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Senior Missionary Costs May Be Lower Than You Think. Here are 5 Examples.

mbabcock@azureskyfinancial.com (Michael Babcock) — Sun, 09 Jun 2024 01:02:25 GMT

Will mission costs increase my total budget?

As you may already know, senior missionaries with the Church of Jesus Christ of Latter-day Saints are expected to cover their own mission expenses , with the exception of travel costs under certain circumstances.

Will mission costs increase your total budget?

Not necessarily. For planning purposes, it can help to not just consider what mission expenses are likely to be, but also how different expenses in your life might change.

Some costs will obviously go up, with housing expenses likely being the largest share of your missionary budget. But if you’re thinking that your expenses will only go up you might be pleasantly surprised that some expenses may go down. Here are 5 senior missionary expenses that might go down (I learned about these from former missionaries):

Recreational travel expenses : This is the number 1 savings opportunity for senior missionaries! In many cases, the Church already covers your cost to get there. Where else will you go? Whether you’re accustomed to fancy vacations or lower-budget trips to visit family and friends, most missionaries will spend less on recreational travel simply because they will be spending most of their time doing missionary work.
Big ticket purchases - These could include vehicles, appliances, furniture, etc.
Home maintenance expenses - Chances are you won’t be going to the home improvement store or starting any significant home remodeling projects while you’re away from home
Food and clothing - Expenses for basic necessities can obviously vary quite a bit by country , but many missionaries serving abroad will benefit a great deal from exchange rates enabling them to buy more goods and services in their mission country than they can in their home country with the same amount of money.
Gifts - How might your gift-giving change when you’re a missionary? Being away can have an impact on gift-giving expectations and traditions. This could be a significant cost-saving opportunity for many senior missionaries.

What about transportation and gas? - whether serving domestically or internationally, you would be expected to cover the cost of gas in the mission even if you drive a church-owned vehicle. For some, transportation costs may go down, but these costs are difficult to plan because they will vary significantly by country and mission within each country. It’s still good to plan for them. Here’s a great site for estimating gas p rices by country and another for general transportation costs by country .

In summary, while planning for your expenses as a senior missionary or determining if you can afford to go, don’t forget to consider which of your expenses might go down. Many missionaries will notice significant decreases in their recreational travel, major purchases, home maintenance costs, and gifts. Food, clothing, and transportation are less certain to result in cost savings, but can also help you to have flexibility with your cash flow. Overall, having a realistic idea of how your expenses are likely to change can help you to be financially confident before, during, and after your mission. Who knows, maybe you could be better off financially as a senior missionary than you would be staying at home!

Financial Considerations for Senior Missionaries

mbabcock@azureskyfinancial.com (Michael Babcock) — Wed, 08 May 2024 14:15:14 GMT

some ideas to help you and your family be prepared to manage your affairs while you're gone

When my parents left to serve missions in Puerto Rico and Chile, they needed and wanted someone at home who could help manage their affairs as needed. They completed a Power of Attorney document and named me as their agent, which gave me legal authority to act on their behalf. Here are some lessons we learned that you and your family might find helpful:

How much does it cost?
I plan to address this in a separate post
Consult with your tax advisor regarding the tax consequences of your mission costs and when you pay them
Who will live in and/or take care of your home?
Who will use and/or take care of your car? How will you deal with car insurance?
What preferences/instructions do you have for maintaining these assets? Who should be contacted for repairs?
Who will open your mail, pay bills, pay tithing, file your tax return, and administer your assets?
Will this person also be living in your home? If not, how will this person receive
Consider setting up mail forwarding with the postal service
What records would you like your agent to keep (i.e. important mail received, issues with assets)?
Are your bills as automatic as possible? What payments were you unable to automate: due dates, amounts, etc? Make note of annual expenses like car registration, property taxes, etc.
Which accounts will you use to pay for living expenses during your mission? What cards are accepted?
Consider acquiring some cash in a foreign currency if applicable before you leave
How much cash will you need to maintain in your checking account?
To what extent would you like your agent to manage your savings/investments?
How will your agent make payments for you – checkbook, credit/debit cards? Will your agent have enough checks? Does your agent have the PIN for your debit card(s)? Does your agent know how to sign for you?
How much contact will you be willing/able to have with your agent while you are gone? Will you want to be contacted for certain types of transactions?
Do you want your agent to be given power to give your assets to him/herself? Special wording may be required in your legal documents to make this possible or not possible. Does your agent understand the limits if any to his/her power? Does your agent know where to find important docs?
Do you have the necessary estate planning records and documents in place?

Fear vs. Faith for Future Senior Missionaries

mbabcock@azureskyfinancial.com (Michael Babcock) — Sun, 21 Apr 2024 01:26:41 GMT

Even imperfect love can help us move forward with faith

Hello! This video about Fear vs. Faith is for you if you have a desire to serve the Lord through senior missionary service.

One of your fears might be, “Am I going to be ok financially?”

Well, I recently heard from a senior couple in our stake conference that they actually spent less as senior missionaries than they did at home! Maybe that could be true for you.

One of my fears is being public and the potential lack of acceptance that can come with it. One of the scriptures that has really helped me is “Perfect love casteth out all fear” ( Moroni 8:16 ) Well, I think even imperfect love from imperfect people like us can help cast out enough fear for us to take the next step and move forward in faith.

I’m a CERTIFIED FINANCIAL PLANNER (TM) professional and I have had the opportunity to help some people prepare financially for senior missionary service. I’ve enjoyed it and I’d like to more, so I’ve decided to create a kind of repository of tips like this to help people like you become even more prepared for senior missionary service.

I hope it helps!