Paying off debt is a lot like losing weight. There are fad diets that may help you lose weight quickly, but some on those diets may not be very healthy. It takes a lifestyle and mindset change along with discipline to keep the weight off.
In the same way, paying off debt takes a lifestyle and mindset change along with discipline in order to manage your spending and concentrate on paying off debt. But some of the ways to pay off debt may not be financially healthy.
Join us here and on our blog for things to think about when planning a debt pay off plan.
We all have a tendency to think that SOMEDAY we will be happy, content and financially stable. But if we donâ€™t start today, weâ€™ll never get there.
Join us for 10 easy steps you can take today to improve your monthly finances: track your spending; review monthly payments; determine if you still need to pay PMI on your mortgage; earn more; review insurance; discern wants vs needs; question every purchase; set spending priorities; stop shopping as entertainment; quit comparing yourself with others.
Listen in and check out our blog to learn more about ways to start improving your monthly budget today.
Lots of people are preparing for beach vacations. The furnace is turned off and the air conditioner is on. NOW is a great time to consider â€¦ Christmas!Â
Donâ€™t let Christmas catch you financially unprepared. We encourage you to avoid going into debt this Christmas and now is the right time to start planning so you can achieve that goal.
The Compass blog has more on staying out of debt for Christmas.
A large part of mastering your money is based on giving it place in your life it deserves, and itâ€™s not first place. Everything in our culture influences us to think that more is better, especially when it comes to money. Yes, more money may ease the financial pressure for a while, but it will never provide lasting happiness.Â
Master your money by learning to be a good steward of Godâ€™s many blessings, including the way you give, save and spend. Â
Read the Compass blog to learn more about how to master your money.
Scientific evidence suggests thatÂ being content may have major benefits for your health. For starters,Â it helps combat stress, boosts your immune system, protects your heart and reduces pain. Â What's more, it may even increase your life expectancy.
What does it mean to be a contented person? HappinessÂ is a temporary "high,"whereasÂ contentmentÂ is a longer lasting, deeper feeling of satisfaction and gratitude for everything in your life.
Read the Compass blog for more on learning to be content.
Marriage is a joint venture in all areas, even when it comes to money. When you get married, you donâ€™t vow to share all financial aspects of your life with your spouseâ€”but maybe you should.Â Nothing will ruin a marriage faster than hiding financial details from each other. Our podcast suggests ways to break down those financial walls that are separating you from each other.
Also check out our blog for more ways to share your finances with your spouse.
John Kennedy, CFPĂ’and fiduciary, offers advice on saving for retirement. Check out this linkand look at page 13 for the intersection of your age and salary. Multiply your salary by the number in the intersection to see how much you should have saved for retirement at your current age.
John also comments on his personal experience with the Compass Catholic Navigating Your Finances Godâ€™s Wayand Set Your House in OrderBible studies. Not only did it help him in his financial planner role, it also helped him and his wife communicate about their personal finances.
Read the Compass Catholic Blog for more benefits of using a financial planner.
f you donâ€™t have the knowledge and skill set, do-it-yourself financial planning can turn into a huge disaster. Itâ€™s hard to make objective financial decisions when you are emotionally involved with the outcome. Join us for a discussion about why using a financial planner will benefit you in the long term. We will also share the questions to ask a financial planner before you decide to work with them.
The Compass Catholic Blog has more on this topic.
Your car broke down, and now you're faced with a high repair bill. AGAIN!
It's not the first time this has happened, and you're getting tired of pouring money into an older model car. How do you decide whether itâ€™s time to repair or replace?
Join us for the options to consider when you are trying to make this decision, and check out our blog for more on this topic. Â Take your time and make a well thought out decision.
Buying a home can be one of the best or worst things youâ€™ll do financially. Plan ahead to make it your very best decision!
In addition to the mortgage, home ownership comes with many related costs, such as the down payment, closing costs, upkeep and maintenance. You also need to think about what youâ€™ll need when you move in. Going from an apartment to a home may mean youâ€™ll have to buy a lawnmower, tools, furniture, window coverings and other items that you never needed in an apartment.
