'Where Your Treasure Is...': The Podcast where Faith and Finance Meet

In this bonus episode, Simon and Bex talk with Ben Clift, of Christians Against Poverty (CAP), about the Cost of Living Crisis and various ways in which support can be provided.

Some key points covered in this episode include the following:

• Following an entertaining difference of opinion between Bex and Simon about whether or not Simon had foreshadowed Ben Clift as their guest in this episode [00:53], Bex asks Ben to describe his role as a CAP Debt Centre Manager and what an average day looks like. [01:17]
• Ben explains that CAP is a national/international charity which operates on a significant scale but is also able to target support very effectively within communities as a result of being based in local churches. [02:41]
• Ben goes on to talk about the biblical principles behind CAP’s activities [04:43] and how that translates into practical support, especially in connection with the charity’s endeavours to assist people to overcome debt-related issues. [08:00]
• In response to a question from Bex, Ben provides information about the number of people who have been helped to become debt-free as a result of their contact with the debt centre in which he works. [10:05] He also speaks about the kinds of answers to prayer that people have experienced as a result of having shared their concerns, needs, aspirations etc with members of the CAP team. [11:24]
• A couple of questions from Simon prompt Ben to explain some of the practicalities in which CAP representatives become involved when helping clients deal with financial correspondence [13:23] and negotiations with debtors. [15:14]
• Ben talks about the fact that many people are experiencing an uncomfortable ‘squeeze’ as a result of the Cost of Living Crisis that has been precipitated by global factors (including the war in Ukraine), inflation pressures and political turbulence. [17:27]
• Simon explains that the ‘wealthy’ are not immune from being affected by an unbalanced budget and can certainly experience financial shock under the kinds of circumstances that are affecting so many people at this point in time. [19:37]
• Ben talks about the CAP Money Course, which is designed to provide people with money management skills that will help them to handle their finances effectively and wisely. [22:03]
• Bex asks Simon and Ben what they think that Jesus would say to people who are currently experiencing stress and turmoil as a result of financial pressures. [23:30]
• Responding to a question from Simon, Ben explains how people can get involved with CAP and support its work in a variety of different ways. [26:45] (NB Such is the nature of the world at present that the details of the Prime Minister [27:58] have changed between this episode being recorded and then published, with Rishi Sunak now having taken over that role from Liz Truss!)
• Information about Christians Against Poverty can be found at capuk.org, and feedback or questions regarding this episode can be sent via email to [email protected] or by contacting @whereyourtreasureispodcast on Instagram. [29:39]

Season 2 of ‘Where Your Treasure Is…’ resumes on 23 November.

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In this bonus episode, Simon and Bex discuss practical approaches to budgeting for ‘big ticket items’ but also talk about ways in which we can ‘refresh’ our thinking regarding these expenses.

Some key points covered in this episode include the following:

• Bex asks Simon for some tips on how to deal with major expenses that can wreck a budget, such as birthdays, Christmas, weddings and holidays. [00:41] As part of his response, Simon explains that, as described in the writings of JRR Tolkien, hobbits have an unusual but thought-provoking way of dealing with birthday presents. [02:18] Bex is prompted by Simon’s comments about the dangers of ever-increasing expenditure on presents to share how her family has reduced the number of presents that family members are expected to buy for each other. [03:27] Simon goes on to highlight the importance of having conversations about expectations for presents etc as that can assist individuals and families to avoid falling into practices that can ultimately exert unhelpful pressures upon them. [06:29]
• Thinking about the biblical reference to God giving good gifts to his children (Matthew 7.11 and Luke 11.13), Bex is prompted to reflect on the importance of expressing our love and appreciation to others in ways that are not dependent on money. [08:42]
• Simon outlines five principles for dealing with major expenses in a practical and manageable manner: (a) Anticipate expenses [12:53]; (b) Budget for this expenditure [13:54]; (c) Cut down on credit [16:09]; (d) Delayed gratification: paying in advance, where possible [17:52]; (e) ‘Extreme organisation’ – using a spreadsheet, for example, as a means of planning and tracking spending on presents [21:13]
• Bex and Simon develop further their discussion about alternative ways in which love and affection can be expressed [23:38], including reference to Gary Chapman’s book, , ‘The Five Love Languages’, [24:56], hand written notes from Bex’s mum [25:45] and a poetic tribute to mellifluousness! [27:56]
• Bex and Simon conclude by sharing some thoughts about approaching Christmas (a potentially major source of expense) in a thoughtful and outward looking manner that can change the way that we do things and what we focus on at that time. [28:49]
• Feedback on bonus episode content and format was invited and can be sent via email to [email protected] or by contacting @whereyourtreasureispodcast on Instagram. [33:10]
• (NB A further bonus episode will follow on 16 November before Season 2 resumes on 23 November.)

