April 24, 2019
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.
February 6, 2019
Here’s a family who has made, and continues to make financial mistakes. They admit the error of their ways but just can’t seem to grow up enough to stop the madness. The Compass Catholic blog has more about this couple who are in the middle of financial train wreck, but won’t make the effort to escape.
Take this as a warning and examine your own finances!
September 12, 2018
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.
August 8, 2018
Lifestyle inflation means spending a little more than you make in an effort to keep up with neighbors, friends and relatives who seem to have more than you do.
The problem is that no material things will provide everlasting happiness and it is easy to get off track when we try to keep up with the cultural norms.
Join us for a discussion on ways to avoid life style inflation, and the Compass Catholic blog has additional information about how to spend sanely.
August 1, 2018
So, you got a raise! Is it time for the bigger car, larger house, fancier vacations and more stuff for the kids? As your salary increases it’s easy to justify treating yourself and your family to nice things. You work hard. You DESERVE to have nice things. And once you get on that merry go round it’s hard to get off.
For more about Lifestyle Inflation, here’s the Compass Catholic blog.
March 7, 2018
Staying on top of your credit report and credit score means you are monitoring your financial health. Here are some tips:
- A bad credit score means you’ll pay higher interest rates
- Your credit report and credit score are different
- You should monitor your credit report on a regular basis for errors
- There are several free ways to get your credit score through identity monitoring agencies, banks or credit card companies
- You can improve your credit score by paying attention to how it is calculated.
Listen in and check out our blog to learn more!
September 30, 2017
There are lots of things to consider when you are thinking about buying a house. The first thing is to decide if it is better to rent or buy. Then there is the cost, the location, the size and all the other stuff that comes with being a homeowner. This podcast will help you learn more about all the things you need to take into account when making the largest financial decision of your life.
Read the Compass Catholic blog for more tips on buying a house and avoiding financial disaster. The calculators on the Compass Catholic website will help you calculate mortgage loan payments, down payments, or acceleration on your current mortgage.
Read Evelyn's Blog: Consider This Before You Buy a House