This Faith and Finance podcast is underwritten in part by The Good Investor, a book by Robin John. This Faith and Work memoir hopes to inspire readers to view their work and investments as opportunities to honor God and bring blessing to the world. You can learn more now at goodinvestor.com. That's goodinvestor.com. Christmas can be a season of joy, but it can also bring stress, overspending, and a packed calendar.
Hi, I'm Rob West. The good news? It doesn't have to be that way. With a little bit of planning and the right perspective, you can slow down and truly savor the season. Today we're joined by Crystal Payne to talk about how to simplify your Christmas, stay organized, and keep your focus on what really matters.
And then it's on to your calls at 800-525-7000. This is Faith in Finance, biblical wisdom for your financial decisions.
Well, it's always a pleasure to have Crystal Payne back on the program. She's the creator of the amazing website moneysavingmom.com, which you should only check out if you like saving money and simplifying your life. Crystal, great to have you back with us. It's such an honor to be here. Thank you for having me back.
Well, we're delighted, and we're going to get into a lot of the practical steps folks can take to keep costs down at Christmas. But first, tell us maybe a few of the things your family does to savor the meaning of Christmas. Yes.
Well, there's a lot of different things that we do. We really try to keep it simple, and we'll talk more about that as we get into this interview. But two things that we do: one, we like to have an Advent calendar.
So, this is just usually we do different things, but we've loved Ann Voskamp an Advent calendar book that actually has this little ornaments and the tree that opens up on the book, and there's just a devotional for every day. It's really short and easy, and it's great because all ages can get involved, and it's just a good way to start your day or end your day, just reminding yourself of you know what Christmas is really all about.
So, that's one thing that we do. And then also, we like to have a giving project that we decide as a family, this is something that we're all going to give money towards. And kind of we sort of raise money per se all through December and then kind of see how much we've raised and be able to give that at the end of the month. And it just helps again to remind us of the reason for Christmas. Yeah.
And did you say the kids actually choose the project each year? Yes, they do. They like to choose different things. And then I think that that really gives them ownership. Like they've chosen it.
And so then they will, in fact, they have, you know, created little boxes and been like, put your donations here and, you know, put your change here. And it just helps them to have some buy-in for it. Oh, that's so good.
Well, those are great suggestions.
Now, let's go over some of the things, Crystal, that most folks feel they have to do at Christmas.
So, where do we start?
Well, I think one of the biggest things is to really start with, you know, thinking who do you need to buy for? And I really don't like the word need because honestly, especially in, you know, none of us really need to buy anything for anyone, but who do we feel like, you know, we should buy for? And then who do we want to buy for? And then really thinking about how much of a budget do we have? And when we look at that list of who we need to buy for, who we want to buy for, and how much budget we have, do we need to pair back?
Do we need to simplify? Or maybe we're going to give family gifts this year instead of giving individual gifts to every member of a certain family, or we're going to give experience gifts. And that's going to be something that's going to help us to stay within our budget. Yeah. And I know you're helping with that with the guide you have on your website, right?
Yes.
So we put together some of just our very favorite gift ideas. These are things that could be really anybody. You know, there's you're, you always have those people that you're like, I don't know. It feels like they have everything, but I want to do something for them.
So these are gifts. that you could give to anyone.
Some of them are things that can be made really inexpensively and really quickly. Like maybe you don't have a lot of time. You can't do this elaborate project, but some of them are food items.
Some of them are just cute little things like DIY Sharpie marker mugs or movie night in a box or pedicure in a jar. Just some fun things that could people would, you know, find that they're unique and would be something that would bless someone else, but also anybody pretty much could benefit from something in this gift guide that we put together. And that's for free on moneysaveymom.com. Check it out today. All right.
Now, you mentioned budget a few moments ago. What is the best way to keep spending in check, Crystal?
Well, there are a couple things that I recommend.
Now, we're already into December, and so you know, hindsight is 2020. You can't start this now, but thinking ahead for next year, really ideally saving up for Christmas all year long.
