Five Steps Every Nonprofit Staff Member Can Take to Boost Their Financial Health
Nonprofit Leaders,
Last month I had the chance to sit down with Matt Morse, a Licensed Financial Planner focusing on nonprofit employees. So few people understand the intricacies of our field and our work. So I asked if he’d write an article for the CLCC blog, to help those of us in the field start building financial health. Here’s more from Matt!
-Nikki
Working in the non-profit sector is incredibly rewarding, but it can come with unique financial challenges. While the work is mission-driven and fulfilling, salaries can sometimes be lower than for-profit roles. That’s why it’s even more critical to approach your finances with intention and strategy. If you are skillful with your income, you can find financial health. By making small, smart moves, you can stretch your income further, set yourself up for financial success, and continue doing the work you love!
1. Know Your Goals
Why It Matters: You can’t reach a destination without knowing where you’re going!
How to Start: Take a moment to think about what you want to achieve financially over the next few years. Do you dream of buying a home, paying off debt, traveling the world, or even starting your own business? Whatever your goals are, start with a clear vision so you can move towards them with purpose.
2. Protect Yourself and Your Loved Ones
Why It Matters: Financial setbacks often come when we’re least prepared. What happens to your household finances if you and/or loved one are unable to work for 6 months, a year, 5 years? Forever? Are you prepared for this possibility?
How to Start: Take a look at your employee benefits package. Do you have health, life, and disability insurance coverage? Make sure you're properly covered for unexpected life events. It’s always better to prepare now than scramble later.
3. Take Control of Your Cash Flow
Why It Matters: You should be telling your money where to go, rather than asking where it went.
How to Start: Set up automated savings so you can "pay yourself first." This helps you build up a savings cushion not just for emergencies, but for any great opportunities that might come your way. By making it automatic, you’ll be surprised at how quickly those funds grow!
4. Create a Plan to Tackle Your Debt
Why It Matters: Debt can feel like an anchor, holding you back from achieving your goals.
How to Start: Develop a plan to pay off your debt that prioritizes high-interest loans first. If you’re dealing with student loans, don’t forget about Public Service Loan Forgiveness—after 120 qualifying payments, the rest of your loan could be forgiven! This allows you to focus on other goals while taking advantage of programs designed to help.
5. Invest in Yourself
Why It Matters: Continuous learning can open doors to new opportunities—both professionally and financially.
How to Start: Think about areas where you’d like to grow. Whether it’s a new skill, certification, or course, investing in yourself now can lead to better opportunities down the road. You might even find that your new knowledge helps you move up in your career (and your paycheck!).
Consider Working with a Financial Advisor
No matter where you are in your financial journey, a Financial Advisor can be a game-changer. Whether it’s helping with risk management, portfolio building, tax strategies, or simply creating a personalized plan, their expertise can ensure you’re on track for both short-term wins and long-term success. If you're ready to take a deeper dive into your finances, I’d love to chat with you! Feel free to reach out—let’s work together to make sure you're set up for the financial future you deserve.
You can even
-Matthew Morse
Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). OSJ: 600 DELAWARE AVENUE, BUFFALO NY, 14202, 716-8177109. Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is a wholly owned subsidiary of Guardian. Alliance Advisory Group, Inc. is not an affiliate or subsidiary of PAS or Guardian. Alliance Advisory Group, Inc. is not registered in any state or with the U.S. Securities and Exchange Commission as a Registered Investment Advisor. 7500315.1 Exp. 01/2027