I'm a graduate form Bible College. For those of you that know anything about private christian colleges you know that they can be really expensive. This is not a post about how frustrated I am that the "Church" is sending students into the mission field with an average of $30,000 in debt. I'm only telling you this because the high cost of my education played a part in my current financial mess. This post is about finances in general. I never thought I would be blogging about finances but due to the nature of my situation I have been forced to learn a few things. So let me share some things I have learned along the way.
First I will begin by taking ownership of my bad choices. My first year of college I had no idea what I was getting into when I signed for some of those loans. I didn't realize that I would need to make this decision again next year as well. And I know I wasn't thinking that it would take me 7 years to finish school. By the way interest really builds when you do that so be careful! The reality is that I'm in major debt at 26 and I will probably be paying these loans off for the next 15-20 years of my life. I have a wedding coming up around the corner and I really want to be able to provide for my family so this is hard to stomach. Although it seems heavy at times hope is rising and God proves faithful everyday of my life. So I will continue to take it one step at a time and remind myself that His Grace is truly amazing.
Here are some resources that have helped me get my financial life back on track.
Simple Life
This is a book written by the same author of Simple Church. After Simple Church was so successful Thom Rainer thought that the same principals for creating a focused mission in our churches could be applied to our personal lives as well. Finances along with God, time management, and relationships are all discussed in this book. It can be a little redundant at times but it's a great way to look at how finances fit into our mission in life as Christians.
Mint.com
This free online service has been a huge resource when it comes to organizing my spending and hammering down on a budget. Not only do you get to create a budget but you get to sync it up with all of you bank accounts, investments, and loans. It is a one stop shop for keeping an eye on your financial status. A feature I love is the automatic e-mail notifications I get when I'm getting close to going over my budget that month. Another feature I absolutely love is how mint.com keeps track of your spending trends. This is valuable for me when I need to make adjustments in my budget because I can see where I spend my money and evaluate any changes that need to be made in spending habits. So far in 2011 I spent an average of $175 a month on eating out, yikes! Even with the awesomeness of being able to have all your financial info in one place there is a weakness. When you make transactions they automatically show up on your mint account but sometimes they are recognized or identified in the wrong budget they should be in. For example I went out to eat at a place called "The Energy Station" and mint.com identified that transaction as a "Utilities" expense. So there is a little bit of maintenance you will have to do to make sure your numbers are coming out accurately.
Credit Karma
I just discovered this so if you know anything about it please share the wealth. Credit Karma is a "FREE" site that helps you track your credit score. I am still learning what other features it offers but the bottom line is keeping track of your credit score is essential. You have to make sure that number is as high as possible because if it's low not many lenders are going to approve you because you're considered high risk. If you plan on buying a home or making any other investments that require borrowing money then keep track of your credit score.
Binksty
The mission behind Binksty is to help college graduates manage and effectively pay off their student loans. This online service has not gone public yet. I signed up to beta test the site and they actually contacted me to be a guinea pig for it. So far it is pretty basic. It puts all of your student loans into one place and gives you some helpful information on how to manage your student debt. I like this site because the main purpose isn't all finances but it's focused on student loans. It seems like the guys/girls at Binksty are dedicated to helping fix the long term issues with student debt in our country. It will be interesting to see where this goes.
Dave Ramsey
This guy is great. Financial Peace University is a great resource to look into. Although Ramsey has some great resources on purely financial subjects my favorite resource is his podcast called EntreLeadership. The focus is leadership and something I've learned is that my financial life wont change for the better if I'm not invested in becoming a better leader or more importantly a better follower of Jesus. As a Christian I know that all truth is God's truth, so if it's true then it's Holy. EntreLeadership gives me a lot of truth when I listen to it. His podcast has really helped me think through some leadership goals that have had a huge impact on my character as well as my finances. Highly recommended.
If you took the time to read this post I really appreciate it! It's always cool to have the ability to start conversations with people all over the world. So now it's your turn. If you have any knowledge at all on the subject of finances please don't hold it in. Share the resources you think would be helpful for some of us rookies to check out. Thanks!
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