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In the fourth episode of our ‘Practical Financial Planning’ season, Simon and Bex discuss Investing: what it is; why you might want to do it; and some principles you may wish to follow.

Some key points of interest covered in this episode include the following:

• Simon defines investment as something that has an ‘expected return’ and illustrates this comment by examining whether or not various purchases (eg a car or a house) and financial strategies (putting money in the bank, acquiring shares or buying gold) meet the terms of that definition. [02:13]
• In response to a question from Bex about why we might want to invest, Simon outlines the way in which inflation can reduce the spending power of our money. Investing is a good way to combat that issue, especially as the effect of compound interest on invested money is to cause it to grow by a greater amount year on year. [09:15]
• When considering the options for long term investing, the stock market can be a good option as long as you don’t try to ‘ride the wave’ and attempt to pick ‘winners’ all the time. [13:40]
• Simon describes four key steps that should give investors the best chance of getting a ‘good return’: (1) Pick an investment that gives you access to as much of the stock market as possible [19:05]; (2) Invest in index funds that cover as many countries as possible [20:01]; (3) Pick as low cost a fund as possible [20:30]; (4) Remember that you don't need to put all your money for investing into the Stock Market [21:18].
• As ever, please contact us via [email protected], or on Instagram via @whereyourtreasureispodcast. After a fortnight’s break, we will be back with a couple of bonus episodes and will then resume our current seasons with Life Stage 5: Career Progression. [23:01]

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In Episode 4 of the ‘Key Life Stages’ season, Simon and Bex highlight the significance given to homes in the Bible before going on to discuss the financial practicalities and implications of buying your first home.

Some key points covered in this episode include the following:

• Bex and Simon quote various verses from the Old and New Testaments (Micah 4.4; John 14.2 & 14.23; Acts 2.46, 4.32-35 & 18.26; 2 Corinthians 5.1-2) to illustrate the importance placed on homes in the Bible. [00:25]
• It is noted, however, that the Bible also stresses the importance of not storing up treasures on earth. (Matthew 6.19) This prompts Bex to acknowledge that there is an inherent challenge involved in investigating the financial practicalities of buying your first home – as this episode aims to do – while maintaining a clear focus on biblical teaching and a faith-based perspective. [03:03]
• Simon starts off the discussion by providing some home ownership facts and figures, which demonstrate that people are currently finding it really hard in the UK to get their feet on the first rung of the property ladder. [03:15]
• Purchasing your own home may not be the right option for everyone, and Simon provides examples of some situations in which people might want to rent their accommodation rather than buying it. [06:00]
• There are, however, a number of advantages of buying your own home, which make it an appropriate and prudent option in many instances. [06:47]
• Once you have decided that you want to purchase your own home, you need to tackle two initial requirements: (1) to provide an appropriate deposit (2) to demonstrate that you can afford to pay off the loan (mortgage) that you will be taking out on your chosen property. [09:31]
• When deciding on the mortgage payments to which you are going to commit yourself, it is important to consider the whole picture. One point to think about is the length of time over which you are going to repay your mortgage. The shorter the term of the mortgage, the less money you will pay out overall… but your monthly payments will be higher. [11:34]
• Calculating your surplus income will help you to establish what is affordable in your situation. [13:40]
• Having a contingency plan in case interest rates go up over time is also important. For that reason, you might want to consider signing up to a fixed rate (rather than a variable rate) mortgage, especially if you can afford monthly payments that will allow you to take out one that will last for five years or more. [15:46]
• Because taking on a mortgage is a major financial commitment… and because life happens, Bex asks Simon to outline some ways in which we can respond if we encounter difficulties that place in doubt our ability to meet our mortgage payments. [18:53]
• If you would like to contact us with some feedback, questions or requests, please do so via [email protected] (email) or @whereyourtreasureispodcast (Instagram). Otherwise, please join us for next week’s episode, ‘Make Money Make Money’ (Episode 4 of the ‘Practical Financial Planning’ season), which will be all about investing. [20:44]

