__Use it or lose it. This is how many employers’ FSA plans work.__

FSA stands for Flexible Savings Account. These plans allow employers and employees to make pre-tax contributions that can be used for medical expenses. But there is a catch with FSAs. The contributions must be used before a set deadline, typically December 31st. Once the deadline has passed, unused dollars (even employee contributions) return to the employer.

Right now, most need every dollar they can get. Therefore, it is important employers understand the perimeters of their specific plan and maximize its benefit. Employers should first either review their FSA’s plan or meet with their HR department to become more knowledgeable about their FSA’s guidelines. Assuming, the FSA is a traditional plan with a December 31st deadline, let’s consider some smart ways to spend the FSA dollars before they disappear. These purchases are items that you will likely need in the upcoming year anyway.

__1. First aid items.__

Bandages, antibiotic ointment, antiseptic wash, and alcohol wipes are a few items that would fit into this category. Especially if you have children, these items are frequently used and in need of regular replenishing.

__2. Pain relievers.__

Pain relievers, like ibuprofen, have a decent shelf life. Some pain relievers remain effective for four years after the container has been opened. Because of this, it is likely that purchasing a bottle of ibuprofen will not go to waste, even if you already have a bottle in your medicine cabinet.

__3. Sunscreen.__

Unless you are living in Florida right now, ensuring you have an ample supply of sunscreen is not a top priority. But it can be a smart purchase. You will need sunscreen this summer, and your older bottles are likely running low.

![](https://static.wixstatic.com/media/11062b_e6329d4c5d6b4394a2d23e26f5c2db6a~mv2.jpg/v1/fill/w_1108,h_746,al_c,q_85,usm_0.66_1.00_0.01,enc_auto/11062b_e6329d4c5d6b4394a2d23e26f5c2db6a~mv2.jpg)

__4. Allergy relief medicine.__

Spring will be here before you know it. So, go ahead and make sure you have a good supply of your go-to allergy relief medicine.

__5. Feminine products.__

This would include menstrual pads, tampons, wipes, and pantiliners.

__6. Medical devices.__

There are several medical devices that can be purchased with FSA dollars. Thermometers, heating pads, personal EKGs, and portable nebulizers are just of few examples. Of course, be sure to check with your FSA guidelines to ensure the item is covered.

Fortunately, finding products on which you can spend your FSA dollars is not difficult. Many stores and pharmacies now have pages or filters that can help you identify FSA eligible items. Both Walgreens and CVS have product pages dedicated to FSA eligible items. FSAstore.com is a site entirely dedicated to FSA eligible expenses.

Do not leave money on the table. Take full advantage of your FSA. Make some smart purchases before the December 31 deadline hits.

*[Images](https://static.wixstatic.com/media/11062b_e6329d4c5d6b4394a2d23e26f5c2db6a~mv2.jpg/v1/fill/w_1108,h_746,al_c,q_85,usm_0.66_1.00_0.01,enc_auto/11062b_e6329d4c5d6b4394a2d23e26f5c2db6a~mv2.jpg) used with permission. *

You were meant for more. Your money was meant for more. You and your money are meant for an exciting, adventurous, and satisfying purpose. You were designed to live and give generously. And deep inside you know this and want this.

Christian Money Solutions

Savings

Use it or lose it. This is how many employers’ FSA plans work.

6 Smart Ways to Spend Your FSA Dollars Before They Disappear

__Search “umbrella liability insurance” and it won’t be long before you see this phrase: “It’s only $200 or $300 per year for $1 million of coverage.”__

While it may sound like you get a lot for a little, you need to understand what umbrella insurance is — and whether you need it — before concluding such insurance is “a bargain.”

__Don’t get left out in the rain__

Homeowner’s and auto insurance policies are known as “property and casualty” polices. The *property* part means that if you wreck your car or your house burns down, the insurance will pay to make things right.

The *casualty* part is liability coverage. If you hurt someone or damage property in a car accident that was your fault, or if someone falls down the stairs at your home, your policy is designed to cover those liabilities. However, unlike insuring against damages in situations when value is relatively easy to determine, liability risks are more difficult to measure — and potentially can be much greater. Often, liability protection provided by homeowner’s and auto policies proves to be insufficient.

Those extra risks can be covered with an excess-liability, or “umbrella,” policy. It’ll take over at whatever point the liability coverage of your homeowner’s or auto insurance policy leaves off, up to its own limit.

Here’s a simple illustration. Joe has a $300,000 limit on bodily injury liability in his auto insurance policy. He is at fault in an accident that results in medical bills of $500,000 for the person he hit. His auto policy will cover the first $300,000. Without an umbrella policy, Joe would likely be sued for the remaining $200,000, leaving his personal assets at risk. But Joe has a $1 million umbrella policy, so it covers that $200,000 instead.

__What’s already covered?__

Homeowner’s insurance policies provide two types of liability coverage. *Personal liability* covers claims (or lawsuits) related to any injuries or property damage someone may experience because of an accident on your property. It also covers damage elsewhere caused by you or a family member who lives with you (e.g., your child hits a baseball through a neighbor’s window). Protection levels typically range from $100,000 to $300,000. *Medical payments* *to others* covers medical costs for someone injured on your property. Limits range from as little as $1,000 to $5,000 of protection per person. An umbrella policy can provide additional payments in such cases.