So, setting aside money each month. I like to also encourage people: there are lots of ways that you can earn gift cards. We talk about this on money savingmom.com, but that you can then set those aside as you're earning gift cards for maybe scanning your receipts or taking surveys. And then at the end of the year, use those gift cards that you've accumulated to be able to buy things for Christmas. Oh, that's so good.
We're talking to Crystal Payne today. You'll find all of her great work to help you save money and simplify your life at money savingmom.com. You can also download this free Christmas resource that will help you plan for and execute a wonderful Christ-filled Christmas.
Now, when we come back, she's going to help us stretch your Christmas budget and be more intentional just around the corner. If you love what you hear on this program, there's even more waiting for you at FaithFi.com. Explore podcasts, videos, articles, Bible studies, and devotionals, all designed to help you see God as your ultimate treasure and money as a tool to advance his kingdom. Pursue wisdom, practice generosity, and steward God's resources in a community with others who share your faith. Visit FaithFi.com to take the next step in your faith and financial journey today.
That's faithfi.com. Faith in Finance is thankful for support from The Good Investor, a book by Robin John. In his book, Robin shares his journey from an immigrant child struggling in school to co-founder and CEO of Eventide Asset Management, a faith-based investment firm. This Faith and Work memoir seeks to inspire readers to view their work and investments as opportunities to honor God and bring blessing to the world. More information is available at goodinvestor.com.
That's goodinvestor.com. Um Oh. Great to have you with us today on Faith and Finance. Our guest today is Crystal Payne. She's the creator of the amazing website moneysavingmom.com.
We're talking about how you can have an intentional, Christ-filled Christmas this year. And Crystal's got some great ideas. Just before the break, we were talking about how you can keep spending in track. What about stretching that Christmas budget, Crystal? What ideas do you have for us?
So, first off, I would really recommend, you know, you got to have a budget. And then, also, if you want to stick with your budget, one of the best things that you can do is stick with cash only.
Now, a lot of people really balk when I say this, and especially because you're like, well, there's such great deals online. And yes, I absolutely agree with you. MoneysavingMom.com, we share lots and lots of great online deals, but you can actually stick with a Christmas budget when shopping online by buying a prepaid gift card or Amazon gift card or store gift cards. That way, it helps you that you don't go over budget. And so, yes, it's an extra hassle, but I promise that you will be glad that you've stuck with your budget come January.
And so, really, starting with a budget, sticking with cash, and then what are some ways that you could maybe, you know, you don't have a big budget this year.
So, some simple, inexpensive homemade gift ideas. I love homemade gift ideas, and I think most people do. And it also is something, you know, you put your time and effort into. Into it. It's unique.
It's different. Things like homemade treats and baked goods, cookie dough for the freezer, homemade breads or canola, baking mixes and jars, or homemade experience gifts, like a treat every month. You could give them a calendar that it's like every month on this day, I'm going to make you a treat. If it's someone who lives locally, or you're going to make them dinner, or you're going to provide some laundry help or babysitting, you know, giving gifts of your time. That is something that's really valuable and can be really meaningful.
Or things like photo gifts or a meaningful letter or putting together a collection of recipes or journal entries from a loved one. I just feel like sometimes we always think it has to be something we buy at the store, but making something for someone, giving gifts of our time, these can be the things that someone's going to remember for years and years to come. Yeah, it really sends a message around how important that person is to you when you take the time to create something or give a thoughtful gift. All right, what about cooking? I mean, this comes Up at Christmas time.
There's so many meals, and we want to celebrate, but it's time-consuming.
So, what ideas do you have for us?