One mistake we have seen people make is buying too much house. Do you really need the five bedroom house and all the related costs that come with it?
The other mistake is not getting a home inspection done by a licensed professional.Â Any home (even a new one) has a potential for problems. An inspection is one way to mitigate huge issues that canâ€™t be seen with the naked eye.
Take your time and make a wise, practical financial decision and home ownership will provide many blessings.
The Compass Catholic blog has more on buying your first home.
A sinking fund is a way to put money aside for planned expenses.Â This is different than an emergency fund which is for UNplanned expenses.
A sinking fund is putting money aside each time you get paid to fund upcoming expenses. For example, a sinking fund could be used for Christmas. Based on Christmas 2018, how much did you spend? Take that amount and divide it by the number of months till Christmas and thatâ€™s how much you need to save each month for a sinking fund which will pay for Christmas 2019. Sinking funds can be used for vacation, home upgrades, tax bills, back to school shopping or any other planned expense.
Sinking funds are a great way to get ahead of the spending curve and avoid that debt monster!
Check out our blog for more on this topic.
Vacations are greatâ€”they allow us to unplug from daily chores, work and responsibilities.Â We can spend time with family in a relaxed and unhurried way. We can explore places we havenâ€™t been and just chill out.
The best way to plan for your vacation is to figure out a way to pay cash. That may mean your vacation is less than glamourous, but paying cash means no stack of vacation bills when you get back home.
Taking a vacation in 2019 and paying for it in 2022 may not be in your best financial interest. Set your financial goals for vacation and get the family involved. Teach your children how be set goals and work to achieve them.
That will allow you to return home stress and stay stress free with no looming mountain of debt. Keep that vacation feeling long after you get home!
Check out our blog for more on vacation planning
Once we establish a spending habit, itâ€™s hard to break. But stepping back and analyzing these five areas may put more money into your bank account each time you get paid.
Are you loaning the government money each month? Maybe itâ€™s time to review that W4 form.
Have you had the same car insurance company for ages? Maybe itâ€™s time to do some comparison shopping.
Is your credit report accurate? Maybe you should review your credit report to ensure there are no errors so you get the lowest rates possible on loans.
Are you using life insurance as a saving vehicle? Maybe itâ€™s time to look at how much insurance you really need and get it the least expensive way.
Is money you need now mixed in with money you donâ€™t need until months from now? Maybe itâ€™s time to think about a separate bank account for longer term spending.
Check out out blog for more on this topic.
That new car smell is great, but leasing one car after another means spending more money in the long run. Buying a car means you have an asset (even though it is a depreciating asset.) When you lease a car, you have nothing at the end of the lease - no transportation, nothing to trade in or sell.
It is hard to compare leasing versus buying head-to-head because they are so different and each is based on different parameters. Join us for more on why leasing may not be good for you. Our recommendation is to buy a certified used car and drive it till the wheels come off.
We rarely think about the end of life issues or what would happen if we became incapacitated due to illness or accident. What a blessing it would be to your family in this situation if all the important information they would need was up to date, organized and easy to locate.Â
When people retire, many times the goal is to simply stop working. As our lifespan increases, retirement can be a time of great fulfillment by planning well in the following areas:
- Talk to your spouse to develop a joint plan for retirement.
- Use a budget before retiring to manage your income and spending in retirement.
- Ditch the debt so you can be debt free when you retire.
- Find a passion to use your talents and skills in serving others.
Retirement can be the most fulfilling time of your life if you plan to make it so.
The Compass CatholicÂ blogÂ has more thoughts on retiring well.
Check out our retirement calculators as part of your planning process.
We would all be a lot happier if we defined financial success based on our own life, resources, capabilities and progress. Judging your circumstances against other people can be disheartening. All God is calling you to do is be a faithful steward of the blessings he has given to you, with no regard to what the next person is doing
The Compass Catholic blogÂ has more thoughts on defining financial success for yourself.
Based on a listener's question, here are the percentage guidelines for various budget categories. Use this as a starting point and customize it to fit your life.Â