All Posts By Amy

How To Manage The Finances For Your Side Business

by

For more than a month now, the most popular post on Pastor’s Wallet has been Business Ideas For Pastors That Want To Make Extra Money. It seems there are a lot of pastors out there looking to entrepreneurship to finance their ministries or supplement their pastoral salaries.

 

In that article, I gave you some good ideas of ways to make money that can work around your ministry. But what comes next? How do you even set up a business? How do you actually manage small business finances so you know what you’re earning and don’t get in trouble with the IRS?

0

Side Jobs For Pastors That Offer Benefits

by

Health insurance.

Tax-advantaged retirement accounts.

Vision insurance.

Wellness programs.

Dental insurance.

Matching retirement savings.

Disability insurance.

Tuition reimbursements.

Life insurance.

Annual bonus incentive plans.

Child care assistance.

Discounted merchandise.

 

These are some of the most common benefits that employers offer these days, and the list is ever growing. In fact, they can be the deciding factor for someone accepting a job offer in today’s tight labor market.

 

Unfortunately, many non-denominational pastors are on the outside looking in. If their church can scrape together enough to pay them a livable salary they are blessed. But, benefits? There’s just no way.

 

However, a lot of the benefits that big corporations offer are still needed by pastors. You still need health insurance. It would still be a big help to be able to save for retirement in a tax-advantaged account. It would still be wise to have life insurance.

 

How Independent Pastors Can Access Employee Benefits

How do you get them, though?  It’s not like you’re going to leave the ministry just to have an employer that will pay for those things. Is there any other way for you to get your hands on some of these popular benefits that your church can’t afford to give you?

 

Yes. With a part-time side job. Whether it’s you or your spouse taking on the job, it could be a great way to access valuable employee benefits without leaving your church.

 

Traditionally benefits were only given to full-time workers, but there are a number of companies that are now offering some of their benefits to part-time workers as well. Here are some companies and types of companies that offer benefits for part-timers, but it is by no means comprehensive. Chances are, you can find a good local company wherever you are that would be willing to offer you benefits for part-time work.

 

Types Of Jobs That Offer Benefits To Part-Time Workers

Unions

When I was 16, I got a job as a courtesy clerk at a local grocery store and was therefore required to join the United Food & Commercial Workers Union. I didn’t like having to pay union dues as a teenager, but they provided me with health insurance for the first time in my life.

 

There are many unions out there that require employers to pay benefits to workers, no matter how many hours they work. Look around your neighborhood to see what unions are present and what kinds of benefits they offer. A good place to start is the grocery store.

 

Medical Providers

I have a friend who just got a job with a major medical provider. As an employee there, her health insurance is practically free. Already the mother of 4 boys, she says she’s tempted to have another baby just because it would only cost her $5. It’s hard to resist a deal like that!

 

Whether it’s Kaiser Permanente or your local hospital, many medical providers offer health benefits to all employees, because, well, that’s what they do. Across the spectrum from medical professionals to those who work in patient services, counseling, or administration, they take care of everyone. Often it’s not just health insurance they offer, either, but pensions and tuition assistance as well. Another perk: You don’t have to call a hotline for a nurse’s advice, you can just ask a coworker!

 

Federal Government

Whether you deliver mail for the USPS or work as a park ranger, you can get benefits by working for the federal government. Part-time work opportunities depend upon the government agency, but they are all eligible for benefits. You can read more about the benefits available from the US Office of Personnel Management here.

 

Companies That Offer Benefits To Part-Time Workers

Need more specific guidance? Here is a list of companies that offer benefits for part-time work. Each one offers different benefits and has different eligibility criteria, so follow the links of the ones that catch your attention to learn more:

 

Now, if you or your spouse decide to take on a side-job, don’t look at it as just a way to access their benefits. God has called us to be salt and light in this world, and there’s no better way to reach people than to work side by side with them on a daily basis. You can impact the world just as much, if not more, from behind a cash register as you do from behind a pulpit.

0

Do You Need A Living Trust Even If You Don’t Have Any Money?

by

Last summer, my husband and I finally sat down with an estate planning attorney. Prior to that, our will, advance directive, etc. were from online templates and barely personalized. We decided it was time to do things the right way, and boy was it a learning experience.

 

To prepare us for our meeting, we were mailed a long questionnaire of which about half of the questions we didn’t even understand. How important is it to us to avoid probate? Are we looking to set up a trust? What kind? It was like jumping into an Estate Planning 201 course when we had never been to Estate Planning 101.

