Change Maker by Compass Catholic Ministries

It seems like Christmas begins at the same time as Halloween and by December 26^th, it’s all over. Listen in as we discuss the ways Christmas has gotten hijacked and how we can return to the real meaning behind many of the Christmas symbols.

Join us on the Compass Catholic blog for more ways to stay focused on what Christmas is all about.

Spending more than you make, not knowing the difference between wants and needs, using long term savings for short term purchases, not being generous, ignoring the need for retirement savings…it’s easy to convince ourselves that we are going the right thing with our finances when maybe we are just in a comfort zone.

Tune in or join us on the Compass Catholic blog to check out the ways you may be fooling yourself about your finances.

Sometimes we spend money on Christmas in an effort to fulfill some requirement that doesn’t make sense if you stop and think about it rationally. Maybe your gifting is done out of guilt or obligation or competition.  But what does that have to do with the real meaning of Christmas?

Tune in and join us on the Compass Catholic blog for stories about why people feel forced into Christmas spending and how to avoid it.

As a church, we need to teach people that their faith and their finances go hand in hand towards having a stronger marriage. Unfortunately, most married couples learn about finances through Trial & Terror, which mean years of conflict, pain and arguing about money.

This week the Compass Catholic blog has more on how to tackle the money monster in marriage.

Avoid paying interest, don’t buy things you don’t need, and above all else, don’t get caught up in trying to live someone else’s lifestyle. These are all things frugal people do to avoid wasting money.

Read the Compass Catholic blog for more on how to save money by being conscious of the things you should never do.

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 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.

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.

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.

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.