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6
Managing Manna
The Financial Aid Office Presents -
An overview of personal finances
Please complete questionnaireFrom: Maciejowski Bible 1250AD
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Managing Manna
All we have is a gift from God All we have is a gift from God and is entrusted to us.and is entrusted to us.
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Managing Manna
Things to consider when Things to consider when thinking about moneythinking about money
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Managing Manna
• 17–27 You are very perceptive • 28–42 Pretty good • 43–58 Welcome to the crowd • 59–75 My bad• 75+ Whoa!
Spending Perceptions Score Key
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Managing Manna
Making changes: Making changes: Where can changes be made Where can changes be made
which effect our financial which effect our financial situation? situation?
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Managing Manna
- - Not spend more than you earnNot spend more than you earn- Contribute to the Lord’s work - Contribute to the Lord’s work - Ensure that you can pay your debts (bills)- Ensure that you can pay your debts (bills)- Provide for others- Provide for others- Plan for the future - Plan for the future
- large expenses- large expenses- rainy day fund/unexpected expenses- rainy day fund/unexpected expenses
Setting up a spending plan enables you to:Setting up a spending plan enables you to:
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Managing Manna
To do: 1. Track your spending: To do: 1. Track your spending: EXPENSESEXPENSES
Fixed (Rent, car payment)Fixed (Rent, car payment)Flexible (Groceries, Entertainment, Gifts)Flexible (Groceries, Entertainment, Gifts)
INCOMEINCOMEPay CheckPay CheckGiftsGiftsFinancial AidFinancial Aid
BudgetingBudgeting
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Managing Manna
Subtract EXPENSES from ISubtract EXPENSES from INCOMENCOMETo find out if you have a surplus To find out if you have a surplus
or are in the or are in the red red
If you are spending more than you are bringing in, what can you do?
BudgetingBudgeting
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Managing Manna
- Using the information you - Using the information you discovered from tracking your discovered from tracking your spending, categorize each type of spending, categorize each type of spending. spending. - Compare your spending to - Compare your spending to suggested category percentages to suggested category percentages to see if you need to make see if you need to make adjustments.adjustments.
BudgetingBudgeting
2. Develop a Budget 2. Develop a Budget
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Managing Manna
3. Set your priorities!! 3. Set your priorities!!
BudgetingBudgeting
Needs Wants
Food Clothing Shelter Medical/dental
visits Prescriptions
Computer, internet Car Cell phone, smart phone Cable television Movies, entertainment Pets
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Managing Manna
4. Prepare for the future:4. Prepare for the future:•Plan for short term goals, such as buying a computer (rather than buying on credit).
BudgetingBudgeting
•Plan for long term goals when possible (such as house down payment, retirement).
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Managing Manna
5. Monitor Monthly5. Monitor MonthlyBudgetingBudgeting
•Dave Ramsey.com• Crown.org• Financial planning
books• WTS website
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Managing Manna
SavingsSavings
Making changes: Making changes: SavingsSavings2 philosophies - 2 philosophies -
EarnEarn – – SpendSpend = Tithe + = Tithe + SavingsSavings (leftovers)(leftovers)
EarnEarn – (Tithe + – (Tithe + Savings)Savings) = = SpendSpend
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Managing Manna
SavingsSavingsMoney in an interest bearing account Money in an interest bearing account works for you (compounding works for you (compounding interest).interest).
Debt – Debt – works works against against you since you since you pay you pay to to borrow. borrow.
Monthly payment
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Managing Manna
CreditCredit
Credit reports include:Credit reports include: Personal informationPersonal information Credit HistoryCredit History Public Records Public Records Inquiries Inquiries (for loans, etc.)(for loans, etc.)
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Managing Manna
CreditCreditTo check your credit report go to To check your credit report go to - -
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Managing Manna
CreditCreditCredit Score = FICO Credit Score = FICO scorescoreIs derived from:Is derived from:
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Managing Manna
CreditCreditFICO score – need to pay to find out. FICO score – need to pay to find out. For a free credit score (similar to For a free credit score (similar to FICO):FICO):
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Managing Manna
CreditCredit FICO score effect on 2014 FICO score effect on 2014 mortgage rates from mortgage rates from www.myfico.com - -
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Managing Manna
CreditCredit
Opt out of pre-approved offerswww.optoutprescreen.com
Stop {most} telemarketer callswww.donotcall.gov
Evaluate credit card offerswww.bankrate.com
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Managing Manna
Resources to help www.annualcreditreport.com www.myfico.com www.creditkarma.com www.bankrate.com www.mint.com www.finaid.org
• Be proactive – ask questions
• Seek help, investigate• Set goals – act on what
you know
ConclusionConclusion
The EndThe End – not quite!– not quite!