As for auto insurance, nearly all states require vehicle owners to carry liability coverage. If you are found to be at fault in an accident, *property damage* liability coverage will help pay to repair or replace the other person’s property. If the other person is injured, *bodily injury* liability will help pay the medical bills.

Mandatory auto insurance coverage amounts vary by state and can be fairly low. In Kentucky, for example, the law requires property damage liability coverage of only $25,000 and bodily injury liability coverage of just $25,000 per person and $50,000 per accident. Many drivers opt for higher coverage amounts, but there are limits as to how much coverage is available — and even at higher coverage levels, you run the risk of being sued for more.

__New protections, remaining risks__

Before assuming the liability protections provided by your homeowner’s or auto insurance policies are enough, here are some factors to consider. If you have teenage drivers or you regularly give rides to other adults or other people’s children, you have increased risks that may warrant added insurance protection.

When it comes to your home, stairways and slippery sidewalks are common sources of injury. Add a swimming pool, trampoline, swing set, or a pet that could hurt someone (e.g., Pete the pit bull), and your risk levels go up quite a bit.

If you own rental property, an umbrella policy will help protect you if you are sued for injuries suffered by someone who trips on the sidewalk or gets bitten by your tenant’s dog, or for injuries or property damage sustained by a tenant.

Such insurance also protects you in case you’re sued for libel or slander.

As for what umbrella policies do *not* cover, typical exclusions include: damage you cause intentionally, issues arising from business pursuits, and anything related to aircraft, jet skis, and other types of recreational vehicles.

Umbrella policies usually are sold by companies that already provide your homeowner’s or auto insurance, and most such companies require you to carry certain levels of liability coverage on those policies before they’ll sell you an excess-liability policy.

__How much coverage do you need?__

To evaluate whether you need an umbrella liability policy, estimate the value of your assets and compare it to the liability coverage you have through your homeowner’s and auto policies. The greater the gap, the more an umbrella policy makes sense. It’s worth noting that some settlements and judgments in liability cases have gone after not just current assets but future earnings as well.

Some financial advisors recommend buying an umbrella policy that would protect the value of your current assets *plus* an extra $1 million for peace of mind, especially given the relatively low incremental cost of additional coverage. That cost will depend on how much coverage you choose, where you live, how many and what types of vehicles you own, and more.

__Final considerations__

Some of your assets *may* already be protected from lawsuits. Workplace retirement plan and IRA assets would *most likely* be protected. Your state’s homestead exemption *may* protect your home, or at least *some* of its value. If you’re married, titling your home “tenancy by the entirety,” if that’s an option in your state, will mean that both of you own 100% of the property. That way, if just one of you were sued, the home would be protected.

__However, for many people, relying on words and phrases such as “most likely,” “may,” and “some” doesn’t provide adequate peace of mind. If you have significant assets, protecting them with an umbrella policy is likely worth the relatively small premiums. As with other forms of insurance, you hope you’ll never use the policy. But even if you never make a claim, an umbrella policy may help you sleep at night, knowing these liabilities are covered.__

*[Image](https://soundmindinvesting.com/img/asset/Y2xvdWQvbDEtdW1icmVsbGEtaW5zdXJhbmNlLmpwZw==?fit=crop&w=1660&h=896&s=8976773d181f022f2bc3b16ccad7cfd0) used with permission. *

Since 1990, do-it-yourself Christian investors have relied on SMI for proven strategies and trustworthy guidance.

Sound Mind Investing

Personal Finance

Search “umbrella liability insurance” and you'll see the phrase: “It’s only $200-300/year for $1 million of coverage".

Do You Need Umbrella Liability Insurance?

__Fidelity’s latest annual study of [retiree health care costs](https://newsroom.fidelity.com/pressreleases/fidelity--releases-2023-retiree-health-care-cost-estimate--for-the-first-time-in-nearly-a-decade--re/s/b826bf3a-29dc-477c-ad65-3ede88606d1c) is out and for the first time in nearly a decade it shows no increase in costs over the previous year’s estimate. The company said a 65-year-old couple retiring this year can expect to spend $315,000 on health care costs throughout their retirement — the same as last year. The company attributes the moderating cost of health care to new limits on what retirees can expect to spend on prescription drugs, beginning in 2025, due to the Inflation Reduction Act.__

Fidelity’s calculation assumes a couple uses original Medicare (not Medicare Advantage) and the tally takes into account premiums, including Part D prescription drug coverage, as well as deductibles and co-insurance costs. It does not account for the costs of over-the-counter medications, most dental services, or long-term care.

__Putting a big number into context__

While $315,000 is still a lot of money, breaking it down to annual and monthly costs can add helpful context.

For example, if a couple retires at 65 and then lives another 20 years, Fidelity’s total cost estimate works out to $15,750 per year or $1,312.50 per month. That could be less than a younger person is paying per month for health care right now. On the other hand, Fidelity’s estimate is an average. Individual people’s actual health care needs vary considerably. The big unknown is whether you will need long-term care, and if so, how much care, for how long, and at what cost?

