1. 6 Managing Manna The Financial Aid Office Presents - An overview of personal finances Please complete questionnaire From: Maciejowski Bible 1250AD

2. 6 Managing Manna All we have is a gift from God and is entrusted to us.

3. 6 Managing Manna Things to consider when thinking about money

4. 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

5. 6 Managing Manna Making changes: Where can changes be made which effect our financial situation?

6. 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:

7. 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

8. 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

9. 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

10. 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

11. 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).

12. 6 Managing Manna 5. Monitor Monthly Budgeting Dave Ramsey.com Crown.org Financial planning books WTS website

13. 6 Managing Manna

14. 6 Savings Making changes: Savings 2 philosophies - Earn – Spend = Tithe + Savings (leftovers) Earn – (Tithe + Savings) = Spend

15. 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

16. 6 Managing Manna

17. 6 Credit Credit reports include:  Personal information  Credit History  Public Records  Inquiries (for loans, etc.)

18. 6 Managing Manna Credit To check your credit report go to -

19. 6 Managing Manna Credit Credit Score = FICO score Is derived from:

20. 6 Managing Manna Credit FICO score – need to pay to find out. For a free credit score (similar to FICO):

21. 6 Managing Manna Credit FICO score effect on 2014 mortgage rates from www.myfico.com - www.myfico.com

22. 6 Managing Manna Credit Good versus bad: $505,827 620-639 $85,492 $475,577 640-659 $55,242 $452,388 660-679 $32,052 $441,061 680-699 $20,726 $431,804 700-759 $11,468 $420,336 760-860 0 Bad credit Good credit

23. 6 Managing Manna Credit Tips :  Opt out of pre-approved offers www.optoutprescreen.com  Stop {most} telemarketer calls www.donotcall.gov  Evaluate credit card offers www.bankrate.com

24. 6 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 Conclusion The End – not quite!

25. 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: