& FINANCES
FAITH & FINANCES
Facilitator Guide
By: J. Mark Bowers
Editorial Team: Jerilyn Sanders, Sam Moore, Amy Kuenzel, Bethany Sargent
Illustrations: James Harrison
Photography: Front cover image by Jessica McIntosh and Project Connect Nashville; photography throughout by Gretchen Becker Shaw
We would like to thank Dr. Lance Wescher, Dr. Robb Davis, and Brandon Russell who provided content direction as well as technical and pedagogical review for Faith & Finances. Additionally, we would like to give special thanks to Gary Nederveld for his partnership and contributions. We would also like to express our appreciation for the facilitators, participants, and implementing ministries around the United States who have used Faith & Finances over the years. Thank you for learning alongside us and contributing to the development and continuous improvement of this program.
Unless otherwise noted, all scripture is quoted or paraphrased from the Contemporary English Version (CEV).
Copyright © 2012 Chalmers Center
The Chalmers Center helps God’s people rethink poverty and respond with practical biblical principles so that all are restored to flourishing.
Permission from the Chalmers Center is required for reproduction or distribution of this material. This curriculum is designed to be used by certified facilitators. To learn about training, give feedback, or for further inquiries, please contact:
Chalmers Center 1500 Chestnut St., Suite 106 Chattanooga, TN 37408 support@chalmers.org chalmers.org/finances
FAITH & FINANCES: AN INTRODUCTION
The teaching and miracles of Jesus Christ proclaim that His Kingdom is here and coming. He heals our diseases, restores our relationships, forgives our sins, calms our fears, fills our hunger, and yes even offers the hope of resurrection and new life! Jesus, by his death and resurrection, has begun the work of reconciling all things on heaven and earth, both now and to come. And we, the church, are to declare and demonstrate that He is making all things new.
Because of this calling, Faith & Finances has been developed to provide local churches and faithbased ministries with a tool for equipping vulnerable individuals and families in their community with a biblical vision for how the comprehensive healing of Jesus encompasses finances. Through Faith & Finances, the local church is equipped to:
• Share basic, technical money management skills to financially vulnerable people in their congregation or community;
• Build awareness among vulnerable people regarding financial practices and systems and how to overcome real-world pitfalls on the path to financial health;
• Encourage vulnerable people, showing them that they are known and loved by God and that He can provide peace, healing, and freedom in their relationship with Him, with others, with themselves, and with their money.
GETTING STARTED
Faith & Finances is a series of twelve units on financial literacy for low-income or financially vulnerable adults. Each 90-minute unit is designed to meet the learning needs of those who struggle to manage their money. Through group discussions, participants gain important information and skills relevant to their everyday lives.
The Faith & Finances course begins with laying the foundation for good financial literacy by discussing money in the context of relationships, attitudes, values, and obstacles. Next, the curriculum encourages participants to plan ahead to set goals and to make a spending plan. After establishing a spending plan, Faith & Finances discusses giving, thrift, debt, and risk. Finally, the curriculum encourages learners to protect their assets and consider their net worth. For further details, see the Faith & Finances Course Map below.
WHO
WHO SHOULD PARTICIPATE AND WHO SHOULD FACILITATE FAITH & FINANCES?
The curriculum is designed for groups ranging from 5-20 people. Target participants are financially vulnerable adults with limited financial understanding and a high school level education. The typical course participant has some level of personal debt, no emergency fund, does not live within a budget, and has a net worth near or below zero. Ideal participants may include men and women with
job skills (i.e. they are employable), single mothers with small children, men with mandated child support payments, or any person with low or fixed income (e.g. Social Security, disability).
The spiritual maturity of the target audience may vary greatly from those who are not believers to those who are mature Christians. By using biblical passages and stories followed by open-ended questions, Faith & Finances is designed to stimulate thoughtful reflection on financial motivations and practices for learners at different places on their journey of faith.
The ideal facilitator will have completed at least two years of college and have successfully managed their own finances for at least five years or have the equivalent relevant life experience. Through training by Chalmers Center, these facilitators will also be familiar with best practices in the following areas:
• Poverty and holistic ministry as described in When Helping Hurts and Becoming Whole;
• Socio-economic and cultural differences between people living at various income levels;
• Facilitation skills and principles of how adults learn; and
• Basic financial literacy theory and practical money management skills.
Facilitators and allies help participants to understand and enjoy the learning process and take action based on the discussions. As co-learners with the participants, facilitators and allies should participate in the activities, modeling openness and vulnerability. They should also make themselves available before, during, and after class. Building real relationships gives them a stronger ability to hold participants accountable to their commitments and to persuade them to take action.
W HEN
WHEN SHOULD FAITH & FINANCES TAKE PLACE?
The Faith & Finances training is provided in units of 90 minutes for a duration of 12 total sessions. The ideal configuration is weekly classes for 12 weeks (approx. three months). This is based on the assumption that participants may not be accustomed to intensive coursework and extensive time commitment. This also allows the participants weekly time to track their income and expenses which is key data for building a monthly spending plan. The Faith & Finances units are designed to be easy to use, scripted so that the facilitator only needs 20-30 minutes of preparation time each week.
WHERE
WHERE SHOULD FAITH & FINANCES TAKE PLACE?
The primary intention of Faith & Finances is that a local church serves as the host However, Faith & Finances sites have flourished around the US in myriad settings – from jails and low-income housing projects to non-profit organizations and community centers. The learning space for the course should be large enough to accommodate up to 20 people, with access to tables for writing, wall space for posting group activities, and physical space for small group discussions and activities.
FAITH & FINANCES : COURSE MAP
Laying the Foundation for Financial Literacy
• Unit 1: Connecting Money and Relationships
• Unit 2: Exploring Values and Attitudes
• Unit 3: Overcoming Financial Challenges
Setting Goals and Budget Building
• Unit 4: Setting Savings Goals
• Unit 5: Creating a Spending Plan
Integrating Sound Practices into Budgeting
• Unit 6: Living Simply
• Unit 7: Giving Joyfully
• Unit 8: Managing Debt
• Unit 9: Taking Loans
Protecting Assets and Considering Net Worth
• Unit 10: Getting Banked
• Unit 11: Preparing for Emergencies
• Unit 12: Planning for Long-Term Change
HOW CAN A FACILTIATOR PREPARE TO LEAD FAITH & FINANCES?
Faith & Finances is intentionally low-tech and designed to be delivered in-person in a small group setting. While circumstances may occasionally dictate hosting classes by video or 1-on1, the best practice is for small classes to meet in person whenever possible. Because transformation does not occur as a result of information transfer alone, Faith & Finances is designed to build interpersonal relationships, amplify multiple voices and experiences, and allow people to practice hands-on learning. As such, this course primarily relies on simple tools such as markers and paper rather than videos and slide decks. We like to say that the “HOW” matters as much as the “WHAT” for our learners.
Each unit of Faith & Finances begins with an information box that contains a summary of the objectives, materials needed, preparations, and time required to conduct the session. Review this information carefully. The “Materials Needed” section lists the items you’ll need to gather bef ore the unit. The “Preparation” section lists actions needed before the unit begins like creating flipcharts or researching local prices and services.
Other important information to facilitate Faith & Finances:
Study the objectives. The objectives in the information box for all Faith & Finances units are each mapped to a specific learning task. Studying this connection helps the facilitator focus and direct each task in the units toward accomplishing the learning objective.
Be mindful of the time. Allow participants to speak and engage with the content, but keep the session on task and moving forward briskly. Otherwise, time may run out to cover key content.
Utilize the 4As1 The design of each Faith & Finances session uses the 4As of learning: ANCHOR the content in the participants’ experiences, ADD new content to the session, APPLY the new content through an activity during the session, then ask participants to take the new learning AWAY through small commitments to act. Take full advantage of this framework to encourage reflection and action on the new knowledge, skills, and attitudes being formed.
Adapt the content to the needs of your target group. An example or story might better connect with your group if you change it from what is written in the curriculum. This is highly advisable! You know your participants best feel free to make the content as relevant as possible. The Faith & Finances curriculum is not static it serves as a tool and a guide for you.
After each unit, post all flipcharts on the walls of the training room. Leave these charts up and continue adding to the walls each week to build on further learning. As the sessions progress, participants can easily see and call to mind past units – and the facilitator can draw on previous
1 Derived from Global Learning Partners’ 4 Steps for Learning That Lasts, 2012.
learning tasks. Posting participant responses on the chart also affirms their contributions and helps them own the learning process.
Make the scripture accessible. For ease of understanding, all scripture used in Faith & Finances is from the Contemporary English Version of the Bible, unless otherwise noted. Using a readable version and printing the passages directly in the Faith & Finances Participant Guide helps to create a comfortable environment for those who may not have had much prior experience locating passages in a Bible.
ADDITIONAL FEATURES OF THE FAITH & FINANCES CURRICULUM
• Regular font = specific information or instructions for the facilitator to read or paraphrase to the participants.
• Italics font = instructions for the facilitator. Do not read this text to the participants.
• Bold = highlights action verbs that connect the participants to the content through action-oriented tasks.
• Arrow (➢) = specific open questions for the facilitator to ask. Deliver this text as it is written. Allow for discussion time and a variety of voices to be heard.
PRINCIPLES FOR GOOD FACILITATION OF FAITH & FINANCES2
Participation and dialogue are essential in adult learning. As the facilitator, you are also a learner. The participants come to the sessions with rich experience and add value to the learning. All participants, including you, must both teach and learn. The facilitator is responsible for engaging the learners and listening to them with respect. Discussions about money are sensitive and intimately connected with issues related to personal relationships. It is important to establish a safe, affirming environment so learners can participate in discussions, share experiences, and feel safe asking questions.
Facilitating group discussion
• Listen carefully to learners and thank them for speaking. When people feel safe, they speak more freely, give honest answers, ask questions, and, in the end, learn more.
• If people give a very short answer, you might want to encourage them to say more. You could say, “Can you tell us more?”
2 Derived from Savings: You Can Do It! by Freedom From Hunger, 2008.
• Avoid interrupting people while they are talking. If you must interrupt someone who is talking too long, do so, but apologize.
• Try to have as many people as possible participate in the discussion. Encourage this by saying, “Let’s hear from a new voice...”
• Use paired discussions where indicated so that more participants, especially very quiet ones, will have the opportunity to share their thoughts.
Telling a story
• Know the story well and practice telling it dynamically before the session.
• Show different feelings on your face and in your gestures, such as worry, excitement, and fear.
• Be sure to follow a story with the questions presented in the curriculum. Most learning happens after the story, during the discussion of open questions.
Presenting information
• Be familiar with important points to avoid reading them word-for-word.
• Look at the participants as you give the information. Even if you read the information, look up occasionally so that people do not feel ignored.
• Watch people for signs of confusion. If you see them, stop and ask what questions they have.
Asking open questions
IMPORTANT PRINCIPLES OF FACILITATION
• Create a safe learning environment.
• Give feedback to the participants and praise them for their efforts.
• Show respect by valuing the participants’ knowledge and experience with the subject.
• Role plays, learning games, and art affirm and draw on different learning styles present.
• Let the participants know that you are a learner with them.
• Ask open not closed questions to promote discussion and interaction.
• Use small groups as suggested in the sessions to build a sense of teamwork and create safety.
• Use open questions to draw out ideas, opinions, and experiences. These questions help participants think for themselves, discuss the issues, and make decisions. A closed question sounds like this: “Any comments?” An example of an open question: “What can you add to this discussion?”
• Pause after asking an open question to allow participants time to think. Look around the group expectantly as you wait for someone to answer. Don't be afraid of silence.
• If no one responds, ask the same question using different words and pause again to indicate you are waiting for responses.
• Once someone volunteers a response, take some time before proceeding to the next question. Ask if someone else has something to add to the first response.
• Listen to the responses for important points, repeat them for emphasis, and commend the speakers.
Creating safety
• Learners need to feel that their ideas and contributions will be valued. Encourage even small efforts. Be careful not to judge or humiliate learners in front of others.
• Some subjects, especially related to relationships and money, may be difficult to discuss in a group. Be sensitive and aware of the participants’ reactions and protect their feelings. Having the participants set guidelines and ground rules up front helps to create this safety.
Trusted Faith & Finances Partners
Prison Fellowship is the world's largest Christian non-profit organization for prisoners, former prisoners, and their families, and a leading advocate for justice reform. PrisonFellowship.org
STCH Ministries is committed to healing hearts and sharing hope through their 9 ministries across Texas, nationally and internationally. stchm.org
Active in 29 states, Love INC mobilizes local churches in communities to provide a network of holistic care to people: spiritual, emotional, relational, and physical. LoveINC.org
CCT Fresno builds the leadership capacity of individuals and institutions to contribute to the economic, social, and spiritual well-being of Central California communities. cctfresno.org
U NIT 1
CONNECTING MONEY AND RELATIONSHIPS
OBJECTIVES
By the end of this unit, we will have:
1. Introduced ourselves and named expectations for the course;
2. Considered God’s desire for all of His creation;
3. Discussed ways that financial hardship has challenged our community and connected our struggles to the fall;
4. Depicted how money affects our relationships with family and community;
5. Assessed how our use of money fits with our priorities; and 6. Committed to tracking income and expenses over the next week.
MATERIALS NEEDED
• Participant Notebooks/Pens
• Flipchart/Markers/Tape
• Colored Paper/Post-it Notes
• Clay/Play-dough
• Mini-notebooks (Mead, 3 x 5) one per participant
• Bible
TIME
90 Minutes
PREPARATION NEEDED
• Create Flipcharts: Faith & Finances, Our Guidelines, Our Expectations, Faith & Finances: 2 Key Themes, Our Top Priorities, final closing commitment
• Two small mirrors; one broken and glued
• Research/download expense tracking apps
• Review/note page numbers in participant guide
INTRODUCTION (5 MINUTES)
Welcome, everyone, to our Faith & Finances community! Let me introduce myself and our allies
Today, we’ll start a learning conversation about our faith and finances. Over several weeks, we’ll be looking at God’s design for all of our relationships. We’ll also explore practical ways we can manage the money He has entrusted to us.
Examine this chart on the wall entitled Faith & Finances. By the end of our sessions together, we will all have participated in financial learning discussions about:
1. Connecting Money and Relationships
2. Exploring Values and Attitudes
3. Overcoming Financial Challenges
4. Setting Savings Goals
5. Creating a Spending Plan
6. Living Simply
7. Giving Joyfully
8. Managing Debt
9. Taking Loans
10. Getting Banked
11. Preparing for Emergencies
12. Planning for Long-Term Change
For the next 12 sessions, we’ll track our progress each week using this chart on the wall. Let’s hear some of your questions. Then, we’ll open in prayer.
I’ll pass this roster around to collect your names and contact information.
This should be a safe place where everyone’s voice is respected. Before we begin, what ground rules do you want to set to encourage good learning together? Call out your ideas and I’ll note them on the flipchart entitled Our Guidelines. You can also record them in your notes.
OUR GUIDELINES
[Suggestions if not mentioned: turn off mobile phone, commit to arrive on time, show respect when others are speaking]
How do we plan to enforce our guidelines?
TASK 1
INTRODUCE OURSELVES AND NAME EXPECTATIONS FOR THE COURSE (15 MINUTES)
1A: In order to get to know one another better and to share in the large group, use the clay to create a sculpture that represents something unique about you. Sculpt something that is distinctly you. For example, you might be good at construction and building things, so you might sculpt a hammer.
You have two minutes to sculpt. When we are finished, we’ll share our artwork with someone that we don’t know as an introduction. Then, we’ll hear a brief description of each from your partner so listen carefully! I will also create a sculpture.
For some of you, activities like these may seem strange. Remember that people learn in different ways, and for some, this may be the best way.
Now that we’ve gotten to know one another better, let’s define what we hope to get out of our time together.
1B: What do you hope to accomplish over the next 12 weeks? Share your expectations for this course and I’ll write them on the flipchart entitled Our Expectations
Thank you all so much for being open to share your expectations for our time together.
TASK 2
CONSIDER GOD’S DESIRE FOR ALL OF HIS CREATION (15 MINUTES)
2A: As we delve into these felt needs about money management, let’s start at the beginning of the story. In Genesis, the beginning of the Bible, we learn about how God made His creation including people. Would a volunteer please read Genesis 1:27-31?
So God created humankind in His own image, in the image of God He created them; male and female He created them. God blessed them and said to them, “Be fruitful and increase in number; fill the earth and subdue it. Rule over the fish in the sea and the birds in the sky and over every living creature that moves on the ground.” Then God said, “I give you every seedbearing plant on the face of the whole earth and every tree that has fruit with seed in it. They will be yours for food. And to all the beasts of the earth and all the birds in the sky and all the creatures that move along the ground everything that has the breath of life in it I give every green plant for food.” And it was so. God saw all that he had made, and it was very good.
2B: After hearing this passage, call out words that come to mind about how God made people and His world.
We are all made in God’s likeness, just like a child has characteristics of their father or mother. And like we saw in our sculptures, each person in this room has unique gifts and skills that reflect the image of God. Being created in the image of God means each of you reflect Him in a way that no one else on earth can! When we reflect the Creator, we find our true identity and worth.
2C: Consider God’s desire for us and for all of His creation. If God made us to reflect Him, what do you believe His desire for us might be in managing what He has given to us especially our money? In groups of 2-3, share your thoughts for 2 minutes.
Then, we’ll listen to some of your reflections aloud.
DISCUSS WAYS THAT FINANCIAL HARDSHIP HAS CHALLENGED OUR COMMUNITY AND CONNECT OUR STRUGGLES TO THE FALL (20 MINUTES)
God made us to reflect His glory, and He trusted us to care for His good creation. He made His world perfect, but something happened to His creation. This is often referred to as “the Fall”.
3A: What does the Bible say happened that caused this brokenness? What happened to God’s good creation? Share anything you remember about this story in the large group.
Thank you for your insights.
3B: Look into this mirror as I walk around and hold it up to you. Just as we were designed to reflect God’s image, the mirror reflects your image.
3C: Now, look into the mirror that is broken as I walk around and hold it up to you. Describe your reflection.
Just like we can still see a distorted image in the broken mirror, we still see glimpses of God’s design in our world. However, sin now causes us to face struggles in all areas of our lives. Things no longer work the way that God intended.
The story of the fall in Genesis tells us how sin entered the world, distorting our ability to reflect God in the world.
3D: Listen to this short summary of the story of the fall. Would another volunteer please read?
God created Adam and Eve, the first man and woman, in His own image. God placed them in the Garden of Eden and made them managers over everything – but forbade them to eat fruit
from the tree of knowledge of good and evil. The serpent persuaded them to eat fruit from the forbidden tree, and they immediately became ashamed of their nakedness. Everything became broken and messed up when the first man and woman disobeyed God. God expelled them from the Garden of Eden. Work and relationships became broken and difficult. (Genesis 3, paraphrase)
3E: Based on your experience, how did the fall affect the way we reflect God? With a partner, describe the effects of the fall on our relationships and money. We’ll hear some of your reflections after 2 minutes.
Thanks for sharing your thoughts and experiences. The fall did not just break our relationship with God, but it has damaged all parts of our lives our culture, workplace, family, government, and finances. Sin has damaged our relationship with God, with other people, with all of the creation, and even how we view ourselves.
Throughout our weeks together in Faith & Finances, we’ll be looking at how God wants to restore us to reflect His original design. As we work through our finances together, you’ll notice that two themes are at the foundation of everything we discuss.
3F: Examine the two key themes written on the flipchart. Let’s read them together aloud. We’ll post them on the wall and refer back to them throughout our time together.
FAITH & FINANCES: 2 KEY THEMES
1. Jesus is making all things new, including our money and relationships.
2. God has chosen to use our money to accomplish His work in the world.
Ø What do you think it means that Jesus is making all things new?
Thanks for sharing your ideas. Jesus cares about fixing all parts of our lives. For those who put their trust in Jesus, He is putting that broken mirror back together and restoring us to reflect God’s image and glory. Although the fall has broken everything, Jesus is repairing and restoring all things, including our money and relationships. He is not only concerned with the spiritual parts of us, but all parts of us finances included!
Ø Why do you think our money is important to God’s work in the world?
When we trust in Jesus by faith, we become His children, playing a key role in God’s work. No matter how much money we have, we have a special role to play in caring for God’s resources. This is an exciting responsibility although God didn’t have to, He has chosen to use our money to do His work in the world. For God’s people, our goals in money management are not just creating wealth or security but seeking first the kingdom work of God in the world. God’s kingdom is not about heaven someday it is about His rule over all parts of life, culture, and creation now! He has already begun this in Jesus and will fully complete it in the future. And we are invited to be a part of this great story.
In God’s story, true financial flourishing always goes hand in hand with restored relationships. This is something that we’ll explore in more detail throughout the course.
3G: To begin doing that, let me introduce you to a couple named Eva and Isaac. Beginning today, and throughout the next weeks together, we’ll explore their story. Today, as I tell it, consider how the fall has affected their finances and relationships.
EVA AND ISAAC’S STORY
Since childhood, Eva’s life has been full of financial struggles. For as long as she can remember, her father wasted the family’s money on drinking and gambling, forcing them to always live from paycheck to paycheck on her mother’s earnings. Her parents fought a lot, especially about money. Oftentimes, Eva and her younger brothers Charles and Tony, went without the winter coats or boots they needed. They never had the stylish clothes their friends did. In high school, Eva held down a part-time job at The Corner Market and made the grades to graduate but couldn’t think about college. Her senior year is when her parents divorced the same year that she married Isaac, her boyfriend, and went to work full-time at her job.
Isaac loves Eva and wants to take care of her. He dropped out of high school because he couldn’t focus too much was going on at home. After he dropped out, he started working part-time in the kitchen at Burrito Picante. Being around Eva was unlike anything Isaac had experienced. She really wanted to get married, so they had a quick ceremony. Unfortunately, Isaac lost his job when he took her to the beach for their honeymoon. Shortly after, Eva told Isaac that she was pregnant. Isaac
wants to give Eva and their son, Michael, a good life, but he struggles to hold down a stable job because it’s hard to be on time, and he loses his temper easily.
Five years after Eva and Isaac were married, Eva’s mother Dolores moved in with them. This has put more pressure on Isaac and Eva’s relationship and their finances.
3H: Discuss in the large group: How has money affected Isaac and Eva’s relationships?
For people like Eva or Isaac, financial and relational struggles may be very discouraging. Just like them, the fall has broken every part of our lives, including our relationships and our money.
TASK 4
DEPICT HOW MONEY AFFECTS OUR RELATIONSHIPS WITH FAMILY AND COMMUNITY (15 MINUTES)
4A: Consider: How has money affected your relationships with friends or family? Think in silence about this for two minutes.
4B: In the space in your workbook labeled My Money and My Relationships, use the markers to write down words or draw pictures that describe how money has affected your relationships
After five minutes, we’ll hear some of your thoughts but only those who want to share aloud.
Thank you for opening up about your experiences. These are very personal and important ideas that we’ve shared together.
4C: Let’s pray together and ask for God’s help in our finances and relationships. I’ll leave a few minutes of silence if any of you would like to pray before I do.
Lord God,
We confess to you we are all broken in some way no matter how much money we have. We know that the fall has affected all of us. Heal our relationships that have been damaged by sin. Restore us to reflect Your image and glory. In the name of Jesus, we ask You, Amen.
Like the story of Eva and Isaac, our money and relationships are intertwined. During our sessions together, we cannot discuss all the complex factors that influence relationships. So, we’ll focus specifically on how money affects our relationships.
TASK 5
ASSESS HOW OUR USE OF MONEY FITS WITH OUR PRIORITIES (15 MINUTES)
Let’s step back and begin to look at the big picture. Let’s think about the people or things that God has given to us.
MY MONEY AND MY RELATIONSHIPS
5A: Let’s number off and find a new partner someone across the room! Describe the top two things that you value most in your life. What are these two top priorities? Be specific. You have three minutes to discuss and then write them down in the box in your workbook.
The things that I value most in my life are:
5B: Call out the two things that are most important to you. I’ll note them on the flipchart entitled Our Top Priorities
Thank you for sharing these things that are most important to you. One reason why money hurts our relationships is that we aren’t aware of or being honest with ourselves about the way we spend our money. To get a handle on that, let’s start with something simple. In the next activity, we’re going to ask ourselves: where is our money going?
5C: Fill out the My Latest Buys chart in your guide. Write down up to eight specific purchases that you have made this week or last week from food and clothes to entertainment and shopping. Record each item purchased and the cost, even if it’s less than a dollar
Let’s take five minutes to complete this on your own. You won’t be asked to share anything aloud unless you’d like to.
5D: Now, compare what you’ve recorded to the chart entitled Our Top Priorities. In silence for two minutes, reflect on this question: Does the way I am currently using my money contribute to what I say are my top priorities?
5E: How is your spending contributing to or taking away from your top priorities? Share any key insights you have with the large group.
Money really is a mirror on what we value. In the Gospels in the Bible, Jesus talks about money a lot. Other than describing His kingdom, He addresses money and possessions more than any topic. He must have deeply understood how the way we use our money reflects what is most important to us.
MY LATEST BUYS
Write down up to eight specific purchases that you have made this week or last week from food and clothes to entertainment and shopping.
TASK 6
COMMIT TO TRACKING INCOME AND EXPENSES OVER THE NEXT WEEK (5 MINUTES)
To make sure how we use money supports our top priorities, we must track our daily income and daily spending. Money can hurt our relationships when we aren’t aware or being honest with ourselves about the way we use it. Like a leaky roof, if you don’t know where the water is coming in, it is impossible to stop the leak. In the same way, we must know where our money is coming in and where it is going out if we want to use it toward our top priorities.
6A: This is where we get specific by looking at our daily purchases. Between now and our next meeting together, let’s commit to tracking our daily income and expenses.
TIP: This icon appears in the participant guide alongside the closing away step for each lesson.
For income, each time we receive income, we’ll write it down on the My Daily Income chart in your workbook. All forms of income must be included paychecks or government checks, social security, food stamps, cash from friends or family, and even money that you get from selling old furniture, scrapping metal, or odd jobs.
In the same way, for expenses, each time we use cash or credit/debit, write down the date, expense, and amount on the My Daily Expenses chart. Include all expenses bills, cigarettes, laundry, drinks, groceries, or children’s clothes. Save your receipts so you can get an accurate picture.
6B: Take one minute to examine the income and expense tracking sheets. Let me know what questions you have.
Tracking these things is the essential foundation for this entire course. During our fifth week together, you’ll use the information you gather through tracking your income and expenses each week to develop a plan for your spending. I’ve given you some tools, but each of you has to find the tracking method that works best for you!
6C: As an example of one method, take one of these mini-notebooks. Because your workbook may be difficult to carry around, consider keeping this in your pocket, wallet, or purse. Every time you spend anything 75 cents on gum or $3 on a bus fare, write it down or stick the receipt in it. At the end of the day, record all income and expenses in your workbook. With your household, set aside a special time to review your income and expenses. Agree on this in advance so that everyone is ready to talk openly!
If you carry a smartphone, consider using your debit card for all purchases and your bank’s app to keep track of expenses. You can also try out other expense tracking apps recommended by the Faith & Finances community like Mint, YNAB, or EveryDollar Even if you’re not ready to use those, the simple Notes app can be helpful for digital tracking. Talk to your ally or someone you trust who can help you.
6D: I will commit to tracking all of my income and expenses and ask you to do the same. If you commit to doing this, come and sign the flipchart:
TOGETHER, WE COMMIT TO TRACKING OUR DAILY INCOME AND EXPENSES
Thank you for your hard work and patience today as our first session together usually runs longer. We’ll keep the remaining sessions to one hour and a half.
6E: Before we close in prayer, please pull out your phone or tablet and complete a short survey. Please answer a few questions that we’ll also come back at the end of our 12 weeks together. This is confidential your name isn’t required. This survey will not only help you track how you are growing, but will also help the creators of Faith & Finances make the class better for future participants You can scan the QR code in your book or go to chalmers.org/ffsurvey
6F: As we close, let’s pray that God will help us as we track our income and expenses.
MY DAILY INCOME
MY DAILY EXPENSES
U NIT 4
SETTING SAVINGS GOALS
OBJECTIVES
By the end of this unit, we will have:
1. Reviewed our recent practices with income and expenses;
2. Shared our own experience with goal-setting;
3. Examined a story about setting long and short-term savings goals;
4. Set a long and short-term savings goal;
5. Shared and evaluated potential savings goals; and
6. Committed to sharing our goals and to continue tracking income and expenses
MATERIALS NEEDED
• Participant Notebooks/Pens
• Flipchart/Markers/Tape
• Colored Paper/Post-it Notes
• Bible
• Calculators
PREPARATION NEEDED
• Create Flipcharts: Meeting Our Goals, Eva and Isaac’s Savings Goals, Evaluation Symbols
• Nametags: Isaac, Eva, Jessica, the elder, and Dolores
• Create poster board cut-outs: check mark, plus sign, triangle, question mark
• Review/note page numbers in participant guide
TIME
90 Minutes
INTRODUCTION (5 MINUTES)
Welcome back to our session today!
Review our chart on the wall. In our last session, we discussed Overcoming Financial Challenges let’s put a check next to that topic. To review, let’s hear one or two quick things that stick with you from our last session together about financial challenges.
Today, we’ll begin discussing our next topic: Setting Savings Goals
1. Connecting Money and Relationships
2. Exploring Values and Attitudes
3. Overcoming Financial Challenges
4. Setting Savings Goals
5. Creating a Spending Plan
6. Living Simply
7. Giving Joyfully
8. Managing Debt
9. Taking Loans
10. Getting Banked
11. Preparing for Emergencies
12. Planning for Long-Term Change
We’ll track our progress on this chart over the next weeks. Let’s open in prayer as we begin our time of learning together.
TASK 1
REVIEW OUR RECENT PRACTICES WITH INCOME AND EXPENSES (5 MINUTES)
1A: Check in with a partner you’ve had from our past weeks together. Take two minutes to discuss: How are you doing:
Ø with the expense you committed to eliminate?
Ø in tracking your income and expenses?
We’ll hear from several of you that would like to share.
1B: As we build confidence and trust in our group, we can better pray for and support each other in times of need like the early church. Share: What do you remember about them from our last unit?
I appreciated our discussion last time about how we can support each other in this same way. God did not design us to function on our own but gave us one another as a community. We are relational
just like God is made in His image to reflect His character. When we put our trust in God, we are part of His family and can depend on each other.
TASK 2
SHARE OUR OWN EXPERIENCE WITH GOAL SETTING (20 MINUTES)
As we begin to discuss saving, let us consider the story of Joseph from Egypt. Joseph was a man who went through a lot of suffering He was sold into slavery by his own brothers and thrown into prison over a false allegation. Yet he had great faith and trust in God through it all While Joseph was in prison, Pharaoh, the ruler of Egypt, had a dream.
2A: Lay back in your chairs as I lower the lights. Pretend you are dreaming! Close your eyes and imagine the dream as I tell it to you:
Seven cows came up from the Nile River, fat and sleek. After them, seven other cows came up scrawny and very ugly. The lean, ugly cows ate up the seven fat cows! Then, seven heads of grain, healthy and good, were growing on a single stalk. After them, seven other heads of grain sprouted thin and scorched by the wind. The thin heads of grain swallowed up the seven healthy, full heads!
After none of his advisors could understand the king’s dream, the King brought Joseph out from prison to tell its meaning. God gave Joseph a special ability to understand the dream’s meaning.
2B: Listen to how Joseph interprets it. As you listen, think about how this applies to saving and goal setting and to God’s larger work in the world. Would a volunteer please read?
And Joseph said: “God has shown Pharaoh what he is about to do. Seven years of great abundance are coming to the land of Egypt, but seven years of famine will follow them. The famine will be so bad that you won’t even remember the abundant times! So, collect all the food you can during these good years that are coming. This food should be stored for the country, so that the country may not be ruined by the seven years of famine.” Pharoah was delighted with Joseph and put him in charge of all Egypt. When the seven years of abundance in Egypt came to an end, the seven years of famine began, just as Joseph had said. When all Egypt began to feel the famine, the people cried to Pharaoh for food. Then Pharaoh told all the Egyptians, “Go to Joseph and do what he tells you.” Joseph had stored up huge quantities of grain, like the sand of the sea. When the famine had spread over the whole country, Joseph opened the storehouses and sold grain to the Egyptians. All the world came to Egypt to buy grain from Joseph, even his own family, because the famine was severe everywhere. (Genesis 41:28-57, author’s paraphrase)
2C: In the large group, discuss: How did Joseph use his abilities to plan ahead, save, or set goals? We’ll hear a variety of voices.
Joseph wisely planned ahead, predicting future needs and setting goals to meet them with a plan of action. And even more than setting goals and planning ahead, Joseph used the assets God gave him his ability as an interpreter and his stores of grain to support his family and stabilize the whole community during crisis.
Like our second theme posted on the wall, Joseph used his resources as part of something larger than himself. Saving and planning was not just for his personal gain or security but was part of God’s work of restoration.
2D: Find a new partner someone across the room! Consider a time in your own life when you set any type of future goal and fulfilled it. What were the key actions you took to meet your goal? For example, maybe you had to sacrifice time or opportunities. Discuss the key actions with your partner for three minutes. Then, we’ll list some of your ideas on the flipchart entitled: Meeting our Goals.
[Suggest if not mentioned: planning ahead, giving up harmful relationships, delaying gratification, avoiding distractions, asking for help from others, doing research.]
TASK 3
EXAMINE A STORY ABOUT SETTING LONG AND SHORT-TERM SAVINGS GOALS (15 MINUTES)
Like these experiences we’ve listed, Eva and Isaac need clear, actionable goals if they are going to succeed at saving. They know that saving is essential and that there are no shortcuts. They also know they must do it together. As you mentioned, meeting their goals is going to require sacrifice, discipline, and help. Like all of us, sometimes they struggle just to get by on a day-to-day basis and to make ends meet.
Ø From our past sessions, what do you remember about Eva and Isaac their finances and relationships?
3A: Listen to Eva and Isaac’s story as we continue. This time, let’s act out the story! I need 5 volunteers to role play the story as I tell it: Isaac, Eva, Jessica, the elder, and Eva’s mother Dolores You don’t have to say anything just show us your best acting skills with gestures! As you watch and listen, note Eva and Isaac’s long and short-term savings goals.
EVA AND ISAAC’S SAVINGS GOALS
Eva is exhausted, falling into her chair at the day’s end. She’s tired of the cycle that her family is in she knows that God has invited them to become part of His larger story in restoring all things. Eva is ready to take action. Later that evening, she graciously interrupts Isaac while he’s watching football, asking him if they can talk about savings goals. They laugh, disagree, debate, ponder and then finally agree that the family needs a savings fund for emergencies. They shake on it: their long-term goal is to build a $500 emergency fund. As Eva and Isaac examine their expense tracking sheets, they decide they can save $25 per month toward this goal.
But it’s hard to find that $25 a month when other expenses are so high! They really need a lump sum of money to buy that washer and dryer. As she walked home from work the next day, Eva stopped back in at Green n’ Go Payday Loans to see Jessica, the lender. As usual, Jessica was so friendly and there was free popcorn as always! But as always, the deal sounded too good to be true. Eva tried to be polite as she walked out. She refuses to get the money that way again it took them all year to pay off that loan last year with the hidden costs.
Instead of taking a loan, Isaac suggests they set a short-term goal of saving for a washer and dryer. With laundry expenses at almost $15 per week, a washer and dryer would save money and time in the long run which would allow them to work toward their long-term goal. After six months, their investment in the machines will pay off. Plus, Eva would feel safer not having to go out at night to the laundromat. If the machines were at home, her mother Dolores said she would also be delighted to help! Dolores asked around at the church and found an elder she trusts who agreed to sell his good, used set for $60. She introduced the elder to the couple. Eva trusts they are better quality than the pawn shop and will make their investment worth it.
To reach their long-term goal of having an emergency fund, Isaac and Eva know they must be faithful to their short-term goal of getting a good washer and dryer. They commit to saving $10 per month toward the washer and dryer. The elder agreed they could Venmo him the $10 per month until the
washer and dryer are paid for. It was a done deal they shook on it 3 ways! If they stick with it, they’ll have the washer and dryer in six months.
That night at dinner, Eva, Isaac and Dolores discuss their new savings plan. This gives Eva even more motivation to cut back on smoking. But she knows she can’t do it alone. Instead of smoke breaks at work, Eva and a co-worker commit to take walks to destress. She also tells Isaac and her mother about her plan to cut back and asks for their support. They all agree to think about ways to cut costs. Isaac agrees to eat at home for the rest of the month, plus he suggests some ideas about saving energy. Dolores offers to make the family’s favorite soup in large batches. That night around the table at dinner, the three of them pray together about their savings goals.
3B: On the flipchart, let’s write out Eva and Isaac’s long-term goals, short-term goals, and plan for reaching these goals. As I write each category, you call out the savings goal, how long it will take, the total amount, and their plan to reach the goal.
EVA AND ISAAC’S SAVINGS GOALS
Emergency fund for the family
$500 About 2 years (20-24 months)
Used washer and dryer
PLAN TO REACH GOAL
$25 Commit to develop a savings fund; plan together to invest in washer/dryer
$60 6 months About $2.50 Found a good quality washer and dryer; cut back on smoking and eating out
3C: Now, in the large group, discuss:
Ø What do you like about Eva and Isaac’s savings plan?
Ø What challenges might they face?
Notice how their short-term goals connect to their long-term goals, enabling them to immediately take small steps like saving $2.50 per week that contribute to their long-term goal of protecting the family with an emergency fund. Also, note how working together through their finances is helping
to restore relationships in the household. As we work through our own savings goals, think about how working together on finances can help to build and restore relationships with those you love.
TASK 4
SET A LONG AND SHORT-TERM SAVINGS GOAL (25 MINUTES)
4A: Consider your own savings goals. First, set your long-term goals. Long-term goals are usually one to five years away these are the big picture goals. For long-term goals, ask yourself: Where do you want to be in five years? Call out some quick examples of possible long-term goals.
Next, set short term goals. These short-term goals are things you want to accomplish within the next six months to one year. Usually, short-term goals are steps toward reaching long-term ones. What are some quick examples of possible short-term goals?
4B: Let’s write down our long-term goals first. Before we complete the Long-term Goals worksheet, note the recommendations in your workbook entitled SMART Savings Goals:
SMART SAVINGS GOALS
Your savings goals should be:
Specific to measure what you’re aiming for and remember why you’re sacrificing
Made to honor God connect them to your top priorities and His work in the world
Accountable ask someone to check on you or send reminders
Realistic to increase the likelihood of achieving them
Time-bound to track your progress and ensure the goal is accomplished
4C: As I name some examples of long-term goals that are too general, not accountable or realistic, or disconnected from your top priorities, call out how you would change them to become more specific, realistic, accountable, time-bound, and God-honoring. For each goal, we’ll ask: What is wrong with this goal? How would you change it?