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In episode 3 of ‘Practical Financial Planning’ (the third season of the ‘Where Your Treasure Is…’ podcast), Simon and Bex explore the whys and wherefores of considering an ISA, (Individual Savings Account) as an investment option.

The following points are among those covered by Simon and Bex in their discussion:

• Simon explains that investment vehicles are ‘containers’ that have been created to ‘carry’ money in order to help investors gain positive returns on their money. [00:44]
• Two of the best known investment vehicles are pensions and ISAs (Individual Savings Accounts). Each of these can create benefits for an investor, especially as a result of the special tax arrangements that are a key aspect of how they each operate. [01:59]
• Pensions and ISAs have been deliberately created as tax efficient products, which means that they assist investors to grow their money by avoiding certain taxes which would otherwise apply to their savings. (Simon stresses that these arrangements are completely different from tax evasion, which is unequivocally illegal!) [03:43]
• Bex and Simon summarise the different tax arrangements for pensions and ISAs. [06:12]
• When considering whether a pension or an ISA is better for you, two key factors should be taken into account: (1) your objectives (2) the tax arrangements relevant to your situation. First of all, Simon examines the possible tax permutations. [06:56]
• The objectives of the investment are then considered, with Simon explaining that an ISA can be a great way to save for a deposit on a house, for example, while the primary purpose of a pension is to provide an income during retirement. [12:38]
• The LISA (Lifetime ISA) is highlighted as a particular kind of ISA that potentially has real benefits for anyone looking to use it to buy a first home. As long as the specific rules governing the LISA are followed, investors stand to gain from a 25% bonus that the government will add to their savings. [13:41]
• Following a summary of key points from Bex [18:15], Simon mentions three final points to note: (1) Generally, Cash ISAs tend not to have any significant, unique benefits for investors at the present time [18:30]; (2) If, for any reason, you need to invest more money than can be accommodated within an ISA, you could consider a General Investment Account, and it might also be worth investigating the option of seeking advice from a financial planner [19:32]; (3) Listeners to the podcast may have heard of Investment Bonds, but it would usually be expected that this option would be explored only after other investment vehicles have been fully utilised. [20:18]
• As ever, please contact us via [email protected], or on Instagram via @whereyourtreasureispodcast. The next Season 3 episode will be on investment strategy; in the meantime, Episode 4 of Season 2 (Your First Home) will be published next week. [20:50]

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In the third episode of the Key Life Stages season, Simon and Bex delve into the things that you need to know about your payslip when you get your first job.

• Simon and Bex introduce their comments on payslip deductions by making some observations on tax, including some examples of occasions when tax is mentioned in the Bible. [02:01]
• In response to a question from Bex, Simon explains why income tax and National Insurance are collected separately by the Government. [04:12]
• With the aim of helping listeners to understand their payslip and the salary deductions that are made, Simon talks about the Personal Tax Allowance and explains that wages and tax are scheduled evenly over the tax year, which runs from 6th April in one year to 5th April the following year. [05:51]
• The rate of tax to be paid depends on the annual salary but there are also some regional variations, affecting Scotland, in particular. [10:25]
• The amount and nature of National Insurance contributions are explained. [13:35]
• Pension deductions also have to be taken into account before the final amount of ‘take home pay’ can be calculated. [16:08]
• The figures are calculated for a worker earning £22,570 per year / £1880 per month:

