These are notes from a finance class offered at the church. Any misinformation is the fault of the note taker.
Managing a financial crisis:
– Make a list and wrote down what we spend on each mo. Such as piano lessons and did it for the whole year. They had been using a software that has numbers. that way they could project what would be spent for next year.
– Such a list can show you where you have budgets and handled money well and other areas can show your vulnerable points.
– Q: what will you do if you ever encounter a financial crisis: pray.
– Q: what financial crisis have you experienced in the past.
– Q: What financial crisis will you face in the future?
– Some found a saving has helped them.
– Like a fire escape, an emergency plan a course of action
– Quiet contemplation can help answer a challenge over frantic action.
– In an emergency assess the situation and take appropriate action.
– Schools will have different drills with kids for different scenarios and the kids are emotional and physically ready.
– The spirit can help you in an emergency by offering peace. Can give you the confidence of what you need to do and think of the next steps.
Questions to ask in preparing of a potential crisis:
– Q: Are you faithful in paying your tithing and offering
– Q: Are you living your life to get God’s blessings
– Q: What have you put into place to face challenges
– Q: Do you have good emergency fun or property insurance? See what they cover.
– Q: What insurance do you have to face challenges?
– The emergency fund can be used for living expense to insurance deductions. Replenish it as soon as you can.
– Pay your most essential bills and expenses first and determine which can be delayed. Call and ask for interest-free.
– Focus on food, shelter, utilities, and transportation first.
– Call your creditors, ask them to reduce or modify the terms of the loan. Sometimes delays a loan can cause additional fees later on.
– The church will pay for essentials not maintain your lifestyle.
– Build a 3 to 6-month emergency fund.
– Be cautious of becoming depending upon outside help too long.
– a. Rely upon self-first.
– b. Your family is your second source. Extended family.
– c. Church after doing all you can first. You may need to meet with church leaders.
– d. Community or government support programs may offer aide. They are intended for short-term assistance.
Do you have something to add? If you do, please share in the comment section of this blog.
