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Q4 Interest Rates Announced | BAA Interest Rate Increased to 4% Read the Full Press Release

Pension Fund of the Christian Church

Employer-Sponsored Retirement Products

Overview

As a church plan, Pension Fund is able to offer flexible and worry-free retirement options for employers and their employees. Our team of Area Directors will meet with you to discuss your needs and help you get started.

Individual Savings & Retirement Products

Overview

Whether you’re just starting out or closer to retirement, choose from a variety of products to help you reach your retirement and savings goals.

Program Applicants

Ministerial Relief & Assistance

Our relief programs meet the evolving needs of new, active, and retired clergy and their families to ensure all ministers and lay workers can enjoy a strong, smart, secure retirement.

Supporters & Donors

Make An Impact with a Donation

Your gifts and financial support helps ministry workers in need bridge the unexpected from now until retirement (and beyond).

Resources

Overview

Discover planning and educational tools & resources to help you navigate your financial wellness journey.

For Members & Clergy

For Members

Guides, factsheets and resources to aid you on the Road to Financial Wellness.

For Clergy

Clergy-specific resources to support your call to ministry.

For Employers

For Employers

Hiring tip sheets, tax guides and more to help you manage your employees' benefits.

Your Money Line

Pension Fund has partnered with Pete the Planner® to provide members with access to financial guides who will help answer your tough financial questions & online tools such as calculators and eLearning courses.

Stay Connected

News & Publications

Events

Retirement Readiness Seminars

Ready to retire soon? Attend this seminar and get answers to common retirement questions to help you prepare for the next step.

The Gathering 2024

Register now to attend The Gathering. We will be in Washington D.C. Sept 3-5.

Employer-Sponsored Retirement Products

Overview

As a church plan, Pension Fund is able to offer flexible and worry-free retirement options for employers and their employees. Our team of Area Directors will meet with you to discuss your needs and help you get started.

Individual Savings & Retirement Products

Overview

Whether you’re just starting out or closer to retirement, choose from a variety of products to help you reach your retirement and savings goals.

Program Applicants

Ministerial Relief & Assistance

Our relief programs meet the evolving needs of new, active, and retired clergy and their families to ensure all ministers and lay workers can enjoy a strong, smart, secure retirement.

Supporters & Donors

Make An Impact with a Donation

Your gifts and financial support helps ministry workers in need bridge the unexpected from now until retirement (and beyond).

Resources

Overview

Discover planning and educational tools & resources to help you navigate your financial wellness journey.

Your Money Line

Pension Fund has partnered with Pete the Planner® to provide members with access to financial guides who will help answer your tough financial questions & online tools such as calculators and eLearning courses.

Savings 101: Getting in the Habit of Saving and Where to Start

Brought to you by Your Money Line

Saving isn’t always easy. Knowing what savings goals to prioritize, or even just how to make savings a priority at all, can be tricky. Here are a few notes on savings from our partners at Your Money Line.

Get in the habit of saving.

The key to saving for an emergency is to make saving a habit. Cultivating a habit of saving will help build your savings overall and produce better financial habits for the future. A savings habit can be hard to start, but there are many tools and tricks you can use to make it easier, and even automated, in the long run.

  • Pay yourself first. If you wait to see the amount of income you have left at the end of the month, you are a lot less likely to save. By determining the amount you want to save, and even putting it into your savings account, at the beginning of the month, you ensure at least some of your income gets put away for future expenses.
  • Take advantage of your bank’s scheduled transfers. Most banks offer the ability to schedule transfers in advance. Use this tool to set aside a certain amount into your savings account each month so your bank can help build the habit for you.
  • Decide which expenses are needs versus wants. Part of building the habit of saving is finding margin in your budget to put towards your savings account. Do you need to buy a coffee every morning or eat out for lunch every day? By reducing a few expenses that are “wants” and putting them into your savings account, you can save hundreds or even thousands of dollars each year.

The key to habit building is starting small. Every small amount saved counts, and even a small savings habit change can make a huge impact on your financial health. Once you’re in the habit of saving, you can start prioritizing key savings goals for the future.

Not sure where to start saving? Start with an emergency fund.

Your emergency savings should be your main priority. You should have three months of monthly expenses in your emergency fund. That seems like a lot of money to put aside just in case, but you’ll be thankful you did. In addition to the habits above, consider adding any bonuses, tax refunds or monetary gifts to your emergency fund to ensure you have a cushion in case an emergency hits.

As a Pension Fund member, you can save for an emergency even faster by utilizing their high-yield savings account, the Benefit Accumulation Account (BAA), to make your savings go even further.

Next, prioritize long-term savings to benefit from compound interest.

Once you have an emergency fund established, another goal to prioritize is long-term savings. The more you save now, the less you need to save later. Why? Compound interest. Compound interest is when you earn interest on both the money you’ve saved and the interest that money earned. Since compound interest includes interest accumulated in prior periods, it grows at an ever-accelerating rate. The long-term effect of compound interest on savings can help you reach your long-term financial goals sooner because your money grows much faster. You can take advantage of compounding interest with an individual retirement account, employer-sponsored retirement account or BAA through Pension Fund.

Building savings isn’t always easy, but the benefit to your financial well-being is worth it. By establishing the habit of saving, you do yourself the favor of protecting yourself from future financial hardship.

If you need help with budgeting or finding ways to create margin to meet your savings goals, the financial guides at Your Money Line are here to help. Visit our Your Money Line page to learn more.

Gifts by generous donors to Ministerial Relief and Assistance (MRA) make programs like Your Money Line possible. Learn more about MRA here.