__A reality check__

One of the most important aspects of the study is that it highlights the need for today’s workers to gain a more realistic view of their future health care costs. Fidelity has found that U.S. adults believe a couple retiring this year will spend just $41,000 on health care throughout their retirement, an unrealistically low estimate.

__A solution for some__

Fidelity and SMI have pointed to the opportunity many younger workers have to prepare for later life health care costs with a health savings account (to qualify, you need to have a high-deductible health insurance plan). Fidelity has found that a much higher percentage of those with an HSA feel prepared for their health care expenses in retirement than those who do not have an HSA, which is not surprising.

Using the example of a 35-year-old couple that maxes out HSA contributions and invests the balance, assuming an average annual return of 7%, Fidelity says the couple could use half of their HSA money for current expenses and still end up with a later life health care nest egg of nearly $500,000. If the couple had enough money to pay current health care costs with other funds, thereby not tapping any of the HSA money during their working years, they could end up with nearly $1,000,000.
#### 
__A "Super IRA"__

The consulting firm Willis Towers Watson encourages people to think of an HSA as a retirement account, and we agree. The company suggests that qualifying workers make funding such an account their second-highest retirement-investing priority, right after contributing enough in a workplace retirement plan to receive all available matching money an employer offers.

An HSA has the advantages of a traditional IRA and a Roth. Contributions are tax-deductible, investment gains are not taxed, and withdrawals are tax-free as long as the money is used for qualified health care costs. (See [this decision tree](https://dcktxkaneetr8.cloudfront.net/resources/401k_IRA_HSA_DecisionTree.pdf) for guidance on how to coordinate the use of a workplace retirement plan, an IRA, and an HSA.)

A number of HSA providers allow balances to be invested, not just saved, and Morningstar’s most recent evaluation of [the HSA landscape](https://newsroom.morningstar.com/newsroom/news-archive/press-release-details/2022/Morningstars-Sixth-Annual-Health-Savings-Account-Landscape-Finds-Fidelity-Remains-Industry-Leader/default.aspx) gave Fidelity its highest marks. In fact, Fidelity was the only provider to receive Morningstar’s “High” assessment on a five-tier scale. Calling it the “the most attractive HSA for both spenders and investors,” Morningstar noted that Fidelity offers a wide range of investment options and low fees.

Opening a Fidelity HSA would enable you to use any SMI strategy to manage that account. The [SMI Funds](https://soundmindinvesting.com/smifund) and [SMI Private Client](https://soundmindinvesting.com/smiprivateclient/)  also allow for the use of HSAs, with Private Client able to manage balances using a custom blend of SMI strategies.

(Numerous SMI members have written to tell us they’ve had a good experience with the HSA account offered by Lively.)

Other steps you could take to better prepare for post-retirement health care costs include:

- Once you turn 65 and are eligible for Medicare, give careful consideration to which will be more beneficial to you — a Medicare Advantage plan or traditional Medicare plus Medigap. Some Medicare Advantage plans will pay for expensive items such as hearing aids, which traditional Medicare does not cover. If you plan to split your time in retirement, living in two locations, be sure the plan you choose will cover you in both places.
- Have honest conversations with your family about future medical care issues. People often “don’t want to be a burden” to their adult children, but those children may be very open to the idea of a multi-generational living arrangement, which used to be much more common.
- Consider what you would do in case you need long-term skilled nursing care. What’s the likelihood? Do you have a family history of dementia? Should you consider a [long-term-care insurance](https://soundmindinvesting.com/articles/long-term-care-how-would-you-cover-the-cost) policy?
- Take good care of yourself. While we can’t control all of the factors that impact our health, many of today’s most common health issues are exacerbated by poor diet, lack of exercise, too little sleep, too much stress, and other controllable factors.

What are you doing to prepare for later life health care costs?

*[Image ](https://soundmindinvesting.com/img/asset/Y2xvdWQvYXJ0aWNsZXMvcmV0aXJlZV9oZWFsdGhfY2FyZS5qcGc=?fit=crop-1-22-1&w=1660&h=896&s=020f8fd1878b9a63939e115fc2eec87f)used with permission. *

Retirement

For the first time in nearly a decade, it shows no increase in costs over the previous year’s estimate.

Retiree Health Care Costs Moderate, According to Fidelity Study

__Healthcare marketplace__

When you’re grocery shopping, buying a new car, or looking for the perfect vacation spot, you want to make sure you get a fair price for what you’re receiving.

It’s no different in healthcare! Medical costs vary, so shopping for the best price – and knowing what you’re paying for - makes sense.  You don’t want to stretch your spending further than your budget.

As a self-pay patient, you may be aware that a variety of discounts exist to help cut healthcare costs. However, with inflation on the rise, it’s in your interest to develop skills enabling you to become a savvy healthcare shopper.

#### Spending for medical services

With the rapid increase of healthcare costs, consumer spending has also increased to match.

