How does the nation’s rising inflation impact you, your people, your giving, your ministry, your community, and much more?
We want to teach you not just how to address these topics, but PROGRESS through them, by understanding the global and local effects of inflation in 2023. As a church leader, learn how to prepare so you can continue to grow and accomplish God’s vision for your church!
There are different measures of inflation. One measure, CPI: Consumer Price Index, produced by the Bureau of Labor Statistics, is constructed using 80,000 items in a fixed basket of goods and services, representing what we as Americans buy in our everyday lives. The CPI is up higher than it’s been in 40 years. So what does that mean, it means the price of everything has gone way up.
Another measure that’s looked at is PCE: Personal Consumption Expenditures Index, produced by the Bureau of Economic Analysis, measuring the change in prices for all consumption items, not just those paid out of pocket by consumers.
PCE is the primary measure of inflation used by the Federal Reserve.
The general rule of thumb is if the Federal Reserve changes rates, it takes about six months for that rate hike to take full effect. Meaning, here we are in January 2023, just now feeling the impacts of the increases made six months ago, and they’ve been increasing rates all the months in between.
How can you, church leader, measure inflation on the church level? Start by looking at basic church salaries, operating costs, and facilities….what does it cost for you to do ministry?
There are other questions that arise in ministry with the conversation of inflation…let’s answer them.
There’s never the perfect time to ask somebody to sacrifice, something is always going on. Ultimately building projects, capital campaigns, and giving initiatives, are driven by need and urgency. It could be a great economy, but if there’s no need and urgency, it’s not a good time to do one. Now, even if it’s a negative economy, if God’s doing something dramatic at your church, and there is a need and urgency, it is time to respond boldly in faith and fulfill God’s plan for the church.
Through education! Utilize and develop a finance ministry within your church, focusing on areas of personal finance. At INJOY Stewardship Solutions, our personal finance solution was created to educate and encourage individuals through relevant, practical, biblical teaching to help them WIN with their money God’s way!
Barna Research studies have shown that 2% – 4% of people tithe. During a season like this, sure, individuals’ giving may decrease, but if 10% of your church is tithing, you can increase overall giving! Review how often you speak on tithing and the joy of generosity. See if you can encourage those who currently aren’t regularly tithing to take a bold step in their faith.
Consider putting on a community outreach event for the people in your community that focuses on financial teaching and encouragement. You can take an event for your congregation, like the I Was Broke, Now I’m Not. Financial Learning Experience, and expand it further to make a significant impact in your community. Directly speak into an issue so many individuals are struggling with in the midst of high inflation and unexpected financial burdens. Promote an event like this outside your church walls and extend an invitation to your community!
Consider downloading one of our toolkits by clicking one of the solution links above. Built for each of our solutions, the toolkits provide several resources for your next step in ministry!
Our mission at INJOY Stewardship Solutions is to come alongside your ministry on a spiritual journey, to accomplish what God is calling your church to next. Connect with our team – we would love to assist you in developing the next steps for your ministry!