1. The tax to be paid is £1,774.30 for the year (£2,000 minus £225.70, saved on pension payments).
2. National Insurance contributions will be £1,3324.20.
3. And the pension contributions will be £1,128.50 for the year.
4. So, the total deductions for the year are £4,227.
5. The overall net (‘take home pay’) pay per year is therefore £18,343.
6. And the monthly amount actually received by the worker, as recorded on their payslip, is £1,528. [19:03]

• Simon then highlights the fact that other expenses and payments can be included in payslips as time goes on. The crucial point to note, however, is the importance of checking (at least annually) that you understand your payslip and are confident that you are receiving the expected amount of pay and are making correct income tax and National Insurance etc payments. You are responsible for ensuring that these payments are correct, so it is vital that you get into the habit of checking the figures in order to avoid issues arising at a later date. [21:08]
• The next episode in the ‘Key Life Stages’ season will be ‘Buying Your First Home’ while the next ‘Where Your Treasure Is…’ episode to be published (next week) will be all about ISAs (Individual Savings Account). As usual, please get in touch with us through [email protected], or on Instagram via whereyourtreasureispodcast. [23:27]

This show has been brought to you by Free Range Podcasting.

In the second episode of ‘Practical Financial Planning’ (the third season of the ‘Where Your Treasure Is…’ podcast), Simon and Bex discuss pensions: how they work, the different types and why they are so important.

Some key points of interest covered in this episode include the following:

• Simon introduces the topic of pensions and explains the ages at which they can become available. [01:53]
• Simon goes on to describe the three different types of pensions that are available: State Pension [04:25]; Occupational Pensions, which are divided into final salary defined benefit schemes [06:00] and career average schemes [07:18]; and Personal Pensions [08:35]
• The importance of learning about, and understanding, pensions sooner rather than later is highlighted. [10:11]
• Simon draws attention to the fact that the tax arrangements that apply to pensions make them a very effective way of saving money. He goes on to provides examples including some figures and explaining that by paying money into your employer’s pension scheme, you not only gain from money going into your pension pot that would normally be taken away in tax, you also benefit from a significant contribution to your pension fund by your employer. In addition, the arrangements for withdrawing money from your pension (once you have reached the required age) are also beneficial, for example because 25% of your pension money can be taken out without paying any tax. [12:04]
• Simon talks about the two main issues that can stop people embracing the opportunities and advantages available through pensions: their complexity; and people’s previous experience of them (especially before 2015). [19:15]
• Simon refers to Numbers 8.24-26 when speaking about retirement: ‘This applies to the Levites; men twenty-five years old or more shall come and take part in the work at the tent of meeting, but at the age of fifty, they must retire from their usual duties and work no longer. They may assist their brothers in performing their duties in the tent of meeting, but they themselves must not do the work.’ He suggests that the biblical view of retirement is not that it should be one long holiday but that it can provide an opportunity to serve God in new and different ways. [23:51]
• As ever, please get in touch with us through [email protected], or on Instagram via whereyourtreasureispodcast. In Season 3 Episode 3, we will be digging into the only other type of investment product that most people will ever need: the ISA, or Individual Savings Account. We hope that you will join us then. [25:08]

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In the second episode of the Key Life Stages season, Simon and Bex discuss various finance related matters that come to the fore when starting a family. As well as covering the significant changes that inevitably occur with the arrival of children, points relating to hybrid families and managing finances jointly are also explored.

