It is common for your financial planning considerations to change as you progress through your life and career. Life has many unpredictable turns like a growing family, moving expenses, health coverage needs, debt management, and financial planning for today or your future retirement. The Pension Boards offers you and your immediate family members free financial counseling, webinars, calculators, and other resources. Click below to view a life stage guide so you can help ensure your financial foundation is as strong as your commitment to serve.
Creating a solid financial foundation early in your career is crucial for long-term financial planning success and achieving peace of mind so you can focus on your ministry or career. Consider these initial steps to secure your financial foundation.
The first step is to understand your cash flow by tracking your income and expenses. This will help you create a realistic budget that can accommodate your needs and wants.
Second, build an emergency fund and make this a priority, as it provides a financial cushion for unforeseen expenses. Many financial planners recommend saving between 3-6 months of expenses in your emergency fund.
Third, manage your debt and prioritize paying off high-interest debt, such as credit cards, while making sure to keep up with student loans and other obligations. Setting clear financial goals, both short-term and long-term, will guide your savings and investment efforts.
A fourth step to consider is to plan early for retirement. Making regular contributions to your retirement account will significantly improve your future savings as compound growth earnings work toward your advantage.
Insurance and risk management are also critical at this stage. Utilize tools like the Comprehensive Life Insurance Analysis calculator to determine your coverage needs.
Incorporating these elements into your financial planning will set a strong foundation for the subsequent stages of your career. While this may sound overwhelming at first, the Pension Boards offers you and your immediate family members free financial counseling, webinars, calculators, and other resources so you can achieve financial wellness with confidence.
| Topic | Description | Calculators | Resources |
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| Cash Flow, Budgeting, and Emergency Fund |
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| Debt Management |
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| Setting Financial Goals |
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| Insurance and Risk Management |
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| Retirement and Investment Planning |
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| Estate Planning |
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| Tax Planning |
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Tools to strengthen your financial foundation
At the Pension Boards-United Church of Christ (PBUCC), we recognize that financial security is vital to fulfilling your call to God and your community. Balancing your financial needs and navigating challenges that may arise, however, can distract you from your mission. This is why the Pension Boards provides you, and all its members, with robust financial wellness resources to ensure your financial foundation is as strong as your commitment to serve.
You can access financial counselors to help you create a budget, apply for student loan forgiveness, create a debt paydown plan, receive counsel on a home purchase, plan for retirement, and select investments in your PBUCC Lifetime Retirement Income Plan that are right for you. You can also maximize our online educational workshops, calculators, and other resources available at your fingertips, which can help you reach your financial goals. All these services and tools are available to you at no cost.
“I greatly appreciate the assistance and support from my financial counselor. They did an amazing job, and I have made several recommendations to others to reach out to LSS for financial counseling.”
“I cannot thank LSS Financial Counseling enough for saving us on all that interest we have been paying for so long, and for finding a payment plan that works for our family. I see a debt free life for us so much sooner than we thought possible.”
Just like your annual physical and trips to the dentist, it’s important to check-in on your financial wellness as part of your self-care routine. Take charge of your finances and commit to completing your Financial Three this year! See below to learn more.
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1: Uncover needs and review retirement plan |
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| 2: Review at least two key financial planning topics |
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| 3: Attend at least three financial wellness webinars |
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The Pension Boards is pleased to offer you a robust list of financial calculators to help give you direction with your finances. Do you want to estimate whether you have a reasonable amount of life insurance or visualize how making extra payments toward your debt will help you pay down your balances faster? Do you want to create an emergency fund savings goal, or estimate if you are on track for a savings goal? Get guidance on these topics and more by using the calculators below.
(S) = Spanish Version Also Available
| Name | Description |
|---|---|
| Snowball Debt Elimination Calculator (S) |
The Snowball Debt Elimination Calculator applies a simple principle to paying off your debt. This calculator illustrates the amount of interest and time you can save. |
| Emergency Savings Calculator | Having adequate emergency savings can make unforeseen unemployment, auto repairs, medical emergencies, property damage and even legal issues more manageable. This calculator helps you determine how much emergency savings you may need, and how you can begin saving toward this important goal. |
| Home Budget Analysis (S) |
Managing your monthly budget can be difficult and frustrating. One of the most important aspects of controlling your budget is to determine where your money is going. This calculator helps you do just that. By entering your income and monthly expenditures, you can see how much you have left to save and where your money is being spent. |
| Don't Delay Your Savings! (S) |
Waiting to begin your savings plan may have an important impact on your results. A delay of even a few years could cost thousands of dollars. This calculator helps show you how much postponing your savings plan may really cost. |
| Comprehensive Life Insurance Analysis (S) |
This comprehensive life insurance calculator includes detailed net worth analysis, budgeting, and college savings to help you decide how much life insurance you might need. You can also adjust the inflation rate and your expected rate of return to see how these variables can impact your insurance needs. |
| Retirement Planner Calculator (S) |
Quickly determine if your retirement plan is on track - and learn how to keep it there. |
| Clergy Housing Allowance Worksheet | Use this calculator to help determine the amount that a member of the clergy can claim as a housing allowance. |
| Home Rent vs. Buy Calculator (S) |
Should you rent or should you buy your home? This calculator helps you weed through the fees, taxes, and monthly payments to help you decide between these two options. |
| Auto Buy vs. Lease Calculator (S) |
Should you lease or buy your car? Use this calculator to find out! The tool calculates your monthly payments and your total net cost. By comparing these amounts, you can determine which is the better value for you. |
| 403(b) Savings Calculator (S) |
Estimates how much money you may have in your 403(b) Savings Plan at retirement. |
| 403(b) Contribution Effects on Your Paycheck Calculator (S) |
Use this calculator to see how increasing your contributions to a 401(k) can affect your paycheck as well as your retirement savings. |
| Social Security Benefit Calculator (S) |
Use this calculator to help you estimate your Social Security benefits. Remember, this is only an estimate. Your actual benefits may vary depending on your actual work history and income. |
| 1040 Tax Calculator | Enter your filing status, income, deductions and credits, and the tool will estimate your total taxes. Based on your projected tax withholding for the year, the tool also estimates your tax refund or the amount you may owe the IRS. |
| Benefit of Spending Less Calculator |
Reducing your spending can be worth more than you might think. Use this calculator to see just how much your budget reductions may be worth if you were to invest in them. View the value of this new potential nest egg both with and without taxes factored in. |
| Debt Consolidation Calculator (S) |
Should you consolidate your debt? This calculator is designed to help determine if debt consolidation is right for you. |
| Required Minimum Distribution (RMD) (S) |
Use the Required Minimum Distribution (RMD) calculator to determine how much money will be distributed to you from your 403(b) account. |
| Retirement Planner for Two Working Spouses with Different Retirements |
Use this calculator to help you create your retirement plan if you have two working spouses in your household. View your retirement savings balance and your withdrawals for each year until the end of your retirement. |
| Should You Borrow from a 401(k) or 403(b)? |
Use this calculator to help you determine if you should borrow from your account and the potential impact on your retirement savings. |
| Payroll Flexible Spending Account Calculator |
Use this calculator to see how participating in your employer's Health or Dependent Care FSA can help you pay less tax and increase your net take-home pay. |
| Should I Refinance Calculator (S) |
How much interest can you save if you refinance your mortgage? The Should I Refinance Calculator helps you find out. |
| Should my spouse work? |
This calculator is designed to help you see the financial impact of having either one or two incomes for your household. |