So, I really think about what I can make ahead of time to make hosting more enjoyable if I'm going to be hosting, or just that I want to do some fun things with my kids and I want, you know, us to be able to bake cookies together or to be able to decorate cookies. What can I do ahead of time so that we can have those memories, but it's not going to take a lot of effort? And so, maybe on a weekend, sometime, you know, in this next weekend, you could just sit down and make a little list and then do the grocery shopping and take a few hours to make some things ahead, like cookie dough or rolls, sweet breads, desserts. Look at your holiday menu and things you want to make or hope to make, and then plan some time to freeze your cook ahead because that is going to save you so much time. And also, thinking about what shortcuts you could use.
Could you buy pre-made cookie dough or bread dough?
Sometimes I found that it's the same price if you add up the cost of the ingredients and it'll save you a lot of time. Those are so helpful and practical.
Now, Chris. Crystal, how do you encourage your family to spend meaningful time together at Christmas?
So, something that we have done for years is we call it our December bucket list. And we have everyone pick out one to two special things that they want to do during the month of December. And I find that as a mom, this relieves so much from me because I feel like moms sometimes we feel like we have to be the purveyor of entertainment and memories for our children. And sometimes the things that we think they would really like and want to do and be all excited about, that's not what they pick. And so, letting everybody pick one to two things, it means that December is not just packed full of all the things.
It allows us to really focus on those few things that are important to each member of our family and it simplifies it for us and makes sure that we prioritize those things that they really want to do. And maybe you're like, oh, nobody chose the, you know, going to see the Nutcracker.
Okay. I guess that's not an important thing, you know? And so we sit down, we make that December bucket list, and then we just put it on the calendar and make sure to prioritize those things. And so another thing. That we've done is, especially if you have younger kids, this is a fun thing: wrapping up Christmas books and then every day getting to unwrap one and read it together.
And Christmas books that you already own, you can even get them from the library. I've done that before and just wrap them up, and it makes it like it's this fun thing, and you do it together. My older kids have just loved that and remembering that. I'm excited to do it with our younger kids now. And then another thing that we've done is so we always go back to Kansas where our family is from.
We live in Tennessee, but we have an all-day Christmas celebration that we do just with our kids before we leave to go to Kansas. And so it'll be on a day that's sometimes a week before Christmas, but we just set this aside and it's been really, really special. And all of the kids get to kind of help plan parts of it, prioritizing what's important to them. And it's just a special day that we get to just savor Christmas just with our immediate family. And then we can go enjoy it with grandparents as well.
And not feeling like we have to, you know, try to fit everything in right on Christmas Eve. Christmas Day. Yes.
Oh, those are great ideas, Crystal. As we close today, what final advice would you share for keeping things organized this holiday season? I am a huge believer in asking yourself the question, how can I make this easier? And just, you know, really thinking as we go through things, sometimes I think we overcomplicate things.
So how can I make things easier? And then write everything down. In my book, The Time Saving Mom, I talk about how I use Google Calendar and a time block to-do list. And there is just something about writing all the things down. I like to brain dump everything that's in my head.
I actually put it as all day task in Google Calendar. And so then it's not just swimming around in my head. And I have, you know, it feels like a thousand things up there in my head. And so write it down, put it in a safe place. And so that you know that you've put it where you can access it, but it's not just all up there in your head.
And then also divving up the work and letting others help.
So if you have kids, if you have a spouse, if you are going to an event or hosting an event, you know, see how you can help out or ask people to help you out.
So if someone offers to help, if you're hosting, take them up. Up on it. Do not say, oh, I'm good. Like, yeah, can you bring bread or can you bring dessert or, you know, whatever it is. Ask for help.
Let other people help you so that it's not all just falling on your shoulders. Yeah, that's so good. You mentioned before the break, this new resource you've put together at moneysavingmom.com that's available for our listeners to go get right now. For those that missed that, just recap what's available there. Yes, so we put together it's a brand new Christmas guide that has 15 different DIY Christmas gift ideas.
Some of them are food items, some of them are just homemade gifts. And it's really, we want to just help you simplify your holiday season, come up with creative ideas for those people on your list that you're like, I don't know what to get them, but I want to do something for them. And also to save you some money this year. And so you can go to moneysavingmom.com and right at the top, you'll see where you can download that Christmas guide for free. We are just here.
