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Improve Your Financial Well-Being
When you’re knee-deep in the joys and challenges of ministry, you’ve already got a full plate. It can be easy to put some of your financial goals — like repaying debt, building up an emergency fund, or saving for retirement — on the back burner, especially if your budget is already tight.
Check out the videos and resources from Seminary Financial Wellness Day — a half-day workshop for seminary students, seminary staff, and ministry leaders. They’re designed to help you build your financial confidence today, while also preparing for tomorrow’s goals.
Get answers to the following questions and more:
- Which of my financial numbers should I know to help me feel more grounded in where I am today?
- How should I balance the many financial goals vying for my few dollars?
The workshop, materials, and lunch were provided at no cost to attendees, thanks to a generous grant from the Stewardship of Life Institute.
Seminary Financial Wellness Day Videos
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5 Numbers
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Accumulating Retirement Savings
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Balancing Multiple Financial Goals
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Building an Emergency Fund
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Creating a Realistic Budget
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Finding More Money to Save
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Improving Your Credit Score
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Paying Off Credit Card Debt
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Saving for Your Child’s Education
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Saving for Other Goals
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Self-Compassion
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Tackling Student Loan Debt
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Dig In: Take an Action Step
Access the materials and follow-up tips below to help you take action.
Follow-Up Tips
As you track down your Five Numbers and work to gain a clearer picture of your overall financial life, the following tips may help you boost your financial confidence:
- Credit Score. A simple way to see your score and your credit report: ELCA Federal Credit Union at info@elcacu.org or call 877.715.1111 and tell them you are a Portico Plan Member. They can pull your credit report — including your score — without placing an inquiry on your credit report or influencing your score. Need help improving your credit score? Contact LSS Financial Counseling.
- Monthly Income. For many, this represents the amount received from an employer on a monthly basis. Others may have additional income streams — supply preaching, weddings, funerals, writing, speaking, or a small business — from work done on the side. Be sure to include those as well.
- Monthly Expenses. Begin by tracking your spending for at least 30 days. If you primarily use cash for your purchases, document each expense. If you primarily use a credit or debit card, read through your monthly statement. Next, categorize your spending as either mandatory or discretionary; in other words, need or a want. Add up your mandatory expenditures to determine your total monthly expenses. Want some help? Use a free budgeting program like Mint.
- On Your Shoulders. Have any financial concerns weighing on you — like student loan debt, unpaid medical bills, funding your child’s education, or making ends meet? If you don’t, celebrate! If you do, take the time to research the numbers. If it’s a debt, determine the amount and associated interest rate(s). Looking for a comprehensive list of all your federal loans? Use the National Student Loan Data System to get a Financial Aid Review.
- Savings. Add up the savings in your bank account, emergency fund, retirement savings, and any other investments you might have. If you had a prior career, remember to include any prior retirement account balances you have. Every little bit helps.