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

New Engine, New Tires & Luke – Faith in the face of debt

By Timothy Siburg
car-1564300_1920

Student loans? Broken down cars? How am I ever going to pay this off? Those are some pretty normal reactions to debt, and ones we have heard a little bit about this past month on the COMPASS blog.

What strikes me though as I think about these questions, is a reminder of the way God is present even in the face of our stress, uncertainty, doubt, and fear, all of which can surface when thinking about money and debt.

The Gospel of Luke is full of stories and parables from Jesus about money, wealth, poverty, and debt. For example, there is the confusing parable of the Dishonest Manager found in Luke 16:1-13.

In this story we hear of a manager who has been called to account for his business. In the face of what sounds like the manager’s certain firing, he goes about reducing the amount owed by different individuals in the community to the manager’s master. This is something that certainly could be praised, in that those oppressed and marginalized by debt were getting some of it forgiven. Of course, the story is much more complicated than that.

It’s not as likely in our daily life that someone will come along and just because they can, reduce the amount of debt we owe. If you are assuming that is going to happen for you, I wish you well, but I wouldn’t advise you to plan and budget that way.

Debt is a reality of life. It doesn’t need to be a crushing one, however. It only has power, like money, when we give it that power. We can certainly live in fear of it, if we are not careful. And unexpected and big expenses can help lead us to be in fear.

hand-truck-564242_1920A couple of days ago, my wife and I faced one of the downsides of moving across country from Washington to Nebraska. My wife Allison went to turn the car on in the morning, and every warning light started to say hello to her on the dashboard. As we suspected, our car needed a new battery. That’s not all that surprising, since we have shared one car between the two of us for our six years of marriage, and it’s been a few years and a couple cross-country moves since getting a new battery.

Unfortunately, one of the other downsides of moving, wear, and tear is that your car might also need new tires, plus its next regular oil change. So, with new tires, fresh oil, and a new battery, we spent a bit more this week on our car than we like to do in one day.

This could easily have led us into despair and debt. Thankfully, we budget for such days as this, so it wasn’t that bad. But interestingly, there is another faith element to this.

A few days earlier we had received a refund check in the mail for the balance of Allison’s seminary cost, as she graduated from seminary and actually had money left on her account in her favor. We didn’t think much of the check at the time. The day after the car was running like new, we remembered that check. It was just about the exact cost of all of the car expenses. Sometimes I think God truly has a sense of humor. It’s experiences like this that remind me of just how much abundance we live in and have, thanks to our abundant God.

What makes confronting the reality of debt—whether student debt, housing mortgages, car loans, etc.—possible is the reminder that God is with us, and wants us to live life abundantly. Living abundantly doesn’t mean living irresponsibly. It means enjoying, giving, sharing, and using all that God has first entrusted us with to live our lives and steward them for the sake of our neighbors and communities. It also means responsibly paying off debt early or on time, so as not to be overwhelmed by the interest accrued from it, so that we can live abundantly.

As long as I can keep this in perspective, making those monthly student loan payments, and needed car expenses, for example, doesn’t seem to be as daunting.

Note: That check, in addition to helping our car expenses, will be stewarded in part back to the larger church in gratitude, and in support of other future seminarians.

About the Author
timothy headshot
Timothy Siburg is the Director for Stewardship of the Nebraska Synod of the Evangelical Lutheran Church in America (ELCA), and is a member of the COMPASS Steering Committee. His wife Allison is awaiting call to be an ELCA pastor, and the two of them reside in the greater Omaha area. Timothy can also be found on Twitter, Facebook, and on his blog.


About COMPASS

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 or Twitter.

And join us this Wednesday at 8 p.m. ET for a Live Chat with Darryl Dahlheimer, Program Director for LSS Financial Counseling, for Conquering Your Debt: the Overlooked Key to Faith and Finances. It’s free! Register at https://stewardshipresources.org/compass-live-chats. People of all ages are welcome!

Image credits: pixabay.com

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

During February the COMPASS blog is sharing some Faithful Fun with Finances. Today, we welcome back regular contributor Beryl Jantzi to the blog who shares about and asks, “What is your money, debt management, and generosity type?”

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 Americans

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 Americans

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.

How do you manage your money?

How do you manage your money?

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 father 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

Beryl Jantzi and familyAbout the Author: Beryl Jantzi currently serves as Stewardship Education Director for Everence, a Christian-based, member-owned financial services organization which is a ministry of Mennonite Church USA and other churches. 

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.

Image Credit: Piggy bank.