Healthcare costs in 2021 grew to more than 18% of the country’s gross domestic product (GDP), according to the U.S. Centers for Medicare and Medicaid Services (CMS). The COVID-19 pandemic caused this number to reach nearly 20%.

*What is GDP, and why does it matter?*

GDP is the monetary value of goods and services bought and sold within a specific time period and country. The steady increase in medical cost GDP has begun to indicate that relative to size and scope, the U.S. is the nation spending the most on healthcare.

#### Healthcare pricing

As you consider healthcare charges, price points, and their corresponding services, there are several important facts and figures to keep in mind:

- Medical cost out-of-pocket spending grew to over 10% in 2021 according to CMS—an extra burden on American families.
- According to the Kaiser Family Foundation, the average annual amount for a traditional family health insurance premium is over $22,000. However, the U.S. Census Bureau says the average household income is only around $70,000.

#### Action plan to get the best deals

What has been done to help with medical pricing inflation and justifiable consumer confusion?

In 2021, the CMS put in place a Hospital Price Transparency rule. The rule requires hospitals to become clearer with their medical service billing and charges. However, many hospitals may not be in compliance. Additionally, according to the Kaiser Family Foundation, a lack of clarity in how prices and options are identified, defined, and presented makes it difficult to read the bills and understand medical charges.

It’s easy to see why it’s important to become a savvy healthcare shopper for you and your family. Here are tips to get started:

- Don’t be afraid to ask healthcare providers about pricing. You don’t know what discounts may be available!
- Explore payment plans with your providers. Many will offer budget-friendly options and break down healthcare costs into easy-to-understand pieces.
- The healthcare marketplace is large! Shop around to make sure that you’re getting a fair price for any medical services.
- Come up with a healthcare strategy that meets your budget. Ask for CPT (procedural) codes on your medical bills and design a budget that fits your household size.

With research and practice, you’ll be on your way to becoming a smart (and savvy) healthcare consumer!

Not a CHM member? Ready to combat high healthcare costs? Consider joining our family! Biblical, budget-friendly healthcare is within your reach. Download our free Info Pack to learn more.

*__*Editor’s note:__ This information was published in the June 2023 issue of [Heartfelt Magazine](https://www.chministries.org/resources/heartfelt-magazine/), CHM’s monthly magazine that provides CHM membership-related tips and tricks, medical advice from doctors, testimonies from CHM members, and more. Please refer to the [CHM Guidelines](https://www.chministries.org/resources/chm-guidelines/) and applicable web pages for the most up-to-date information regarding CHM membership, sharing eligibility, and ministry news.**

[Image](https://www.chministries.org/media/7476/savvy-healthcare-shopping.jpg) used with permission.

We’re not insurance—we’re the better, biblical solution to taking care of your medical costs. Through our biblical community, brothers and sisters in Christ are here to meet the need of eligible medical bills while lifting you spiritually

Christian Healthcare Ministries

Articles

When you’re grocery shopping, buying a new car, or paying for medical, you want a fair price for what you’re receiving.

Why savvy healthcare shopping makes a difference

One of the most loved and theologically rich Christmas carols is “O' Holy Night.” But is it just about Christmas? The third stanza of that carol boldly proclaims: “Chains shall he break for the slave is our brother, And in His name all oppression shall cease.” Rob talks with Rachel McDonough about how investing relates to this verse, and how you can be a part of it. This is MoneyWise Live - biblical wisdom for your financial decisions. Rachel McDonough is a Certified Financial Planner and a Certified Kingdom Advisor and she always has her sights set on how we can engage the culture with our investment decisions. Rachel and Rob cover these topics and questions:<ul><li>Faith-based investing continues to grow as a movement and we’re constantly hearing from folks who want to get involved. What do you have for us today?</li><li>Can you give us an example of this type of investing?</li><li>We often think of slavery as having ended in 1865 with 13th amendment was passed, but how big of an issue is it today?</li><li>Can you give us an example of industries that are riddled with slave issues?</li><li>No doubt many of our listeners give to nonprofits that are in the front lines, battling to end slavery but you’re saying that donations alone won’t get it done?</li><li>So, what can Christians do about it? </li><li>I imagine diverting capital away from companies that are using forced labor is going to get their attention over time, right? </li><li>Aligning investments with their values is something you encourage your clients to do?</li><li>What do your clients tell you is important to them?</li><li>We began this discussion with a Christmas carol. During this season and heading into the New Year, it’s a great time to reassess our investments, isn’t it?</li></ul>On-Air Mention:<ul><li>This week’s featured scripture verse is from Deuteronomy 28:12 which says, “The Lord will open the heavens, the storehouse of his bounty, to send rain on your land in season and to bless all the work of your hands. You will lend to many nations but will borrow from none.” That’s good news from God’s Word today. We feature a different scripture passage each week in our Weekly Wisdom email, and it’s a free subscription. Join the thousands of others who are receiving it by going to moneywise.org and click “Sign Up” to register.</li></ul>We’re continuing our $50,000 Matching Gift Offer, and you have through this weekend to take advantage of this special opportunity. <ul><li>To help meet our year-end fundraising goal of $250,000, a generous donor has offered to match donations given this week up to $50,000, which means that your gift is effectively doubled in impact! </li><li>Some gracious listeners who have given are: <ul><li>Deborah in Coeur D Alene, ID gave $100</li><li>Emanuel in Boynton Beach, FL gave $25</li><li>Vicki in Fort Myers, FL gave $500</li><li>Sylvia in West Palm Beach, FL gave $50</li></ul></li><li>If you’ve benefited from MoneyWise and want to help expand the message of financial faithfulness next year, would you consider sending a matching gift this week to support this ministry? Your gift is tax-deductible, and it’s a direct way to help build and strengthen the Kingdom of God. Go to moneywise.org and click “Give”.</li></ul>Next, Rob answers these questions at 800-525-7000 or via email at Questions@MoneyWiseLive.org:<ul><li>What is a fixed annuity investment account?</li><li>If you're finally debt free, what should you do with your disposable income?</li><li>If you received a injury settlement and a company named Synergy put you into a "special needs" trust but you found out that they're being sued for doing so, should you be contacting an attorney about this?</li><li>If you have 2 credit cards totaling about $1,500 at 26% and 29% and you want to get out of them, would it be wise to pay it off with an 11% loan?</li><li>If you have land you've owned for 40 years originally purchased for $25,000 that sold recently for $250,000, are there any good ways to avoid capital gains from this?</li><li>If you're in your 60s and used to brick and mortar banks and getting paper statements, what sorts of cautions should you use regarding scams?</li></ul>&lt;-- Jerry Bowyer Market Analysis --&gt;<ul><li>We're heading toward year end, a lot is going on in the market including another 50 basis point increase, what do you have for us other than that?</li></ul>Be sure to check out the rest of MoneyWise.org to connect with a MoneyWise Coach or access our books and our many free helpful resources. You can also find us on Facebook (MoneyWise Media) and join the conversation. Thanks for your prayerful and financial support that helps keep MoneyWise on the air. And if you'd like to help, just click the Donate tab at the top of the page.

