.... before they manage you
Being able to manage (steward) the finances entrusted to you is an important skill which will serve you well, not just during seminary but also in life after graduation.
Managing finances involves:
- setting priorities and goals
- taking stock of your income (earnings)
- taking stock of your expenses (spending habits)
- making and implementing a spending plan (budget)
- monitoring your progress (compare spending to budget)
- making adjustments as needed (to prevent overspending)
There are many tools available to help you develop a spending plan. Below are a few suggestions:
Developing a budget (from You Can Deal With It*)
Setting up a budget (using percentages as a guide to allocate spending)
* Note: You will need to add a category to your budget to account for tithing.
Westminster's Academic Year Budget Tracker
This Excel spreadsheet budget tool was created to track monthly income and expenses. The monthly
totals entered into each category may be compared month to month and with your budget.
Contact firstname.lastname@example.org with questions/comments.
Websites with Apps - to manage and monitor your spending:
Financial Literacy Program: Developed by PNC bank, this series of modules give a good overview of topics which influence financial health. Click on "Click to launch module" to listen to and review slides of the information in presentation format.
Power Point Presentation: Westminster's "Managing Manna" Lunch talk from October 2014.
Whichever method you choose to keep track of your spending habits is not important as long as it works for you. What is important is that you monitor your finances, so that you can provide for yourself and others and meet your obligations.
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