Financial Stewardship | California State University Stanislaus (2024)

Financial Stewardship

Financial stewardship is responsibly managing your money and resources to achieve your financial goals and ensure long-term financial health.

Step 1: What is the Long Game: If we want things that last, we need to look ahead to what we desire in the long run to help assess what is essential for right now and what is not. For example, I want to own a home and two cars. I want to leave an inheritance for my family. I would like to always have what I need and some of the things I want. I want to be generous and be able to help others. I cannot do that if I am broke (with little to no money). Writing them down allows you to put them somewhere you will look every day to remind you of your WHY and help you grow in discipline. This is called Visioneering A wise student once said, “How we start may not be up to us, but how we finish is!” Our hope is that with these resources you will have everything you need to learn and grow in financial stewardship. Leave a legacy for those after you.

Step 2: Be a Learner: Just like any skill, becoming financially savvy starts with learning. I've made it a habit to read books, listen to podcasts, and follow experts in personal finance. It's amazing how much you can learn just by dedicating a bit of time each week to educate yourself.

Step 3: Set Clear Goals AND Write them Down: One thing that's really helped me is setting clear financial goals. Whether it's saving for a dream vacation, buying a home, or retiring comfortably, having these goals in mind keeps me motivated and focused on managing my money wisely.

Step 4: Budgeting is Key: Create a budget to track your income and expenses. This helps you understand where your money is going and allows you to make informed choices about spending and saving. Focus on paying off debts while avoiding accruing new ones.

Step 5: Save and Invest Wisely: Make saving a habit and invest your money wisely to grow your wealth over time. Consider different investment options based on your goals and risk tolerance, and consistently review and adjust your strategy as needed.