FaithFi

Listen to MoneyWise Live each weekday at 4pm EST on Moody Radio.

MoneyWise Live

Is O Holy Night” just about Christmas? It boldly proclaims: “Chains shall he break for the slave is our brother, And in His name all oppression shall cease.” Rob talks with Rachel McDonough about how investing relates to this verse.

For-Profit Investing to End Slavery with Rachel McDonough

One of the most loved and theologically rich Christmas carols is “O Holy Night.” But is it just about Christmas? The third stanza of that carol boldly proclaims: “Chains shall he break for the slave is our brother… And in His name all oppression shall cease.” Today we’ll talk with Rachel McDonough about how investing relates to this verse.
Rachel McDonough is a Certified Financial Planner and a Certified Kingdom Advisor.
<ul><li>Faith-based investing continues to grow as a movement, and we’re constantly hearing from folks who want to get involved.</li><li>McDonough says that through our investing we can be ambassadors of Jesus so that investing becomes more than just about risk and return, but it becomes redemptive. </li><li>McDonough calls attention to the connection between slavery and our investing. When people hear “O Holy Night,” they don’t often think about slavery. And they almost certainly don’t think about investing. </li><li>Some of the companies many of us invest in — or from which we buy products — benefits from borderline slavery or even literal forced labor overseas. </li><li>McDonough says it’s estimated that the supply chain currently enslaves more people today than at any other time in human history, more than 50 million worldwide. She adds that these are, sadly, people who are indirectly working for you and me … because of our shopping and investing patterns. </li><li>It’s a problem that’s very hidden deep within the supply chain. Some industries plagued by this evil are the coffee, chocolate, seafood, and textile industries. </li><li>McDonough says that to address this problem, we have to change the way we invest and shop. </li><li>It’s important for us to research the products we buy and the companies from which we buy them to ensure they’re not benefiting from forced labor. </li><li>On the investing side of the equation, she notes that there are now numerous organizations that offer faith-based investing options that screen to ensure they’re operating ethically. </li><li>If we will care enough to slow down and learn about the options, then we can show love for our exploited neighbors across the world by changing how we invest.</li><li>Learn more about Rachel McDonough and her services at <a href="https://www.wealthsq.com/">WealthSQ.com</a>.</li></ul>On this program, Rob also answers listener questions: 
<ul><li> Could a Christian cost-sharing plan be a better alternative to traditional healthcare insurance? </li><li>When does it make sense to cash in CDs early? </li><li>When is it wise to pay off a mortgage early? </li></ul>RESOURCES MENTIONED: 
<ul><li><a href="https://www.chministries.org/">chministries.org</a> </li></ul>Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to <a href="mailto:questions@moneywise.org">Questions@MoneyWise.org</a>. Also, visit our website at <a href="http://moneywise.org/">MoneyWise.org</a> where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

Faith & Finance is a daily radio ministry hosted by Rob West. The program offers a practical, biblical and good-natured approach to managing your time, talents and resources.

Faith & Finance with Rob West

Being faithfully faithful until the end, according to Rob West, includes preparing for your departure. Faithful financial stewardship involves planning so those expenses aren’t borne by those you leave behind.

