Discussion Board
Fifty Financial Tips (Part 2)
Posted on Oct 26th, 2009 at 3:27 PM
We asked our Stewardship Team to put together a quick list of fifty simple steps we can start considering as individuals and families over the next couple of months as we prepare for a full-scale implementation of the 2010 Radical Experiment. We’re also working on one-day financial seminars as well as extended classes you might be able to attend in order to really begin saving, spending, and most importantly giving sacrificially in the days ahead. In a previous post, we looked at ten steps on getting a godly view of money. Below you will find the next six steps, and they all revolve around practical planning. We hope these help!
Practical Planning Tips
11. Look at your monthly expenses and evaluate which items are needs and which items are wants.
12. Create and follow a written financial plan (budget). Start by praying about it. Proverbs 16:9 (See budget worksheet).
13. Document your cash flow in and out for 3 months in order to see where you’re spending (try using a tracking software such as Quicken).
14. Monitor progress toward your goals by setting weekly/monthly checkpoints and evaluating the changes you’ve made. Set a monthly meeting with your spouse to review your finances.
15. Take advantage of free retirement matching from your employer.
16. Evaluate your outstanding debt and form a plan of attack to pay it off.
Comments
Wow. This is truly profound. I've seen a lot of churches give financial advise but not for the purpose of giving all the extra savings away to the poor.
Posted on Dec 6th, 2009 at 9:49 PM by unknown
Has the church considered 'annuties' as another means of meeting short time and long time financial objectives?
Posted on Jan 11th, 2010 at 7:20 PM by unknown
Other saving ideas. - Take advantage of 'rewards' on credit cards or other companies. - Use Coupons (grocery, restaurants, etc.) and do price matching. - Never pay any interest! - Check Credit Cards for yearly fees. If there are any, ask for them to be removed OR change companies. - Make sure Bank Accounts don't charge fees and if they do, look at other alternatives. - Make sure Credit and Debit cards don't charge overdraft fees. (See latest legislation.) - For rest of 2009, if you are over 70 1/2 and having to take Required Minimum Distribution from IRA, you can do direct charitable contribution from IRA and $ don't count as income! This saved us over $1000 last year, but doesn't help some people. - Check Telephone bill, cable, etc., and removing items that don't use or call and ask for discount. AT&T Unlimited Long Distance is only $4 but unless you call the old price stays in place. - If do online orders, make sure you are charged sales tax for your area (4% state, 1% Shelby County + city if you live in one)
Posted on Nov 15th, 2009 at 8:42 PM by unknown