Which of These Following Questions Do You Need To Think About and Maybe Work On?
- Is my financial life organized and protected?
This includes a monthly budget that I follow.
(there are now several apps available that help you do this.)
a. Mint.com
b. Everydollar.com
c. YNAB.com - Am I monitoring my accounts for fraud or identity theft?
- Do I know what my credit score is? Have I been accessing my free credit reports?
a. AnnualCreditReport.com
b. One annual report from each of the three agencies
c. Freecreditreport.com (Experian report is free) - When do I plan to complete saving for an emergency fund?
a. How much do I plan to save in the next year?
b. How much do I want to add to the $1,500?
c. How will this emergency fund protect me from future debt? - Do I understand the long-term costs of my current financial habits?
a. Do I understand my credit score? How does that impact interest?
b. Do I use credit cards for rewards?
c. Am I neglecting maintenance that may hit hard later?
d. Is my credit card debt rolling over month to month?
e. Am I overspending on luxury or nonessential items?
f. Do I need the latest gadget?
g. Can I find brand-name clothes at thrift stores?
h. Is it possible to simplify my life?
Save when you don’t need it, and it will be there for you when you do. Live below your
means. Just because you CAN afford something does not mean you should buy it.
Discipline brings blessing. Unrestraint brings heartache.
“No discipline seems pleasant at the time, but painful. Later on, however, it produces a
harvest of righteousness and peace for those who have been trained by it.”
(Hebrews 12:11)
Financial Freedom Plan
- Fill out your vision statement. What do you want to achieve as a result of participating in COMPASS 2.0?
- Fill out…What is your personal goal of spiritual and/or financial growth in the process?
Steps to Financial Freedom
The 5 steps are outlined on page 1 of the Freedom handout.
- Complete a family financial budget.
- List all of the Debts you have on pp. 3-4 of the Debt Reduction Worksheet
- Fill in the monthly minimum payments for each debt.
- Start a “debt snowball.” The simple steps to do that are there on your handout.
- Faithfully live within your budget.
- And SAVE for your emergency fund.
BUDGET Worksheet
- The worksheet is found on page 2. A budget is a master plan that guides all of
our financial decisions. - A budget ensures we have more income than outgo!
Monthly BUDGET Worksheet
- This is a GREAT budget tool. The goal is a BALANCED budget, where your income is more than your expenses.
- Notice that tithe and savings are at the top.
Five Questions As You Begin
- Where will you store the Emergency Fund? (The higher the return, the faster you reach your goal.)
- How many people, and who must sign off on accessing the Emergency Fund?
- What is the dollar amount that one spouse can spend without checking in with the other spouse? (If you are hiding purchases from your spouse, there are significant trust and financial issues that must be dealt with.)
- All accounts should be jointly held with your spouse with complete access by both of you. Are they?
- What’s your target date to accumulate $750 (your portion) to access the matching gift from Nazarene Benefits, USA? (Be specific.)
NBUSA has made a commitment to invest in YOU, to help pastors move past paralyzing “financial pressure” by establishing a personal Emergency Savings Account.
In partnership with NBUSA and Districts, our commitment as a COMPASS Leadership Team is to serve you with excellence in everything we do, if there is any way we can do that better, please contact us.