The Faith & Finance Minute is a great way to be reminded of God's financial principles with actionable items you can easily apply to your daily life.

Faith & Finance Minute

Being faithfully faithful until the end, according to Rob West, includes preparing for your departure. Faithful financial stewardship involves planning so those expenses aren’t borne by those you leave behind.

Financially Faithful to the End

You’ve heard the saying, “You have to spend money to make money.” We usually think that spending money to make it involves a business, but it applies to folks working for a paycheck, too. We’ll talk about what it really costs to earn that paycheck.
<ul><li>Working, especially working outside the home, has hidden costs — and some not so hidden. Almost all of us have to work, so what’s the point of knowing how much it costs us?</li><li>Knowing how much you’re spending to bring home that paycheck … is information you need to make wise decisions. </li><li>By subtracting those costs from your paycheck, you discover your actual take-home pay. Depending on your situation, that could make all the difference. For example: if you’re a parent deciding whether to enter into the workforce or stay home with your child.</li><li>Let’s start with some of the obvious costs of venturing out into the working world. First, how will you get there? You may need to consider the cost of gas and maintaining a vehicle. Don’t forget about the cost of registering the vehicle and insurance. </li><li>Now, in many cases, you’ll still need a second car if you’re a stay-at-home parent, but in that case, many of your vehicle related costs will be lower. For example, you won’t spend as much on fuel and insurance if you’re not commuting.</li><li>In most cases you’ll need to buy clothing that’s appropriate for your job. A paralegal working in a law office may spend more on clothes than someone working in retail.</li><li>But the biggest obvious expense with working outside the home is childcare. According to the career site Zippia, the average cost of daycare in the U.S. is $340 per child, per week or $17,680 a year. That will take a huge bite out of your paycheck.</li><li>And there are many other, smaller costs of working. Unless you’re very disciplined, you may spend money on coffee and lunches out.</li><li>You may also have dry cleaning costs for that professional wardrobe. Or maybe you need a very nice looking, late model vehicle if you’re meeting with clients.</li><li>Okay, let’s look at some of the less obvious costs to working outside the home. It’ll make you a much busier person. You might get “take out” meals more often or buy more expensive pre-packaged foods. You also won’t have time to shop for deals or clip coupons and you may end up going to stores that are convenient, but more expensive.</li><li>Some of these costs might seem trivial, but small things add up. If you treat yourself to a $9 lunch once a week, that’s about $470 a year. And that’s just a small expense compared to almost $18,000 a year for childcare.</li><li>When you total up all of these expenses, you get a much clearer picture of how much you’re actually making. If you take home $35,000 a year after taxes, but your costs are $20,000, you’re actually bringing home $15,000. That comes to a little more than $7 an hour. And you have to ask, is it worth it?</li><li>We’re certainly not trying to convince you not to work. But it’s important to think about the true cost of working so that you can make an informed decision. In some cases, those who can live without that second paycheck may decide it’s not worth it, especially if “doing without” means you can stay home with your children.</li><li>Not surprisingly, there’s been a <a href="https://www.zippia.com/advice/us-child-care-availability-statistics/#:~:text=The%20average%20cost%20of%20daycare,are%20in%20daycare%20year-round.">13% decline</a> in the number of working mothers over the past two decades, due to the high cost of childcare and other factors.</li><li>On the other hand, if you really need to work, knowing how much it’s costing you could motivate you to look for a better paying job or to finally ask for that raise you deserve.</li><li>In 1 Timothy 5:18, Paul says, “You shall not muzzle an ox when it treads out the grain,” and, “The laborer deserves his wages.”</li></ul>On this program, Rob also answers listener questions: 
<ul><li>How do you determine where to give your charitable gifts? </li><li>Would it be wise to take out a collateral loan for investment purposes? </li></ul>Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to <a href="mailto:questions@moneywise.org">Questions@MoneyWise.org</a>. Also, visit our website at <a href="http://moneywise.org/">MoneyWise.org</a> where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

You’ve heard the saying, “You have to spend money to make money” but do you really know how much you’re spending? ﻿We usually think that spending money to make it involves a business but it applies to folks working for a paycheck, too.

Spending To Make Money

What are some points to consider when purchasing a new or used car? What makes the most financial sense? Ron Blue shares the financial implications of this major purchase decision.

The Ron Blue Institute seeks to be a thought leader with great influence committed to changing the way Christians think, act, and communicate about financial stewardship, empowering the church, and changing the world.

Ron Blue Institute

Videos

What are some points to consider when purchasing a new or used car? What makes the most financial sense?

New Car vs. Used Car

CHM member Matthew Smith of Colorado Springs, along with his climbing partner, Tommy, spent two nerve-wracking and potentially deadly nights trapped by a blizzard on Mount of the Holy Cross in Colorado. From getting lost in the wilderness to experiencing frostbite to a dramatic helicopter rescue, Matthew recounts how God sustained him on the mountain and orchestrated the events that saved his life and the role CHM members played in sharing his medical bills.

Want to learn more about health cost sharing and CHM?