We want to help to save you money and to help make your Christmas simpler and more meaningful. Crystal, we always love having you stop by here. Bring practical advice, but help us remember why we're doing what we're doing, which is critical this time of year during Christmas.
So, Crystal, Merry Christmas. Thanks for being here today. Thank you so much for having me. All right.
That's family financial expert Crystal Payne. If you haven't been to our website, money savingmom.com, be sure to check it out. It's filled with practical ways to save money and simplify your life. life. You know, a thoughtful plan helps you give joyfully this Christmas rather than with regret.
And when it comes to Christmas budgeting or any season for that matter, the FaithFi app can really help. We designed it to be more than just a money management tool, but a hub for biblical financial wisdom. With a FaithFi Pro account, you'll gain access to exclusive articles, digital studies, and daily encouragement to guide your financial journey. Download the FaithFi app at faithphy.com and click App, or just search FaithFi in your app store. We'll be right back.
Yeah. As the leading advocate for the Christian financial industry, Kingdom Advisors serves the public by promoting the integration of a biblical worldview across every aspect of the financial services industry. And we serve a growing network of thousands of Christian financial professionals, equipping and empowering them to carry biblical financial wisdom to their clients, peers, and community. For more information, visit kingdomadvisors.com. That's kingdomadvisors.com.
Wondering who Faith and Finance recommends as a banking partner that aligns with Christian values? It's Christian Community Credit Union. When you open a high-yield checking, savings, or visa cash back card, you'll help advance the gospel when making everyday transactions. Visit faithfy.com/slash banking and use code FAITHBY when you sign up. That's faithfy.com/slash banking with code FAITHFI.
Membership eligibility required. Each account is insured up to $250,000. This institution is not federally insured. Um I'm so glad you're with us today on Faith and Finance. You know, each day on this program, we want to help you make much of God, seeing him as your ultimate treasure.
And when you do, regardless of what passes through your hands, you're able to hold it loosely, recognizing that is not where you find your treasure ultimately. It's not in the things of this world. They can come and they can go, and ultimately, we can rest in the sufficiency of God and his finished work on the cross and the abundance that we have in our relationship with him. And then we can manage money in a way that brings him glory and honor him through giving and saving and investing strategically and using all resources entrusted to our care as a way to glorify God. That's what we want to do each day on this program, help you to see God as your ultimate treasure.
And also, in doing so, help you navigate the actual questions you have in your financial life, those things you're wrestling with. With on living within your means, and how do you manage debt? And is it even a good idea? And if so, in which cases? And what about passing wealth to the next generation?
What does it look like to pass wisdom before wealth? And how do we do that mechanically? What about your giving or your debt repayment? Perhaps it's investing for the future. All of those questions and more are in play today.
We'd love to hear from you. The number to call 800-525-7000. That's 800-525-7000. We've got lines open. Our team is ready for you, so you can call right now.
Uh to Chicago. Pat, go ahead. Hey, how you doing? Doing great, thanks. Uh so I just became aware that in Illinois There's a four million dollar estate tax or death tax or whatever you want to call it.
And so I'm just starting to learn about it, did a bunch of reading and so forth. Um, and it's it doesn't sound very cool at all.
So, I don't know if you have any input on that.
So, I'm in my 50s, I don't plan on dying for a long time, but. I am a big planner, so I want to see if there's any sort of preplanning I can do. With that, so I'm looking for some input. I plan on my estate being it's already over that number, so it'll be way over that number down the road. Got it.
Yeah, that's helpful. Yeah, so Illinois has a state estate tax with a $4 million exemption per person.
So estates above that would owe tax at a graduated rate up to roughly 16%, I believe, is the top end. And so, you know, ultimately, you know, it doesn't allow federal portability of any unused spouse exemption the way the federal estate tax does. And so, you know, often the planning strategies would involve lifetime gifting.
