Harrisonburg, Virginia 22802. Securities offered through ProEquities Inc., a registered broker­ dealer, member FINRA and SIPC. Advisory Services offered through Everence Trust Company, a Registered Investment Advisor. Investments and other products are not NCUA or otherwise federally insured, may involve loss of principal and have no credit union guarantee. Everence entities are independent from ProEquities Inc.

Image credits: pixabay.com

New Rules for Financial Planning

By Marcia Shetler
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In 1992, William Strauss and Neil Howe wrote the book Generations: The History of America’s Future. They believe that while each generation is shaped by its particular place in history, they also have characteristics that cycle over the years. The Baby Boomer Generation, born from approximately 1943 – 1960*, changed the rules about many aspects of North American culture, and continue to do so as they enter retirement. Like the Boomers, Millennials—born approximately 1982-2004*—are doing the same, including financial planning.

(*Strauss and Howe’s generational definitions)

Millennials are writing new rules about housing, jobs, and relationships, based on their experiences as digital natives and growing up during the economic downturn. Many are ipad-820272_1280already saddled with more debt from educational and student loans than what would have taken their elders decades to accumulate. They value experiences over things, which affects how they live out their vocations. They treasure close relationships, yet have friends all over the world. They seek to build integrated lives of personal satisfaction and sufficiency.

Is there a place for financial planning in the world of a Millennial? There should be. Having an understanding of both the short-term and long-term aspects of financial planning may be more important for this generation than any other. Along with the need to understand the day-to-day aspects of financial management, Millennials may one day oversee the inheritances they receive from their parents and grandparents. Many financial planners are making new rules about financial planning to serve the Millennial generation well. For example, financial planner Joe Pitzl—a Millennial himself—uses social media, invites his clients to see him as a coach, and encourages looking at a variety of opportunities for building a monetary nest egg.

This month, the COMPASS Initiative focuses on financial planning:calculator-385506_1280

  • Get great insights every week on this blog and on our Twitter feed and Facebook page.
  • Join us for a Live Chat with Jacqueline Painter, financial planner with Everence, on Tuesday, October 10, 1:00 p.m. Eastern time, Noon Central time, 11:00 a.m. Mountain time, and 10:00 a.m. Pacific time.

I recently read a great quote from a Millennial about giving: “Do not just ask young adults to have the courage to part with their money. Encourage them to join it on its journey.” Good financial planning allows you to join your money on its journey and helps you live the integrated life of satisfaction, sufficiency, and generosity to which you aspire. I hope the information shared this month will help you demystify financial planning!

About the Author

marcia shetlerMarcia Shetler is Executive Director/CEO of the Ecumenical Stewardship Center. She holds an MA in philanthropy and development from St. Mary’s University of Minnesota, a BS in business administration from Indiana Wesleyan University, and a Bible certificate from Eastern Mennonite University. She formerly served as administrative staff in two middle judicatories of the Church of the Brethren, and as director of communications and public relations for Bethany Theological Seminary in Richmond, Indiana, an administrative faculty position. Marcia’s vocational, spiritual, and family experiences have shaped her vision and passion for faithful stewardship ministry that recognizes and celebrates the diversity of Christ’s church and the common call to all disciples to the sacred practice of stewardship. She enjoys connecting, inspiring, and equipping Christian steward leaders to transform church communities.

This blog is a component of the Ecumenical Stewardship Center’s COMPASS Initiative to engage young adults in conversations about faith and finances. Like what you see and want to know/do more? Visit the COMPASS web page, follow us on Twitter, and join the COMPASS community on Facebook.

Photo credits: pixabay.com

Let’s talk about money

By Mike Littlecheckbook-688352_1280 copy

When I talk to groups of people about faith and money, I often start by suggesting they share their checkbooks and credit card statements with one another. I’m (mostly) joking, but I don’t tell people that right away. As I watch people glance at each other nervously, I explain, “Money is such a dominant topic in our scriptures that we have to get our money conversations ‘out of the closet.’” I know how to make people uncomfortable, don’t I?