👉 Site: ht[tps://hubs.la /](https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqbGIycTNRcDF4eG9ZTjh1T092d1dzWlZqWEk2d3xBQ3Jtc0tuXzBkMl8xNjNVUUpJRzItd1lnLWRhTmx3S3c0anlKOVlGbWlZeE1yX3R0RHBpeVdoTnB0M1RkWW43WXREeXIyWXRvb0JDc2RaYzU2aTNUUmN3eDRORkhVUFV4bjFJWUJkSlRxdmRrOGJIamdnMDdTTQ&q=https%3A%2F%2Fhubs.la%2FQ01cRs5f0&v=ca_L4-nCpKI)Q[01cRs5f0](https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqbGIycTNRcDF4eG9ZTjh1T092d1dzWlZqWEk2d3xBQ3Jtc0tuXzBkMl8xNjNVUUpJRzItd1lnLWRhTmx3S3c0anlKOVlGbWlZeE1yX3R0RHBpeVdoTnB0M1RkWW43WXREeXIyWXRvb0JDc2RaYzU2aTNUUmN3eDRORkhVUFV4bjFJWUJkSlRxdmRrOGJIamdnMDdTTQ&q=https%3A%2F%2Fhubs.la%2FQ01cRs5f0&v=ca_L4-nCpKI)
👉 Get a Quote: ht[tps://hubs.la/Q01cRt2p0](https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqbWJpMjFHTkNDTGc5ZHFpMG5lT0ZCSS1uTndWZ3xBQ3Jtc0tsTEhMclNLbHE4ZXEzVTdzcHNlVE5ia2diTEZNT0dPR05BREZWeWNwSmJIYzZodlZ1N1RnVHY1YnU5UTZlcnZhc0diRVNBeWpKVnBwem9kb05XT2Y2NDdMZF9ZVlFHdk5DN3ZWVGdCbVB2TVNVRUFwVQ&q=https%3A%2F%2Fhubs.la%2FQ01cRt2p0&v=ca_L4-nCpKI)
👉 Video Resources: ht[tps://hubs.la/Q01cYfTW0](https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqa1FsYkp4R28wMTVHZ0JoSHRmc1JrSHZJMEM1QXxBQ3Jtc0tuT2xQQTdGNUlwcTRZODh5TlpaN2Z5c1Z1a09fY3N2akNETkxGblhCU3hMX0lERHY5VVl1SVI3Rm02S1lxZGlFcUp6dTJZWDZEd2ZuNHJia0J2RXY2MlM2Tzg2QlR3ajJxUVVsYTdJaDJDd0lFRGZmQQ&q=https%3A%2F%2Fhubs.la%2FQ01cYfTW0&v=ca_L4-nCpKI)
👉 Info pack: ht[tps://hubs.la/Q01cYhNK0](https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqbGZidFhiRXVyMjN0aFFadllaNzhPQmJEdHpmQXxBQ3Jtc0tsazl6al9pT21PYzlFVXFheU81YUppQkY4dkVGS3RGQ1FRTFY0SVZ6LVdrWDdZUHptSDBvVldwYVNRUHJrMFZ4Uks4N0pjSU9GRkxHaWo1X2Z3SlZ5dHp3MERuU1pfd1l0TVcwUzNvQzRWVF9sYWpGNA&q=https%3A%2F%2Fhubs.la%2FQ01cYhNK0&v=ca_L4-nCpKI)
👉 Blogs: ht[tps://hubs.ly/Q01cYjh50](https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqbUpfRkMyN0hyM3pkNEEyZlRicmRCMHJvRWt6d3xBQ3Jtc0ttVXhtbXJSdHc2VzJkYkxqVWRmdVN2SjBvdlpTRjRURWcxeFJldzJJVUdtdHVvMC1zLUpRR2xnWmNSMjlhRHBlV3VzSkJDSzMtTDkxX1NaVlZwRS1NTnVJODAyZDYwZWo5em05c0pYVlhfWVJCei10WQ&q=https%3A%2F%2Fhubs.ly%2FQ01cYjh50&v=ca_L4-nCpKI)

Follow us: @iheartchm on all social media platforms!

