Christian Financial Management Plan

A sound Christian financial management plan can make the difference between goals achieved and opportunities missed. There are many professional agencies that help clients make plans for the future while staying financially on track in the present. Whether the need is for establishing trusts, making wise investments, estate and inheritance issues or any number of fiscal concerns, these agencies supply expert advice and guidance for clients. Some planners also offer bill payment and banking services along with financial record keeping. Retirement planning is an area that many consumers ignore until it is too late. Early preparation can make all the difference later on in life. Education costs are growing at an alarming rate. By setting funds aside when children are still young, many families find that they are prepared to fulfill their children's educational dreams when the time comes. Handling issues pertaining to family wealth can be complicated and confusing. Professionals in monetary planning can help families maintain priorities and assets for generations to come. Tax concerns and charitable gifts are also areas that can benefit from the professional knowledge and expertise that can be acquired through a sound financial management plan.

Establishing trusts can be an important part of any financial management plan. There are a number of different kinds of trusts and experts in the field can help clients choose which kind of trust will best suit their individual needs. Among the many types of trusts that could be established are the revocable living trust, the custodial account, the estate or settlement trust, the investment management agency account, the testamentary trust account, and the conservatorship. A revocable living trust involves the conversion of property to a trust account. This type of trust allows for any personal changes that might occur in a client's life. An investment agency account simply means that a bank or financial institution is managing a client's assets for them. This includes most bill paying and record keeping tasks as well as managing assets. Custodial accounts allow a trustee to handle the necessary paperwork to protect assets. With this kind of account, the client can make decisions regarding investments. Managing estate issues involves dealing with a client's assets while the client is alive and distributing those assets after a client has died. A testamentary trust account involves assets that are managed by a trustee and distributed to beneficiaries according to the directives of a client's will. A conservatorship manages the property and assets of a minor child or a beneficiary who has special needs that render them incapable of handling the assets themselves. Professionals with knowledge regarding these trusts can help clients establish a healthy financial management plan.

Retirement issues are always part of a smart financial management plan. The days of generous company retirement plans are all but over. A wise consumer will take this issue into their own hands, and the earlier the better. Professional wealth advisers will look at the assets of the individual and help them to build a healthy portfolio that will grow income and assets in a way that plans wisely for the future. Whether the need is for 401k plans, investments in securities, stocks, or mutual funds, planning for retirement years is a key role offered by wealth planning agencies. With improvement in healthcare and a greater awareness of lifelong health issues, the number of years that an individual will spend in retirement may be greater than ever before. For this and many other reasons, wise planning is very important. A solid financial management plan that does not include investments that are geared specifically toward building retirement funds is not a complete one. The Bible talks about the blessings available to the person who honors God. "Praise ye the Lord. Blessed is the man that feareth the Lord, that delighteth greatly in his commandments." (Psalm 112:1)

As with retirement planning, preparing for a child's education should start years in advance. The cost of a college education has risen dramatically and will likely continue to do so. Including college expenses in a sound financial plan is a must. Saving for a child's college education may have certain tax implications. Trained professionals can help a client take advantage of any tax breaks and avoid any pitfalls. A wise investment strategy to meet future educational needs is key. Certified investment advisers can help to select the strategy that best fits an individual family. Analysis of how well the strategy is working as the years pass is important as well. Planning while a child is still young can avoid disappointment later on. A parent who has had the foresight to invest in a child's future can help that child avoid costly debt as adults. In addition to accumulated savings, when the time comes for the grown child to enter college, a wealth planning professional can also provide advice on such issues as any available student loans and financial aide.

Many individuals wish to leave some of their estate to a charitable institution. Others wish to make many such contributions during their lifetimes as well. With help from a sound financial management plan, this desire can become a reality. The tax implications of charitable giving can be managed by seasoned professionals. While helping clients pursue their own philanthropic concerns, these advisers can also make sure that the clients take advantage of any tax deductions that are available. Establishing charitable trusts might be another area of interest in which these professionals can provide guidance. Whatever the need, establishing a financial management plan early on can make a big difference down the road.

