6 Managing Manna The Financial Aid Office Presents - An overview of personal finances Please complete questionnaire From: Maciejowski Bible 1250AD

6 Managing Manna All we have is a gift from God and is entrusted to us.

6 Managing Manna Things to consider when thinking about money

6 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

6 Managing Manna Making changes: Where can changes be made which effect our financial situation?

6 Managing Manna - Not spend more than you earn - Contribute to the Lord’s work - Ensure that you can pay your debts (bills) - Provide for others - Plan for the future - large expenses - rainy day fund/unexpected expenses Setting up a spending plan enables you to:

6 Managing Manna To do: 1. Track your spending: EXPENSES Fixed (Rent, car payment) Flexible (Groceries, Entertainment, Gifts) INCOME Pay Check Gifts Financial Aid Budgeting

6 Managing Manna Subtract EXPENSES from I NCOME To find out if you have a surplus or are in the red  If you are spending more than you are bringing in, what can you do? Budgeting

6 Managing Manna - Using the information you discovered from tracking your spending, categorize each type of spending. - Compare your spending to suggested category percentages to see if you need to make adjustments. Budgeting 2. Develop a Budget

6 Managing Manna 3. Set your priorities!! Budgeting NeedsWants  Food  Clothing  Shelter  Medical/dental visits  Prescriptions  Computer, internet  Car  Cell phone, smart phone  Cable television  Movies, entertainment  Pets

6 Managing Manna 4. Prepare for the future: Plan for short term goals, such as buying a computer (rather than buying on credit). Budgeting Plan for long term goals when possible (such as house down payment, retirement).

6 Managing Manna 5. Monitor Monthly Budgeting Dave Ramsey.com Crown.org Financial planning books WTS website

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6 Savings Making changes: Savings 2 philosophies - Earn – Spend = Tithe + Savings (leftovers) Earn – (Tithe + Savings) = Spend

6 Managing Manna Savings Money in an interest bearing account works for you (compounding interest). $ 25,000 LOAN $288/mo $9,524 interest 10 Years $338/mo $7,504 interest 8 Years, 1 Month Debt – works against you since you pay to borrow. Debt – works against you since you pay to borrow. Monthly payment

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6 Credit Credit reports include:  Personal information  Credit History  Public Records  Inquiries (for loans, etc.)

6 Managing Manna Credit To check your credit report go to -

6 Managing Manna Credit Credit Score = FICO score Is derived from:

6 Managing Manna Credit FICO score – need to pay to find out. For a free credit score (similar to FICO):

6 Managing Manna Credit FICO score effect on 2014 mortgage rates from -

6 Managing Manna Credit Good versus bad: $505, $85,492 $475, $55,242 $452, $32,052 $441, $20,726 $431, $11,468 $420, Bad credit Good credit

6 Managing Manna Credit Tips :  Opt out of pre-approved offers  Stop {most} telemarketer calls  Evaluate credit card offers

6 Managing Manna Resources to help       Be proactive – ask questions Seek help, investigate Set goals – act on what you know Conclusion The End – not quite!

6 Managing Manna Sandra Perrine – Manna Budgeting, Introduction to Dave Ramsey’s budgeting tool. Lynne Shropshire- Managing Church Manna, Introduction to pastoral compensation and church finances. Opportunities to Learn: