For those with the unique calling of ministry, finding ways to balance financial inflows with outflows can be challenging. Here are four tips to consider that could help making ends meet each month a little easier.
Deciding whether your spouse should work outside your home is a deeply personal decision that has many implications. While it does provide an additional source of income, it impacts childcare, household responsibilities and even their involvement in the church or ministry in which you serve. Most importantly, it can make a difference in your relationship with each other, which in turn impacts your relationship with the Lord (1 Peter 3:7).
There are many factors to consider, but knowing the impact on your finances is a good place to start. Our specially designed Spousal Income Calculator can help you determine the financial impact of adding — or removing — your spouse’s income to your household.
Proverbs 22:3 reminds us that “A sensible person sees danger and takes cover, but the inexperienced keep going and are punished” (CSB). Life has a way of throwing curve balls at us, whether it’s a household appliance breaking, an auto fender-bender or an unexpected medical procedure. It’s only a matter of time before one or another of these crises comes your way. Watch our video Save for an Emergency for tips on how to prepare for life’s unfortunate surprises.
The Apostle Paul told Timothy that “good leaders are to be considered worthy of double honor, especially those who work hard at preaching and teaching” 1 Timothy 5:17 (CSB). One benefit available to you as a “minister of the Gospel” is that the IRS will allow you to exclude some or all of your ministerial income designated by your church or church-related employer as a housing allowance from income for federal income tax purposes. This can be a significant reduction to your tax bill every year, allowing you to use more of your income to provide for you and your family, and save for a secure retirement. Learn more about this key benefit in our video What is a Minister's Housing Allowance?.
Many pastors could get a pay raise, and it wouldn’t cost the church a dime extra by following a salary-and-benefits approach rather than a package approach. The church could pay the same total amount in both the package approach and the salary and benefits approach, but the full package amount is taxable for the minister. Learn more about these two different approaches as well as other resources for further compensation planning.
Looking for more help? Check out our helpful resources and calculators. Also, browse and watch our webinars for tips on money management and good financial stewardship for additional guidance in making ends meet.
At GuideStone®, we want every servant of Christ to finish well. Our mission is to enhance the financial security and resilience for those who serve the Lord.
For more information, contact us at Info@GuideStone.org or 1-888-98-GUIDE (1-888-984-8433), Monday through Friday, from 7 a.m. to 6 p.m. CT to speak with a customer solutions specialist.
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