Today is the first day of classes for the spring semester at Southwestern Baptist Theological Seminary. It is my twenty-third convocation and the start of my twelfth year at SWBTS. For the last few years I have taught Family and Church Financial Stewardship each spring semester. This class has quickly become one of my favorites because I get to see the lives of my students impacted almost every week. This is not my typical seminary class. There is no research paper. I use a number of guest speakers. The newspaper is one of my textbooks. However, it is probably the most practical course I teach.
One of the assignments I require for Family and Church Financial Stewardship is a quick review of a couple news articles each week that address financial issues. This requires my students to stay up to date on the news beyond yesterday’s basketball scores or any recent developments at the White House. I want them to be aware of the financial side of the news. We even talk about some of these articles on a regular basis.
In order to practice what I preach, I just came across an article from CNN Money this morning that states most Americans would be unable to cover an emergency expense of $1,000. Kathryn Vasel reports, “Only 39% of Americans say they would be able to pay for a $1,000 unplanned expense, according to new report from Bankrate.”
The article goes on to report how often American households have these emergency expenses. Vasel writes, “Unexpected bills aren’t uncommon. More than one-third of households had a major unplanned expense last year, the survey showed, with half of those costing at least $2,500.” Unfortunately, the typical American household is unprepared for such an expense and places it on the credit card. Such an approach only complicates matters because high interest rates on credit cards mean you pay even more for this unexpected expense.
The article suggests a few practical tips for building your savings in order to cover an emergency expense.
- Set aside money to save before you start spending your paycheck.
- Start the habit of saving early in life.
- Separate your emergency fund from the money you spend in your checking account.
- Find a good savings account.
Seminary students are not immune to these same problems.We joke around the seminary that students are as poor as Job’s turkey (I’m not sure how poor Job’s trukey was, but after the events of Job 1-2, it must have been rough). I surmise that the figure is actually worse among seminary students regarding their ability to cover a $1,000 expense in an emergency. And then students begin a cycle of debt that can cripple their future ministries.
My goal in the stewardship class is to give students hope for their financial future and tools to help them be good stewards of all that God has entrusted to them. This is not a class about getting rich. It is a class about serving God with our financial resources. God owns it all anyway, so we are simply managers of his resources.
The earth is the Lord’s, and all it contains,
The world, and those who dwell in it.