In response to this suggestion one day, a woman adamantly objected. “My generation was taught not to talk about money,” she said, and packed up her things and walked out. There was an awkward silence. Then a hand went up. “I am a lawyer,” a man said (I was the one who got nervous then)—a divorce lawyer. He shared that in his experience, 85-90% of his clients break up due to money. “If we can’t talk about money in church,” he asked, “where can we talk about it? That has been the problem.” Exactly.

Screen Shot 2017-05-29 at 12.40.28 PMWe don’t want to talk about money. But Jesus talked more about money and its relationship to God’s way of life than anything but the Kingdom of God itself. Our story as a people of God is that we are all invited to live in this new realm that Jesus talked about, the Kingdom of God, which includes every aspect of our lives, including our money. Perhaps especially our money.

The question is, what does it mean to be the body of Christ? Especially in the midst of the huge disparity we see in the world, how can we be the family of God? How can we live in God’s realm now? We’ve been trained in our individualistic culture that our money, resources and lives are private, but that creates such isolation and loneliness. Instead, God intends for us to have community, to be community to one another.

Perhaps it is so threatening to talk about money because it has somehow become related to our identity. Our worth is connected to how much money we make and what we own. That is absolutely antithetical to Jesus’ teaching that our identity is found in community and our love for others and that our worth is found in God’s grace and God’s love for us.

We have learned to place our security in our money, and we certainly don’t want our indiana-1888207_1280security threatened. Jesus called the guy who built the bigger barns a fool because he identified his security in what he had in the barn. It’s no different for us. We say we want our barns full of God but we have one shed out back full of money, just in case.

If we talk about money in the light of our faith, it might require something of us that we fear. But spiritual growth always involves a risk.

Growth starts with an acknowledgement that we want to grow deeper. It starts with an awareness that if part of God’s family is suffering, then I’m suffering. As a Christian, I’m responsible to help bring the fullness of life for everyone, a fullness that includes people’s inward lives and their outward, material well-being.

In our churches, many people recognize this responsibility and are unsure about their plenty and wonder what their obligations are. We are often caught up in all the time and energy involved in “making ends meet” but realize that the deepest values that we grew up with in the church have been attended to poorly. When we can acknowledge that, we are ready to make some changes in our lives.

About the Author

Mike Little-photoMike Little is director of the Faith and Money Network, a ministry born out of the Church of the Saviour that equips people to explore and transform their relationship with money within the grounding of their faith. Many resources are available at www.faithandmoneynetwork.org. Mike Little can be reached at mike@faithandmoneynetwork.org.

Join us TOMORROW at 8 p.m. ET for a Live Chat led by Mike Little. During this chat, we will explore your relationship with your money, writing a money autobiography, making good financial decisions, connecting faith and finances, and more! There’s still room to sign up at marcia_5.gr8.com.

Photo credits: pixabay.com

Money autobiography

By Matt DeBall

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Crossovers always have the potential to be energizing and enjoyable. Sometimes they happen on our favorite TV show or in a beloved movie series (special shout out to fellow fans of DC Comics or Marvel). Other times they happen in real life. For your edification, a crossover is happening on the COMPASS blog this week.

This month COMPASS has focused on our relationship with money and invited us to explore this relationship by writing a money autobiography. Marcia Shetler began unpacking this helpful tool and Beryl Jantzi helped us consider four categories that reveal our approach to money, debt management, and generosity. What follows in this blog are a handful of questions and answers related to my money autobiography (that can also help you write your own). A wonderful CROSSOVER has occurred because I didn’t answer these questions alone.

In February, COMPASS explored how essential it is to talk about money with loved ones, live-chat-wedding-rings-image-copyand Rafael Robert from Brightpeak Financial led a great Live Chat about money, marriage, and meaningful conversations. Connecting those conversations with our topic for this month, my lovely wife, Chelsea, has joined me in answering the money autobiography questions below. We answered these questions individually and talked about our answers afterward. While we have different relationships with money, it is our relationship with money together that shapes how we manage our finances. This money autobiography process proved to be meaningful for us, but also allows you to hear two different relationships with money that contribute to our money autobiography. We hope you will find this blog to be as meaningful and helpful as we did.