So, you know, you have the ability to gift assets away during life to reduce your estate value.
So you would want to use the annual exclusion first, which you get each year for up, you know, an unlimited number of people. And then, but you, you know, you do need to watch out because Illinois includes certain federal gift information when computing the estate.
So, large outright gifts can have income tax consequences.
So, you just need to understand that. But usually, people will systematically gift that money away as a way to avoid that. Irrevocable trusts would be another tool you would need to get with an estate planning attorney. You know, it can be powerful when it's done correctly, but it's complex, and there's legal costs, and there's loss of direct control.
So, you've got to really be working very closely with an estate planning attorney. Other folks will use life insurance for this.
So, you'd buy using what's called an irrevocable life insurance trust, an eyelet. You can buy life insurance inside of it.
So, the proceeds are not in your estate. And they provide your heirs liquidity that allows them to pay the estate tax. And so it's very common, it's very practical. But again, you're going to have to get that set up, and everything has to be owned and funded properly before death. But that can be a really effective way, especially in states like this.
And then there's charitable strategies that people use where you basically give to charity now. Or in your will that in a way that reduces your taxable estate, that allows you to lower your estate tax and accomplish your philanthropic goals. And then other people will take it to a further extreme and look at changing their domicile to a state without an estate tax before death. But you have to have, you know, true, provable residency, and there's a time element to that, and you have to have a home there and so forth. That's not a quick fix.
You got to do it right. But that, you know, is another strategy that people use.
So there are a number of things. I would say it's a combination of a good financial planner and an estate planning attorney, and perhaps even somebody who's a life insurance specialist that would allow you to be very well planned, minimize that estate tax, and accomplish your goals with both transferring your wealth to your heirs as well as your charitable intent. Does does that make sense though? It does. Yeah, so we have a place in Michigan, so I'm wondering if it just at some point.
at some point we lose our state we lose some exemptions for the pensions and stuff like that, but um But maybe a combination of of a little bit of all of that. Yeah. I mean, that can be a viable strategy to reduce or even limit the state level estate tax. It's not a magic fix. You know, so Michigan doesn't have a state estate tax or an inheritance tax, but you would have to meet the domicile and residency rules.
You know, you would have to make sure that, you know, your estate. At death is set under the laws of your residence and domicile.
So, your move would need to be well documented and done early enough to avoid challenges to that. And then there's other costs related to that, related, for instance, the Michigan income tax and so forth.
So, just make sure you're thoughtful about how you go about that. Yeah, it's it's not tied to inflation.
So a lot of people are going to fall in well But potentially a lot of people will fall into that. into that tax in Illinois. That's exactly right. Yeah. It is.
I mean, it does tend to go up over time, but you're right. It's not directly tied to inflation. And with the wealth that's been created the last several years, there's going to be a lot of folks, to your point, that fall into that situation. Wow, awesome. Oh, we love you.
We love you a lot. We really appreciate your advice. Thanks very much. I appreciate you. God bless your call anytime.
Well, folks, that's going to do it for us today. Unfortunately, Joy, I was not able to get to your question. I know you wanted to know the quickest and least expensive way for a durable power of attorney. And essentially, this is what authorizes a trusted person to act on your behalf for financial, legal, and then separately for healthcare matters. And so, you know, the least expensive way would be to use your state's free statutory form.
Most states have an official durable power of attorney at their Attorney General or State Bar website. You know, the other way is you could connect with an attorney in your area, especially if your situation is more complex. It would be worth the time and expense. But if it's simple, you could fill out the state-approved form, name the trusted agent, sign before a notary, give copies to your agent and financial institutions. But just be careful.
Some of these online templates. vary in quality. And some banks and medical providers have preferred forms. Hope that helps. Josh, Omar, Lisa, and Taylor, the amazing team on TAP today.
We'll see you next time. Faith in Finance is provided by FaithFy and listeners like you.
