Personal Finance

Sometimes we feel that because we do not earn a huge salary there is no real need to manage our finances. The result of this can often have disastrous consequences. We all have the ability to manage our finances well if we are prepared to make the effort! I have listed a few pointers below which you might find useful in this area.

• Be aware of what your monthly/weekly income is going to be.
• Make a list of all standing orders and direct debits and any other regular debits and note the exact amount and date of the month they are being taken out.
• Always keep advice slips when withdrawing cash or when you use your Switch Card so that you can keep a track of them coming out of your account.
• Obtain a read-out on a regular basis (once a week) and monitor closely what is still outstanding in your account.
• Communicate with your bank – this provides the opportunity to build a relationship with them and trust is also built. If they know your circumstances it can save you money.
• Try to avoid your account going overdrawn if you do not have an arranged overdraft facility in place – this can cause all sorts of extra charges.
• If you think you may go overdrawn for a few days at the end of the month, then it is worth speaking to someone in the bank to arrange an overdraft, or switch to an account that will accommodate this situation (e.g. U First – Ulster Bank).

Preparing A Budget

For most youth workers, a large part of the time is invested in spending time with people and planning ahead – these are areas of priority. The result of this can often be an ‘attempt’ at putting something on paper before a planning meeting by way of a budget.

Luke Ch 14 Vs 28-30

“Suppose one of you wants to build a tower. Will he not first sit down and estimate the cost to see if he has enough money to complete it? For if he lays the foundation and is not able to finish it, everyone who sees it will ridicule him, saying, ‘This fellow began to build and was not able to finish.’"

Budgets can be a powerful tool for planning and strategy for an effective ministry – they provide an overview of the ministry – the analysis of a thoughtful budget can reveal both the priorities and weaknesses of a ministry. By studying the budget, a youth leader can builder on evident strengths of the group and also work on any weaknesses that may emerge.

By thoughtfully preparing a budget, you are prompted to ask questions like:-

• What are we trying to do? (First and most crucial issue)
• How will we accomplish our goals?

You may be someone who approaches financial matters in a very responsible and visionary way, if so, I apologise! For those of you who do not take such an approach, here are some pointers:-

• Ensure that youth ministry becomes a budget item.
• Chat with someone who has already been involved and establish what your budget would need to include.
• Keep a file so that you can refer back at future meetings.
• Prepare detailed rationale for each item of expenditure (This is where you can really start to work through the purpose and goals of your youth work.)
• Be a good steward of any available resources. Let use of your resources be guided by prayer and always be accountable to other individuals.
• Meet with others periodically to monitor finances – review resources to find out if they can be used more effectively in other areas of work.