Facebook: [https://hubs.ly/Q01cYkC20](https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqbDV6dlBsbWNvWEZodERodWgyRzAxUXB2b0FNQXxBQ3Jtc0tucEZSN0ROVl9FUFpURmZQem1xYVBPSFVoZ1pPeDFfYnQtTXZwa0QwUktVdzhDR3JvU2xaRVQ5TkJRZmJ3Wm0yZzJMdTlYWFJRNzExc3JpMGZ5NnptUktnTUpvMkdidVdnSGNyOXFYQktwSUNWNFRxMA&q=https%3A%2F%2Fhubs.ly%2FQ01cYkC20&v=ca_L4-nCpKI)
Instagram: [https://hubs.l](https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqbV80Y0pqMkdWaVVRdU1FYXhLNUpIaDVueVRCUXxBQ3Jtc0tuMHY0YUpqalF1ZnhSbkVvMFdjSmZlNHktX3JzQWNCaGZXdXRhT1NLeUROdUluMUJ4b2JLYjhrSmNFRVZxOVQ0azNqczRzaDZmWE9GQTRDRFIxaTl2bkVVVVJMM3NTblBWQ3Q3MFRaRDNiM1JkeHFDNA&q=https%3A%2F%2Fhubs.la%2FQ01cYlg50&v=ca_L4-nCpKI) [a/Q01cYlg50](https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqbV80Y0pqMkdWaVVRdU1FYXhLNUpIaDVueVRCUXxBQ3Jtc0tuMHY0YUpqalF1ZnhSbkVvMFdjSmZlNHktX3JzQWNCaGZXdXRhT1NLeUROdUluMUJ4b2JLYjhrSmNFRVZxOVQ0azNqczRzaDZmWE9GQTRDRFIxaTl2bkVVVVJMM3NTblBWQ3Q3MFRaRDNiM1JkeHFDNA&q=https%3A%2F%2Fhubs.la%2FQ01cYlg50&v=ca_L4-nCpKI)
Twitter: [https://hubs.la/Q01cYpm60](https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqa2prVDF4RkdvTkVNT2h5aVl4YVVNOGtjeXVsUXxBQ3Jtc0trNkVLNnpRYWd4Ujdub1l6a2hKVk5WSUFyWEtGdnBwR3JkWTU4bFJmaW9GdDlnT21GNGp4cnJQamRwZ0dKNG1xMEtlQ0JNX205Q3hmSXdleDhLT2gxWUhEVUhfNk9fcGE5UzAyS0VLNW5uelFpcU1LWQ&q=https%3A%2F%2Fhubs.la%2FQ01cYpm60&v=ca_L4-nCpKI)
LinkedIn: [https://hubs.la/Q01cYrbg0](https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqazBjOWdzM1U4UWJzRy1aT0hVVjB1Zk5zU0tiQXxBQ3Jtc0tsaVZfRDhtTmdCc3czd2pYa2ljSkwybV9pSlVGbmFjNlRWNEFhMXlTM2Q3MG9JVUZPVFI0OTBZOENZelNqRnRNR2NfcFNpMXJaTWMxaFczaTQycmJ2VnMyQVhPWEpVZEVqNEh5UFh5NmNYaW5PNGFiRQ&q=https%3A%2F%2Fhubs.la%2FQ01cYrbg0&v=ca_L4-nCpKI)

From getting lost in the wilderness to experiencing frostbite to a dramatic helicopter rescue, God met his needs.

Mount of the Holy Cross Journey - Matthew Smith Testimony

There are some important factors to consider with both options. Ron Blue shares his experience and wisdom.

Should I buy term or whole life insurance?

More specifically, how do you prepare kids now for the financial responsibilities of college? Ron Blue shares his wisdom and experience.

More specifically, how do you prepare kids now for the financial responsibilities of college?

6 Smart Ways to Spend Your FSA Dollars Before They Disappear

Nov 16, 2023

Use it or lose it. This is how many employers’ FSA plans work.

Art Rainer

Do You Need Umbrella Liability Insurance?

Oct 11, 2023

Search “umbrella liability insurance” and you'll see the phrase: “It’s only $200-300/year for $1 million of coverage".

Matt Bell

Retiree Health Care Costs Moderate, According to Fidelity Study

Jul 22, 2023

For the first time in nearly a decade, it shows no increase in costs over the previous year’s estimate.

Matt Bell

Why savvy healthcare shopping makes a difference

Oct 19, 2023

When you’re grocery shopping, buying a new car, or paying for medical, you want a fair price for what you’re receiving.

Christian Healthcare Ministries

For-Profit Investing to End Slavery with Rachel McDonough

Dec 16, 2022

Is O Holy Night” just about Christmas? It boldly proclaims: “Chains shall he break for the slave is our brother, And in ...

MoneyWise Live

For-Profit Investing to End Slavery with Rachel McDonough

Dec 16, 2022

Is O Holy Night” just about Christmas? It boldly proclaims: “Chains shall he break for the slave is our brother, And in ...

FaithFi

Financially Faithful to the End

Nov 21, 2022

Being faithfully faithful until the end, according to Rob West, includes preparing for your departure. Faithful financia...

FaithFi

Spending To Make Money

Nov 8, 2022

You’ve heard the saying, “You have to spend money to make money” but do you really know how much you’re spending? ﻿We us...

FaithFi

New Car vs. Used Car

Jun 25, 2023

What are some points to consider when purchasing a new or used car? What makes the most financial sense?

Ron Blue

Mount of the Holy Cross Journey - Matthew Smith Testimony

Jul 20, 2023

From getting lost in the wilderness to experiencing frostbite to a dramatic helicopter rescue, God met his needs.

Christian Healthcare Ministries

Should I buy term or whole life insurance?

Jan 2, 2023

There are some important factors to consider with both options. Ron Blue shares his experience and wisdom.

Ron Blue

How do I prepare my kids for financial responsibility?

May 8, 2023

More specifically, how do you prepare kids now for the financial responsibilities of college?

Ron Blue Institute

You’ve heard the saying, “You have to spend money to make money” but do you really know how much you’re spending? We us...