Compass Catholic

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May 8, 2019  

The Benefits of Using a Financial Planner - Part 1

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.

April 24, 2019  

5 tips for first time home buyers

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.

April 17, 2019  

Use a Sinking Fund to Stay Afloat

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.