Financial Capability for People of Call: Essential Tips and Resources for Financial Wellness

As clergy members, you spend much of your time offering spiritual guidance, serving your communities, and supporting your congregations through life’s challenges. This may leave you without enough time and energy to focus on your financial capability, resulting in unnecessary stress or financial instability.

You can increase your own financial wellness by applying these five tips below and utilizing the many Pension Boards’ personal finance offerings and resources. While your calling is centered around the wellbeing of others, it is just as important to ensure your own financial health.

1. Manage Your Debt

Managing debt can be daunting, especially if you don’t know where to begin or how to reduce your debt burdens. That’s why it’s important to face your debt challenges one step at a time. Consider using a calculator to learn how long it will take you to pay off your debt, or determine if consolidating your debt is the right step for you. Also consider talking with your loved ones about your debt. Oftentimes, opening up to someone you trust can give you the emotional support you need.

2. Set Financial Goals

Setting a financial goal in and of itself can seem like work when you don’t have a clear picture of your financial future. So, outlining realistic goals is a crucial step in making you feel more financially organized. Evaluate your goals to ensure they are attainable and measurable. Writing goals down will not only give you a place to structure your financial hopes, but it will also hold you accountable in seeing them through.

3. Budget Wisely

Budgeting is an integral step in enhancing your financial literacy and figuring out how to best use your economic resources. Use a budgeting worksheet to lay out your income and expenses and look back on it when you are stressed about how much you can spend week to week. No matter the time of year, it is always necessary to understand how much you spend and utilize tips and tricks to manage your spending.

4. Build Income for Your Senior Years

Regardless of whether you are close to or far away from retirement age, it’s always a good idea to start planning today for the income you will need in your senior years. The Pension Boards makes managing your retirement accounts simple with resources that allow you to plan for and consolidate multiple retirement accounts in your household. You can also estimate how much money you have in your Savings Plan at retirement, or simply plan for your retirement. If you feel alone or overwhelmed in your retirement, know that others are there with you. Retirement planning today connects to feeling comfortable, confident, and at peace when you retire in the future.

5. Feel Comfortable with Your Taxes

The Pension Boards also understands how nerve-wracking taxes can be, which is why we offer  many tax resources to help alleviate those anxieties. Consider using a calculator to estimate your tax bill so you can see those costs right in front of you. You can also learn how participating in a Flexible Spending Account (FSA), can help you pay less tax and increase your net take home pay.

Financial literacy can feel like a vague, overwhelming concept. But when you break it down and take time to understand the Pension Boards’ financial offerings, you can see how easy and important it is to your economic and mental wellbeing. If you still feel financially overwhelmed, consider talking to an LSS Financial Counselor to receive assistance and provide you with peace of mind.