A large part of mastering your money is based on giving it place in your life it deserves, and it’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.
Master your money by learning to be a good steward of God’s many blessings, including the way you give, save and spend.
Read the Compass blog to learn more about how to master your money.
Scientific evidence suggests that being content may have major benefits for your health. For starters, it helps combat stress, boosts your immune system, protects your heart and reduces pain. What's more, it may even increase your life expectancy.
What does it mean to be a contented person? Happiness is a temporary "high,"whereas contentment 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 don’t vow to share all financial aspects of your life with your spouse—but maybe you should. 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, CFP and fiduciary, offers advice on saving for retirement. Check out this link and 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 God’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.
If you don’t have the knowledge and skill set, do-it-yourself financial planning can turn into a huge disaster. It’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 it’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. Take your time and make a well thought out decision.
Buying a home can be one of the best or worst things you’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 you’ll need when you move in. Going from an apartment to a home may mean you’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. Any home (even a new one) has a potential for problems. An inspection is one way to mitigate huge issues that can’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. 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 that’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 great—they allow us to unplug from daily chores, work and responsibilities. We can spend time with family in a relaxed and unhurried way. We can explore places we haven’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