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Cheap vs Frugal—Is There a Difference?

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A cheap person will invest a lot of time and energy in order to save a dollar or two, but the time and effort they spend may not be worth the money they saved.

A frugal person saves money in a balanced way by thinking about how saving money impacts other areas of their life. Saving money is good, as long as it is done in a balanced way so you can enjoy life and recognize the tradeoffs you are making.

This week’s podcast and the Compass Catholic blog point out the differences between cheap and frugal.

Social Security - Will it be There for You?

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Social security is only supposed to supplement your retirement income. It is not designed to provide your entire retirement income, so you need to save for retirement in a big way.

It’s up to each one of us to stop relying on the government to take care of us in retirement.

Join us for a discussion about Social Security and read the Compass Catholic blog for more about how secure Social Security really is.

Are You Headed for Financial Disaster?

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If you are experiencing financial challenges, you’re not alone. Consumer debt is at an all-time high. Credit cards, school loans, car loans, and medical bills can all pile up quickly. Whether your debt is the result of an illness, unemployment, or simply overspending, it can seem impossible to manage.

Join us for a discussion about how to tackle that mountain of debt and check out the Compass Catholic blog for more on avoiding a financial disaster.

How Much Does it Take to Feel Wealthy?

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Is there more to life than accumulating money?  Join us for a discussion on a Charles Schwab survey about wealth in America. Interestingly the most common responses about what it takes for people to feel wealthy have nothing to do with money.

Read the Compass Catholic blog for more on being wealthy versus feeling wealthy.

How to Have a Successful Garage Sale

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It’s time to clear the clutter if your garage is so full there’s no room for the car or your basement has boxes that haven’t been opened in years.

Here are tips for having a successful garage sale:

  • Get organized ahead of time
  • Decide on your advertising strategy
  • Check to see if a permit is needed
  • Invite your neighbors to participate
  • Make your items easy to see—clothes on hangers, items on tables
  • Plan how you’ll manage the money (cash box, carpenter apron?)
  • Have plenty of change on hand
  • Decide on a discount strategy for end of day or on specific items
  • Prepare to handle leftover items

Join the Compass Catholic blog for more on having a successful garage sale.

Get Rid of Your Mortgage

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You may think that keeping your mortgage for the tax benefits is a good idea, but the money you get in tax benefits comes nowhere near covering the amount of money you pay in interest.  To pay off the mortgage early, try making one extra payment each year or each quarter. You can also try making bi-weekly payments (if your mortgage company will accept them). Another way to pay off the mortgage early is to funnel any windfalls to the mortgage (bonus, tax return, inheritance, etc.)

If you make anything other than the normal payment at the normal time, be sure to check with your mortgage company to be sure you understand how they will handle additional payments and how you designate the extra money you are paying. Once that is set, check your monthly statement to be sure your extra payment has been applied appropriately.

Join the Compass Catholic blog for more on getting rid of your mortgage.

Money and Generation Z

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The post millennial generation is going their own way in how they earn and spend money. Part time gigs, flexible hours and non-traditional jobs are more important that a traditional full time career. They avoid credit cards and use debit cards instead, and hopefully understand the differences. Being digitally savvy, they prefer online banking and investing but many not realize the difference between an online bank and a brick and mortar bank that is FDIC insured. Debt avoidance is good, but what happens when there is no credit history and they try to get a mortgage?

Join the Compass Catholic blog for more on Money and Gen Z.

How to Manage Money in Your 20’s

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Managing money well is not complex but it can be difficult if you aren’t paying attention to income and spending. Join us for tips on how to manage money well while you are in your 20’s. Your 50 year old self will thank you.

The Compass Catholic blog has more about millennial money management.

What is Your Treasure?

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We all own lots of stuff.  If we had only one small bag in which we would carry our most precious items, what would we put in the bag? When you decide what’s in the bag, you’ll know what is important to you and when you know what’s important to you, you can discover the hidden treasure behind that item.

Join us for a discussion on ways to find those hidden treasures in life that we take for granted. The Compass Catholic blog has more about hidden treasures.

The Spiritual Cost of Debt

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Over spending and the resulting debt can have a negative impact on the family when mom and dad are stressed by the bills and the kids are learning how to fund a lifestyle they can’t afford.

All the consumerism in our society has an impact on our faith. Join us for a discussion on the spiritual cost of debt and read the Compass blog for more.