Helping folks with emergency financial assistance. If you find yourself in this situation, please contact Bob Hayes at 298-5395 Ext. 302.
Having trouble with putting a budget together? Need someone to walk you through it? Setup an appoint by sending an email to pfc@pantanochristian.org or calling the church office (520) 298-5395.
How prepared were you to make financial decisions when you left home?
- Crown Financial Ministries has great material to help your children learn God’s principles for their finances. Check out their resources at their Financial wisdom for the family Also see the The ABC’s of Money Package
The Stewardship Ministry of PCC, in conjunction with Financial Planning Ministry, will be conducting an Estate Planning Seminar at PCC. At this seminar, you will learn about your estate planning options and about the benefits of a non-profit organization that has created living trusts for hundreds of individuals, mainly from PCC, since the 1980’s. The ministry does not sell insurance or investment. They will create your estate planning documents for you at no out -of- pocket cost. Our next seminar will be March 24, 2007, at 10 a.m. in room ED 13. Please pre-register for this event by contacting Kathy Snyder at (520) 298-5395 or ksnyder@pantanochristian.org
Evaluating your finance can be a very scary thing, but not knowing where you stand financially will paralyze you and will become a costly mistake. The following spreadsheets are designed to help you discover your financial health. Download the Microsoft Excel versions to use these spreadsheets on your own computer or print out the forms to use by hand.
NOTE: To download the Microsoft Excel version of these files you MUST right click with your mouse pointer over the link “Excel Format” and click “Save Link As…” and then save the file to your computer.
- Assets vs. Liabilities — In this exercise you will be calculating your assets which is anything you own that has monetary value and subtracting your liabilities which is currently the amount you owe. This is the first step in evaluating your financial situation.
- Written Budget/Spending Plan — Often people mistake the mistake of guessing at what their budget will be and how they are spending money. However, an effective budget or spending plan needs to be written down, evaluated weekly and stuck to!
- Debt List — The debt list is a great way to see the whole picture, your creditors, amounts owed, minimal payment and interest rates all in one plan.
- Debt Reduction Plan — This is a great tool to help you see how long it will take to become debt free. Use the debt list created above to assist you in developing your debt reduction plan.
New Crown Biblical Financial study groups will be starting in January 2007. These life groups meet for 10 weeks to explore what the Bible says about our finances and how we are entrusted with treasures. Contact crown@pantanochristian.org for more information.
- Look at the big picture when it comes to spending and paying off debt.
- The Snowball Effect - The snowball effect is the most effective method for paying off debt that has accumulated from many lenders. The principle is to pay off the creditor with the smallest balance first and then use those funds to increase the payment on the 2nd creditor and then take those funds to increase the payment on the 3rd creditor etc. The following spreadsheet shows how paying off debt using the snowball effect method (See “Lowest Amount Owed” ) results in significant savings in the long term compared to paying the same amount on each credit card throughout the life of the loan thus incurring the “Highest Interest” charges.
- The Latte Effect - An easy way to save money and help you to pay off your debt is through the Latte effect. Giving up a $3 cup of coffee a day can save you $90 a month which can grow to $18,559 in ten years and $206,901 in thrifty years and $1.6 Million in 50 years! Similarly breaking a $7 per day cigarette habit and saving this money can give you $3.6 Million in 50 years!