 

We just want our family to be taken care of in the case that one or both of us die. We want things as simple and easy as possible for whoever is left over. The attorney’s answer: a living trust.

0

No, Pastor, Your Finances Are Not Personal

by

Being a pastor is like being a parent. Signing up for the job is akin to signing away all your privacy rights. As a parent, there are little people with big mouths following you around wherever you go. I mean, you can’t even go to the bathroom by yourself.

 

As a pastor, you have a whole church of people watching your every move and often judging it. They pay attention to the car you drive, the movies your kids are allowed to watch, and whether or not your wife has a professional manicure. I’m not saying this is right or comfortable, just that this is the way it is in most churches.

 

Honestly, it shouldn’t come as a surprise to any of us. In I Corinthians 11:1, Paul tells the church at Corinth, “follow my example, as I follow the example of Christ.” (NIV) People don’t only follow what leaders say, they follow what they do. And so they watch to see what you are doing.  

 

Effective leadership is much more showing than telling. We all know that the “do as I say, not as I do” parenting method is useless. It doesn’t work any better as a pastoring method. When people look up to you, they will watch what you do and emulate it.

 

You Set An Example With Your Finances

As such, you must lead by example in the area of personal finance as well. If you want a generous church that has a healthy relationship with money and is responsible with their finances, you have to do it first. Be generous. Work through any negative issues you may have with money. Be conscientious with your spending. Prepare for the future.

 

It is not enough to preach doctrinally sound sermons and set an example of moral integrity. (Though those are necessary!) You must be an example of wise stewardship as well.

 

You Prove Your Leadership Ability With Your Finances

In I Timothy 3:5, Paul writes, “but if a man does not know how to manage his own household, how will he take care of the church of God?” (NASB) He’s got a point, doesn’t he?

 

If you’re financing an untenable lifestyle with debt or spending your grocery money on iTunes, I don’t know that as a congregant I would feel comfortable giving my tithe to the church that you lead. If you aren’t a good steward of your own personal resources, why should anyone trust you with God’s?

 

By being responsible and conscientious with your finances, you show your congregation that you are competent to lead and trustworthy.

 

You Are Accountable First To Your Family For Your Finances

By now you’re probably thinking, “This lady is crazy, there is no way to please everyone, especially with something so personal! She must have never set foot in a church before!”

 

Don’t worry, I don’t expect you to please everyone, and I don’t think you should even try to please everyone. (Jesus sure didn’t!) While I believe it is part of your job as a pastor to set a good example with your finances, I don’t believe you are beholden to your congregation.

 

Your financial decisions should be made with your family’s best interests in mind, not your congregation’s opinions. Even though you have answered the call to shepherd God’s people, your responsibility is first and foremost to your own family.

 

Now, I’m sure there are people in your congregation who wouldn’t agree with me. I’m sure there are people who think they should have a say in how you manage your household and budget. While I’m sorry that you have to deal with people like this, you have my permission to completely ignore them. I will pray that God performs the same miracle on them that he did with the lions for Daniel- shut their mouths.

 

As a pastor, you set an example for your congregation and earn their trust with how you manage your own personal finances. For you, finances really aren’t that personal after all. But, at least the church lets you go to the bathroom alone.

0

Credit Or Debit: How Should You Pay?

by

Credit or debit? It’s a big debate in the world of personal finance, especially when well-known voices like Dave Ramsey have such strong opinions. Is it best to pay for everything with a credit card and earn rewards? Or pay with a debit card and avoid debt?

 

Let’s take a look at both options, the advantages and disadvantages of each (because there are both!), and discuss how to go about making the decision for yourself.

2

How To Save Money By Auditing Your Expenses

by

Clinging to familiarity to stay in our comfort zone can cost us a lot of money. We don’t like change, but it’s important to audit your expenses from time to time to see if you can get a better deal on something or completely eliminate it.

0

Estate Planning For Pastors: A Comprehensive Checklist

by

What do you think of when you hear the term “estate planning?” Rich old people? Estates are all of the property that has to be divvied up and kept from taxes when rich people die, right?

 

Wrong!

 

In fact, estate planning isn’t just about what happens after you die. It also covers what happens if you become incapacitated or cannot handle your own affairs.

 

And, it’s not just about money. It’s about who will raise your children and take over your church and whether or not the doctors should pull the plug on you. Estate planning encompasses all of the end-of-life matters, including what you want to happen to everything that is currently in your control.

0