Some key points of interest covered in this episode include the following:

• Simon explains that he will be considering three key elements in this episode: joint finances; children; and hybrid families. [00:52]
• In response to a question from Bex, Simon talks about the importance to family life of couples discussing financial issues and goals so that they can jointly plan and manage their use of money, even if they each have different roles within that process. Simon’s comments on this topic include a quotation from Gary Chapman’s book, Things I Wish I'd Known Before We Got Married [01:52]
• Simon describes some of the financial consequences that have been identified in connection with having children. [05:51]
• Mention is made of some options that are available for saving or investing on behalf of a child. [08:11]
• Various family related financial planning priorities are identified, including the importance of wills, insurance, Power of Attorney arrangements and discussing money matters with your children. [12:12]
• Communication is also a key factor as far as hybrid families are concerned, and it is suggested that, within that context, a trusted friend or relative can sometimes provide helpful input. Financial issues that can arise in connection with elderly parents are also mentioned. [14:20]
• When making some concluding remarks, Simon highlights how complicated and challenging it can be to try to apply the principle of fairness to money matters affecting our children. [17:45]
• The next episode in the Key Life Stages season will be ‘Your First Job’ while the next episode to be published (in a week's time) will be ‘Your Longest Holiday, on the subject of Pensions, in the Practical Financial Planning season. [20:19]

This show has been brought to you by Free Range Podcasting.

In the first episode of the third season of the ‘Where Your Treasure Is…’ podcast, Simon and Bex explore the importance of establishing clear personal goals before embarking on any kind of practical financial planning.

Some key points of interest covered in this episode include the following:

• Simon explains that the practicalities of financial planning need to be preceded by a process of setting clear objectives and goals. [01:45]
• Simon uses a spot of role play to illustrate the importance of drilling down into the underlying reason(s) for the financial planning decisions that we make. [02:39]
• Simon provides an example of a practical financial planning goal – saving for a family holiday – arising from a life objective of showing love and care for one’s family. [06:10]
• Mention is made of various ways of keeping track of money in order to achieve a financial planning goal that has been set. [08:58]
• Overall, the aim is not to reduce every life objective to a financial goal, but to ensure that every financial goal is linked to a life objective, as Simon demonstrates with a number of examples. [12:47]
• Bex asks Simon what difference it should make to our decision-making that the Bible tells us that 'the earth is the Lord’s and everything in it' (Psalm 24.1) and that we are called to be good stewards of what God has given us. [14:25]
• Simon responds to a question from Bex about how to deal with both a deficit and a surplus in our personal finances. [16:29]
• Simon concludes by providing examples of ways in which we can use money positively, as a tool. [18:44]
• Season 3 Episode 2 will cover the topic of Pensions. As ever, contact can be made with us through [email protected], or on Instagram via @whereyourtreasureispodcast. [21:04]

This show has been brought to you by Free Range Podcasting.

In the first episode of Key Life Stages, the second season of the ‘Where Your Treasure Is…’ podcast, Simon and Bex discuss what the priorities should be for people who are starting out on their individual journeys of applying principles of the Christian faith to their own financial planning.

A good understanding of biblical principles, clarity of purpose and effective budgeting are identified as key elements that will help individuals to steward responsibly the money and resources given to them by God.

Some key points of interest covered in this episode include the following:

• In response to a question from Bex, Simon explains the vital importance of starting with the bigger picture, your values and objectives before investigating any financial practicalities. [02:51]
• Simon goes on to highlight the importance for the Christian of setting a course from the outset which is based on biblical references to money, such as the advisory warning contained in 1 Timothy 6.10: ‘For the love of money is the root of all kinds of evil. Some people, eager for money, have wandered from the faith and pierced themselves with many griefs.’ [05:06]
• Simon gives examples of the benefits of setting spiritual objectives and then considering how best to use money to achieve those goals, rather than allowing money to become a goal in itself. [06:36]
• Simon provides some personal examples of setting priorities and making decisions that have guided his money habits over the years. [10:03]
• When moving on to the practicalities of managing money wisely, Simon emphasises how helpful it can be to develop a well considered, realistic and personalised budgeting strategy. [13:27]
• Debt is described as being ‘the opposite of budgeting’ and it is noted that sometimes debt issues need to be addressed directly and fully before meaningful progress on a financial planning journey can be made. Expert professional help is available, if required, and Simon would highly recommend the support and services provided by two Christian charities, CAP and Crosslight. [18:58]

Please feel free to send feedback or questions to us via email at [email protected] or on Instagram to @whereyourtreasureispodcast.

This show has been brought to you by Free Range Podcasting.