Question: Describe the role of money in your childhood. What was your attitude toward money as a child? Did you feel poor or rich? How did your perceptions make you feel?

Chelsea: Growing up, my parents didn’t have a lot in terms of money. But they never let us know or feel that strain. It wasn’t until we were older that we realized that we were somewhat poor for a lot of our childhood.

Matt: Money served different functions in my childhood. It paid for food at the grocery store. It was the two quarters that my parents gave me each week to put in the offering plate. It was how people supported my Boy Scout troop through buying popcorn. Money was just around. I didn’t feel like my family was rich or poor—just average. My parents taught us to be thankful for what we had and they didn’t talk much about money in front of us.

Q: What was your attitude about money as a teenager? What memories do you have related to money?

C: As a teenager I was obsessed with making money. I had two jobs through most of high dollar-1362243_1280school. I loved having my own money to spend on what I wanted.

M: Money was a means to have fun. It allowed me to buy snacks and games, and participate in activities with friends.

Q: In your current situation, how have other sources shaped your thoughts about money?

C: Nothing has really shaped my thoughts about money. I appreciate it more now that I am an adult with actual expenses to pay for.

M: Society at large and media has influenced me to see some debts as good (homes, college degrees) and other debts as bad (credit card). The church has helped me see money as a tool that God gives us to meet our needs and to carry out His purposes in the world.

Q: How do you feel about your present financial status? Do you worry about money? How does having or not having money affect self-esteem or sense of self-worth?

C: I do worry about money. Mostly because there are things I’d like to be able to buy (a new car) or do (remodel our home) but our financial status keeps us from doing that. Not having as much money as some of my peers does affect my self-esteem. I do find myself getting jealous of those who can buy nice houses, go on vacation, or stay home with their children instead of having to work.

M: I feel proactive and content about our current financial situation. I very rarely worry about money (only when large bills are paid right before a payday). Though I wouldn’t consider it a large factor in my self-esteem or self-worth, our money providing for our needs does have a positive effect on me.

Q: Do you spend money on yourself easily or with difficulty?coffee-1273147_1280

C: I used to be able to spend money on myself with no problems. But recent life events
have made me think more before I make a purchase for myself.

M: Somewhat easily for things under $10 (coffee, lunch, a book), but hesitantly for anything else.

Q: Do you feel generous or stingy with your money?

C: I am generous in terms of gift giving, but I know I am stingy with money. I would hesitate greatly before loaning someone money.

M: It depends on the day, but I typically feel more generous.

Q: Do you give to your church or other charitable organizations? Why do/don’t you give? How does this make you feel?

C: Yes, we give to our church. At first I was very reluctant to do so because I didn’t want to give away our money. But now I am more comfortable with donating to our church.

M: Yes. I like to give because it is an opportunity to show love to God and support God’s important work in the world. Giving makes me feel happy and like I am being faithful to God’s call to give.

Q: How do you feel about asking other people for money…for yourself, a worthy cause, your church community, etc.?gift-1278395_1280

C: I am very hesitant asking people for money. I never want anyone to feel obligated to
give to me based on our relationship and I wouldn’t want my asking for money to affect our relationship.

M: It would make me uncomfortable to ask for money for myself. For my work, I am a fundraiser, and because I believe in the ministries of our organization, I am comfortable with asking people to support them.

Q: Consider the following idea: how you handle money reflects your deepest values. Do you agree or disagree? Why?

C: I agree. What we spend our money on may reflect what we care about the most or what we consider a priority in our lives.

M: Agree because of Matthew 6:21, “where your treasure is, there your heart will be also.” When we spend money on anything, it reveals what is important to us.

Q: What future hopes or plans do you have with money?

C: I hope that we are able to continually support ourselves financially. Being independent financially is a great feeling.