§ Save $200,000 over the next two years
§ Get more money for emergencies
§ Open a secret savings fund apart from my spouse or partner
§ Own a brand-new car within six months
§ Buy high-end clothes so people know I have money
4D: Now, examine the Long-term Goals worksheet in your workbook. Let’s read through the example listed. Let’s say that your long-term goal is to save $4,000 for your son’s two-year technical college tuition. He’s in eighth grade now, so you’ve got five years to save. How many months is five years? (60) How much will you have to save every month for 60 months to reach your goal? ($4,000 / 60 = $66.67) Let’s do the math together.
Now, in the example, what are the two short-term action steps listed to reach this long-term goal?
4E: Take five minutes to list your top two long-term goals on the Long-term Goals worksheet. I am available if you need help.
4F: Examine the long-term goals you have listed. Identify the one that really excites you or is most important. Make this your primary long-term goal. Commit yourself to accomplishing it! Think: How does this goal align with God’s plan to heal my relationships? How does it relate to what I value most?
LONG-TERM GOALS3 (1 TO 5 YEARS)
LONG-TERM GOAL: I OR WE WILL… TOTAL COST TIMEFRAME (YEARS AND MONTHS) MONTHLY COST SHORT-TERM PLAN TO REACH MY GOAL
Example: We want our son who is in 8th grade to eventually enroll in the 2-year technical college
$4,000 including tuition, books, and fees
5 years/ 60 months
3 Derived from Nederveld and Chung, Faith & Finances, Session VI, page 7.
About $67 I will talk to my wife and open a special savings account. We will completely pay off an old medical debt of $300 so we can start saving.
4G: In the large group, share the long-term goal you have selected why your goal is important, the time frame, the cost, and how you will reach it. We’ll hear from two or three of you.
Excellent! Now, let’s brainstorm how you will reach that goal by setting short-term goals. These shortterm goals should help you toward your long-term goal. For example, as written in your notes, once you pay off your old medical debt of $300 as a short-term goal, you can use that money to start working toward your long-term goal of starting a savings fund for your son’s college. Let’s do the math together:
If you want to complete this in six months, how many weeks is that? (About 24 weeks)
How much will you have to save each week? ($300 / 24 = $12.50)
4H: On the Short-Term Goals chart in your notes, list three short-term goals that will help you reach your long-term goal. Calculate how much you will need to save each week and describe how you will do it. Let me know how I can help you.
TASK 5
SHARE AND EVALUATE POTENTIAL SAVINGS GOALS (20 MINUTES)
5A: Examine your short-term goals and add them up to see how much you’ve committed to save every week. Is this a realistic amount you’ve set for yourself? You may have to begin by choosing from several good goals.
Since there are about four weeks in a month, multiply this amount by four. How much should you commit to save per month? Which goals should you prioritize?
5B: Look back at your short-term goals and consider:
Ø What are the pros and cons of my goals? Are they realistic amounts?
Ø Who will hold me accountable when obstacles get in the way?
Ø How do my goals contribute to God’s plan to restore my relationships?
5C: Adjust your goals if needed. Each person is welcome to share one short-term goal, including the cost and strategy, in the large group but only if you’d like to. We’ll evaluate the goals we’ve heard and offer feedback to each other.
SHORT-TERM GOALS4 (WITHIN 6 MONTHS)
SHORT-TERM GOAL: I OR WE WILL… TOTAL COST
Example: We need to pay off an old medical debt.
TIMEFRAME (MONTHS AND WEEKS)
$300 6 months/ 24 weeks
AMOUNT TO SAVE WEEKLY
$12.50 per week
IDENTIFY HOW: TIME NEEDED, COST, AND STRATEGY
For the next six months, our family will only buy snacks at the gas station once a month.
I will bring my lunch to work in a brown bag 4 days a week instead of eating at the cafeteria.
5D: Evaluate the short-term savings goals you have heard from others. Give a comment, suggestion, or praise by handing one of these four symbols to someone.
Then, we’ll offer feedback to each other for 10 minutes.
4 Derived from Nederveld and Chung, Faith & Finances, Session VI, page 8.
ü Check Mark – for a goal or idea that you affirm as realistic to experience I’ll pass you a check mark, Peter, because I like your goal of________
+ Plus Sign – for a goal or idea that you would add to... I want to offer you a plus. I suggest adding ___________ to your goal
p Triangle – for a goal or idea that you would change or subtract from I want to offer you a triangle, because I suggest changing ___________
? Question Mark – for a goal or idea that you have further questions about I have a question about your goal, Mariela, so I pass you this question mark
TASK 6
COMMIT TO SHARING OUR GOALS AND TO CONTINUE TRACKING OUR INCOME AND SPENDING (5 MINUTES)
This week, let’s go out and practice two things.
6A: First, commit to share your long and short-term savings goals with at least one other person in your life who can support you. This should be a positive person who can help you reach them. Ask them to check in on your progress regularly. Take a few moments to write this person’s name in the box in your notes.
I will share my savings goals with:
6B: Second, continue tracking all of your daily income and expenses on the sheets provided.
Next week, each person will examine their daily income and expenses and develop a monthly spending plan. In order to develop this monthly plan, you must bring all of the income and expense tracking information that you have recorded over the past several weeks.
Also, bring in copies of your receipts, checks, or bills if you can for example, phone, electric, water, and cable bills. We’ll keep all of this confidential; you won’t be asked to share it with the large group. Come to our next meeting with as much knowledge and documentation as you can about your own income and expenses. The more you know when you arrive, the better equipped you’ll be to prepare a spending plan that will help you to meet your savings goals.
6C: Before we close, would a volunteer please pray for God to give us courage and discipline in sharing our savings goals and tracking our daily expenses.