Compass Catholic

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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.

April 10, 2019  

Don’t Take Out a Loan For Vacation

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

April 3, 2019  

5 Ways to Give Yourself a Raise - Compass

Once we establish a spending habit, it’s hard to break. But stepping back and analyzing these five areas may put more money into your bank account each time you get paid.

Are you loaning the government money each month? Maybe it’s time to review that W4 form.

Have you had the same car insurance company for ages? Maybe it’s time to do some comparison shopping.

Is your credit report accurate? Maybe you should review your credit report to ensure there are no errors so you get the lowest rates possible on loans.

Are you using life insurance as a saving vehicle? Maybe it’s time to look at how much insurance you really need and get it the least expensive way.

Is money you need now mixed in with money you don’t need until months from now? Maybe it’s time to think about a separate bank account for longer term spending.

Check out out blog for more on this topic.

October 31, 2018  

Things Frugal People NEVER Do

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.

August 1, 2018  

Lifestyle Inflation - What is it?

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.

April 25, 2018  

10 Ways to Save for Your Summer Vacation

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.

September 29, 2017  

Vacation Planning

It’s about that time of year when we start daydreaming about basking in the sun on the beach, then we wake up and wonder how we’ll pay for it.

You should ALWAYS pay cash for a vacation because it is silly to finance a luxury.  No matter where you’re going, there are plenty of simple ways to cut expenses. Here are some ideas:

  • Sign up for a travel-related credit card and use the points to pay for hotel or air fare costs.
  • Be flexible with times and days when booking flights.
  • Travel off-season. Just before or after peak season will get you lower prices, smaller crowds and the weather will still be nice.
  • Avoid the most popular destinations and try a similar location. Places like Costa Rica, Croatia and coastal areas in Brazil are more affordable than you think.
  • Look for vacation rentals, rather than hotel rooms. We have gotten some great deals from VRBO.
  • Take free tours. In many major cities around the world, the locals offer free walking tours to show you the city’s highlights and teach you about the culture.

Read Evelyn's Blog: Planning Your 2018 Vacation.