Clergy Personal Finance Resources

Our basic responsibility as Christian stewards is to manage our personal financial resources so that we can care for ourselves and our families and marshal the resources needed to respond to God’s call to generous giving. This is especially true for clergy who are expected to teach and model faithful stewardship within our congregations. Mastering personal finances is both a personal and a pastoral responsibility. To that end the Lewis Center and Wesley Theological Seminary have gathered together resources to help pastors better understand and manage their personal finances.

Why Clergy Personal Finances Matter

Understand Your Relationship with Money (WesPath)

Personal Finances Action Plan (LCCL)

Personal Finances and Budgeting

Emergency Fund (PCUSA)

Needs vs. Wants Worksheet (NEFE)

Daily Spending Diary Worksheet – Excel

An Emergency Fund (WesPath)

Supplementary Resources:

Budget Worksheets (Excel)

Personal Financial Workbook (ACCC)

Roadmap to Saving and Investing (WesPath)

Best Strategies for Simplifying Your Financial Life (WesPath)

 

Debt

Debt Management (PCUSA)

Paying Off Debt (PCUSA)

Supplementary Resources:

Debt Inventory Worksheet (FGC)

Debt Management Worksheet (LRB)

Credit Reports and Credit Scores (FR)

Coping with Debt (FTC)

Credit Repair (FTC)

Compensation and Taxes

Supplementary Resources:

United Methodist Tax Information (GCFA)

Housing Allowance video (PCUSA)

IRS Publications

IRS Publication 517

IRS Publication 1828

Ten Fundamentals of Clergy Tax (ECFA)

Ten Fundamentals of Clergy Social Security (ECFA)

Insurance

Auto Insurance (III)

Homeowners Insurance Coverage (III)

Renters Insurance (III)

Types of Life Insurance (III)

Long Term Care Insurance FAQs (AALTCI)

Insurance Needs Analysis Worksheet (PCUSA)

Calculating Insurance Needs Worksheet (CPC)

Summary of Insurance Statement (CPC)

Investing

What is Investing (PCUSA)

Risk

Asset Allocation

Supplementary Resources:

Introduction to the Markets web link (SEC)

Investing Basics web link (SEC)

UMC Financial Planning Services web link (WesPath)

Sustainable Investment web link (WesPath)

Estate Planning

Retirement Planning (WesPath)

Source Abbreviations: 

AALTCI – American Association for Long-Term Care Insurance
ACCC – American Consumer Credit Counseling
CPG – Church Pension Group of the Episcopal Church
FTC – Federal Trade Commission
GCFA – General Council on Finance and Administration of the United Methodist Church
ECFA – Evangelical Council for Financial Accountability
FGC – Financial Growth Coach
FR – Federal Reserve
III – Insurance Information Institute
IRS – U.S. Internal Revenue Service
LCCL – Lewis Center for Church Leadership of Wesley Theological Seminary
LRB – Lazetta Rainey Braxton
NEFE – National Endowment for Financial Education (NEFE)
PCUSA – Board of Pensions of the Presbyterian Church (U.S.A.)
SEC – U.S. Securities and Exchange Commission
WesPath – WesPath Benefits and Investments