Christian Financial Management Programs

Web-based financial management programs help consumers and businesses keep track of spending and save. In today's volatile economy, no one can afford to make mistakes with money. High-rolling charge account holders, busy executives, and budget-conscious Moms all strive to do a balancing act between meeting expenses and making income stretch to the month's end. While corporations utilize accounting departments and financial analysts, individuals and families may find it difficult to keep abreast of what monies are available, what has been spent and what needs to be paid from week to week. It's easy to overlook past due bills or fail to make timely payments when operating on a shoe string budget in highly stressful economic times. But high-tech, electronic personal financial management software enables individuals to not only track assets and investments, but the amount of money spent on a daily basis down to the penny!

Whether consumers are considering making investments in an unsteady stock market or purchasing land at rock-bottom prices, keeping track of where their money is going is easy with digital financial management programs. Electronic bookkeeping software provides individuals access to fiscal affairs 24/7, 365 days a year while taking the mystery out of handling personal assets. Digital databases generate statements for income and expenditures, savings balances, investments, mortgage payments, automobile loans, medical and dental expenses, insurance premiums, retirement accounts and more -- all without the aid of bookkeepers, analysts, and accountants. Individuals can apply and practice sound money management, which is an example of faithful Biblical stewardship. "He that is faithful in that which is least is faithful also in much: and he that is unjust in the least is unjust also in much. If therefore ye have not been faithful in the unrighteous mammon, who will commit to your trust the true riches? And if ye have not been faithful in that which is another mans, who shall give you that which is your own?" (Luke 16:10-12).

Personal and corporate bookkeeping used to require a line by line documentation of income and expenses and tedious calculations to assess profitability. But today's high-tech digital money management databases provide ready access to cash, investments, mutual funds, stock, bonds, and retirement funds, such as Individual Retirement Accounts and 401(k)s. Similar to balancing a checkbook, financial management programs provide an online statement of each transaction made through an individual's bank account and help deter owners from overspending, underpaying, or failing to make installments on mortgages and car loans. Online accounts are easily tracked and bills can be accessed and paid from any home or office PC with Internet accessibility. Consumers can easily balance personal budgets and avoid paying non-sufficient check fees for overdrafts; while instantly transferring funds from savings accounts or making online deposits to cover mortgage or installment loan payments.

When it comes to planning for retirement, online financial management programs provide up-to-date electronic statements of employer-provided funds and a crystal clear picture of an investor's or retiree's net worth. Real time digital accounting keeps individuals abreast of when investments earn dividends and compiles data into an easy-to-understand summary of assets. Instead of requesting statements from Human Resources departments or scheduling an appointment to consult with corporate retirement fund officers, workers can log onto financial management programs to see how their fund is growing. Planning for a lifetime of fun in the sun is simple when retirees are assured that hard earned assets are yielding high returns. Money market funds, stocks and bonds, IRAs, 401(k)s, and other long-term investments are easily tracked and accessed at the click of a mouse. Accountholders can quickly make prudent decisions about when and how monies should be transferred, deposited or withdrawn for purchases, payments or investments.

Parents can keep track of deposits accumulating in junior's college fund and better manage assets to ensure that monies are available well before high school graduation. And would-be homeowners can easily monitor savings deposits and high-yield accounts that will eventually add up to a nice little nest egg or down payment on a new home. The beauty of working with financial management programs is that individuals need not go to five or six different sources to access account details. Without online access to personal digital databases at the fingertips, consumers would have to log onto banking websites, visit Human Resources for updates on retirement funds, schedule appointments or make phone calls to brokers to see how portfolios are performing; or call the mortgage company and wait on "snail mail" statements to verify payment receipts and credits to home loan accounts. User-friendly financial management programs provide a centralized digital location for monitoring, tracking, and completing electronic transactions between bank accounts, retirement funds, and everyday purchases.

Most Christian financial management programs are compatible with the latest computer operating systems, such as Windows XP and Vista, to the older Windows 98 and 2000. Users should check manufacturer guidelines before installing new programs on older systems. RAM requirements might also be a factor in ensuring optimal operation of newer software. Money management software manufacturers usually offer a built-in tutorial and/or online support 24/7. Prices for software will vary according to all the bells and whistles provided. Most packages are plug-and-play, so users don't have to worry about delays in installing and using new programs. Users should check with local banks, mutual funds, and investment companies to ensure that accounts can be accessible and compatible with financial management software and that sensitive data remains secure. Internet banking sites and independent finance companies may also offer software downloads for optimal interactive money management or free trial offers for a limited time.

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