Manage Your Money God’s Way: Way to Spend Money and Planning for Retirement

February 4, 2017

First Half – Ways to Spend Money

If you have trouble overspending, then you are better off using cash for your spending. If you only carry a certain amount of cash, your spending is naturally capped at that amount, which is a good way to control spending. Don’t use any form of electronic payment until you can stay within your spending plan categories.


Paying with checks may seem a bit old fashioned but you can still do it. Avoid overspending which results in overdraft charges, and can sometimes be as much as your purchase.  When using checks, your identity could be at risk since your bank routing, account numbers and personal contact information, like your address and phone number, appear on your checks.


Using a credit card is not always a bad thing as long as your purchases are budgeted and your charges can be paid in full each month.  The risk with credit cards is running up a balance and accruing interest on top of your purchases. The benefit of using credit cards is that you are protected from fraud if an unauthorized person uses your credit card (typically you are protected for anything over $50.) Additional benefits may include cash-back or bonus point offers.


Prepaid credit cards can be a good idea if you are having trouble paying your credit card bills at the end of the month. You can only charge the amount you prepaid on the card. This can also be a good way to teach a teen how to use credit wisely.


When you use your debit card, the funds come out of your bank account immediately so there is no chance of overdrafts. The downside of debit cards is that they do not have a strong fraud protection plan. If your card and PIN are stolen, your bank account can be wiped out.  The positive side of debit cards is that you are not acquiring debt.


No matter which method you use, spend wisely and remember these words from Pope Francis: “Money must serve, not rule.”


Second Half – Retirement

Check out our Retirement Calculators at -

Even of you are 20 or 30 years away from retirement, it’s not too early to plan. First thing is to look into the various options you have for retirement income, including:


Social Security – if you are within 5-10 years of retirement you definitely need to know how uch income you will get from Social Security. Log on to “” then click on “My Social Security.”  From here you can determine how much you will receive on a monthly basis depending on when you begin taking your benefit. If you qualify and decide to take your benefit at age 62, it can be reduced by 20-30% compared to what you would receive if you waited until full retirement age.


Pension – although company funded pensions are quickly becoming a thing of the past, be sure to check with each of your employers to see if you might be eligible for a monthly pension check.


401K – if you have been investing in a retirement plan, look at the total you have saved and use one of our retirement calculators to see how long your money will last.


If you are married, do the same exercises for both you and your spouse.


Now comes the eye opener, compare what you have available as retirement income to your current monthly spending.  This will help you see how much more you need to save each year from now till retirement to sustain the same lifestyle.


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