M: I hope we can plan to pay off our debts, save for retirement, increase our savings for unexpected emergency circumstances, and increase our giving to church as we are able. I also plan to open savings accounts for our kids early in their lives to prepare for their needs and aspirations in the future.

In addition to answering these questions for your own money autobiography, you can learn more about this helpful tool on Tuesday, May 30 at 8 p.m. ET at our next Live Chat “Your relationship with money” led by Mike Little, director for the Faith and Money Network. Sign up while spots are still available at marcia_5.gr8.com.

About the Authors

C&MDeBall-9-15Chelsea and Matt DeBall live in northern Illinois. Chelsea works as office coordinator for a Special Recreation Association, and is pursuing a Master’s of Mental Health Counseling from Judson University. Matt serves as the COMPASS communications coordinator for the Ecumenical Stewardship Center and as coordinator of Donor Communications for the Church of the Brethren. He has an MDiv from Northern Seminary. They enjoy caring for their Welsh Corgi (Watson) and being involved at the First Baptist Church of Aurora.

Photo credits: pixabay.com

What is your money, debt management, and generosity type?

By Beryl Jantzicards-161404_1280

 It’s been suggested that Americans fall into one of four groups when it comes to how we manage money. Maybe as you review these four models, you can identify your own, and decide what changes, if any may, be helpful moving forward. Here’s what they are:

 The Perfectionists: 19% of Americans

These consumers know the exact route to their financial goals, whether they developed the map themselves or sought a professional financial planner. Not only do they have a household budget, which includes retirement savings and insurance, but they work toward specific short and long-term savings goals.

The Dreamers: 38% of Americansface-2269319_1280

Most consumers fall in this category. They have some goals worked out and have an idea of what they’d like to achieve. Dreamers may have savings plans for retirement or education, but they haven’t pulled everything together to form an overarching plan.

The Procrastinators: 33% of Americans

These consumers put forth the bare minimum and might get to the rest of planning later. Most in this group have a budget or plan to address savings goals, but not both. Their comprehensive financial planning behaviors don’t differ much from wanderers, but some Procrastinators keep a written budget, and they tend to avoid racking up credit card debt.

 The Wanderers: 10% of Americanswanderer-455338_1280

In this group, people float from bill to bill without any intentional plan. They tend to live in the moment without much concern for the future. They may have debt but probably couldn’t tell you the total debt they have.

Knowing our predisposition for managing money is a good start to knowing what we may need to do to get to the next step. Most of us will need to move one step at a time rather than leap from a Wanderer to a Perfectionist.

Questions to ponder:

  • Where do you see yourself most closely identified
    by the descriptions stated above?
  • If you don’t like the label used to identify your style
    what different word would you use?

Your generosity will be most fruitful when you have a clear understanding about how God is calling you to share what has been entrusted to you.

Are you a generous wanderer? Is your generosity usually based on the whim of the moment?

Are you a generous procrastinator? Do you have good intentions about giving, but never get around to it?

Are you a generous dreamer? You give, but you could be more disciplined and focused with your giving?

Are you a generous perfectionist? Do you feel confident about your giving habits now, and have plans to continue to increase it in days to come?

In the book of Philippians, Paul writes,

“Not that I have already obtained this or have already reached the goal; but I press on to make it my own, because Christ Jesus has made me his own” (Philippians 3:12, NRSV).

What small steps can you take today to move from one money management and generosity type to another from the examples described above?

Source: Household financial planning survey 2013

Reprinted from a blog post on February 9, 2016.

About the Author

Beryl Jantzi and familyBeryl Jantzi serves as the stewardship education director for Everence, a faith-based financial services company of Mennonite Church USA, which serves all who are interested in integrating their faith with their finances.

This blog is a component of the Ecumenical Stewardship Center’s COMPASS initiative to engage young adults in conversations about faith and finances. Like what you see and want to know/do more? Visit the COMPASS web page and join the COMPASS community on Facebook.

Photo credits: pixabay.com