April 17, 2019
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.
April 10, 2019
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
October 31, 2018
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.
April 25, 2018
Now is the time to plan for vacation so you don’t come home from a great vacation only to face a ton of debt.
This podcast will give you 10 tips on saving for your summer vacation. Even God rested on the 7thday and we too need to rest and relax away from the hustle and bustle of day-to-day life, but it’s important to do that without driving yourself into debt.
Listen in and check out our blog to learn more about ways to save for a debt free vacation.