Show Summary for God, Marriage and Money
If you are engaged or a newlywed it’s very important to have conversations regarding your finances. Finances is a topic that you will be dealing with daily. Having that discussion on finances now will resolves those differences early in the relationship.
God, Marriage and Money will give you a detailed look at marital finances. The book can be used as a tool. It will show you the true roll of money in a marriage. It will help you with any differences as it relates to money.
Read Evelyn's Blog on God, Marriage and Money - http://compasscatholic.org/god-marriage-money/
You can order your hard copy or download your digital copy of the book here: http://compasscatholic.org/book-store/. This small workbook has been designed to open the lines of communication about finances. Learn how to uncover those unanswered issues in your relationship that are related to money and possessions.
Another important book to read is Your Money Counts. An insight into what the Bible tells us are the best practices for handling money - http://compasscatholic.org/book-store/ . You can now download your copy of Your Money Counts FREE…Click on the link in the book store of CompassCatholic.org.
May 22, 2017 - Cosigning Can Ruin Your Credit Score!
Cosigning is when a lender requires someone to be legally responsible for a debt if the borrower does not pay. If you cosign a loan and the borrower defaults, your credit could be affected for at least seven years. So, worst case, you are paying for something you don't own, the relationship with the other person has probably been ruined and your credit has been wrecked through something totally out of your control.
Cosigning really sound like a very good deal, does it?
Proverbs 17:18 says “Senseless is the man who gives his hand in pledge and who becomes surety for his neighbor.” Don’t co-sign—it can ruin your financial health and your credit score. If you have co-signed, here are 6 ways to get removed as a loan or credit card co-signer.
Read more about cosigning and credit scores on the Compass Catholic Blog and while you are on the Compass Catholic website, check out our books, financial calculators, glossary and spreadsheets to help you reach financial freedom!
If you would like to introduce a Compass Catholic Bible study to your parish, or start a group on your own, call us at 844-447-6263 or fill out the contact form on the Compass Catholic website.
Manage Your Money God's Way with Jon & Evelyn Bean - May 15, 2017
Here are the best practices for selecting your bank and avoiding fees:
• How often will you actually visit the bank building and how convenient is it?
• Will you need to access the bank in other cities?
• How quickly does the bank credit deposits to your account?
• Is the bank FDIC insured?
• What are the fees for the accounts you need?
• Are there minimum balance requirements?
• Is online banking available?
• What happens if you bounce a check?
How to avoid banking fees:
• Keep your check register up-to-date.
• Use automatic payments.
• Review your account statement and balance your checkbook and savings account every month
• Sign up for online alerts when your balance dips below a certain level.
To read more on picking a bank and avoiding fees read Evelyn’s latest blog - http://compasscatholic.org/education-center/
Learn how we can help you get rid of your debt - http://compasscatholic.org/financial-bible-study/ click on Navigating Your Finances God's Way
Vacation Planning - ways to save money
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.
We provide all the tools to help you succeed in your journey to financial freedom - http://compasscatholic.org/participants/
If you would like to introduce this Bible study to your parish, or start a group on your own, call us at 844-447-6263 or fill out the contact form on the Compass Catholic website - http://compasscatholic.org/contact/ (the contact form is also located on each page of the website).
The journey to financial freedom begins with a prayer, your commitment, and taking the first step. Make this Bible study your first step.
First Half – Adult Children Moving Home
There are a number of reasons adult children may move back home but by far the most common one is…money.
So how much should you help your adult children and how much should you expect your parents to do for you? Here are the ground rules parents should establish:
Don't usurp the spouse if they are married – your advice is secondary to advice from their spouse. Don't use your money to control their lives. Keep in mind that if you help too much you may take away their initiative and hard work.
Distinguish between a gift and something that has strings attached – many hard feelings on both sides can be avoided by being sure both parties clearly understand this.
Establish household ground rules: Will the adult children pay rent? When is it due and how much is it? If there is no money for rent, are there projects around the house they can do to help cover their additional cost burden on mom and dad’s budget?
Who takes care of which day-to-day chores? Who makes dinner on which nights? Who cleans what area of the house? Does everyone take turns doing the all the family laundry or is everyone on their own?
Being clear about expectations on both sides can prevent many heartaches.
Second Half – Entitlement Attitude
Feeling like you deserve anything “just because” is part of an entitlement attitude. It’s easy to talk ourselves into getting what we want just because we “deserve it” but that attitude can often lead to financial disaster.
Splurging on something because you “deserve it” usually means you are spending money now that may be needed later. You are trading in your future security for unnecessary things in the present.
The flip side of entitlement is an abundance mindset. It is that sense that you already have “enough.” After all the poorest in America are richer than the rich in many other nations. The abundance mindset knows getting more stuff isn’t going to change your life significantly and although you may want something, do you really deserve it?
In the end, whenever you catch yourself thinking or saying that you deserve something, stop yourself. You already have an abundant life, filled with so many good things. Do you really deserve more?
The purpose of the Set Your House In Order Bible study is to help you create, update and organize all your important information (health care surrogate, power of attorney, passwords, advisors, assets, debts, will, insurance, etc.) If there is an accident, illness or death, the most important gift you can give your family is organized information.
This link will take you to an overview of the 5 week bible study, Set Your House in Order
Whether you are young or old, married or single, working or retired this Bible study will be helpful to you. Use this “contact us” link to request more information or call us at 844-447-6263.
It’s okay to build wealth as long as it’s a byproduct of being a faithful steward and getting rich is not your primary focus. The Bible warns us against the temptation to become rich in 1 Timothy 6:9, which states says, “Those who want to get rich fall into temptation and are caught in the trap of many foolish and harmful desires, which pull them down to ruin and destruction.”
Along with a godly attitude, the resources we need are:
Patience and time
Understanding your current situation and your personal financial pitfalls
Willingness to change bad habits (which can be hard and painful)
Here are some godly ways you can use the hard work, responsibility and self-control to build wealth with the proper attitude:
First Half – Being a Good Steward
Stewardship—perception is not reality. How many of you think that Stewardship is the pastor is asking for money or some other form of fundraising? In reality, stewardship is a way of life that puts God first in all things.
The Catechism tells us a good steward safe guards material and human resources, uses them responsibly and generously gives of their time, talent and treasure.
The US Bishops tell us that as good stewards we should receive God’s gifts gratefully, cultivate them responsibly, share them lovingly in justice with others and return them with increase to the Lord
The first thing we should recognized is that God has blessed us with many gifts: the earth we live on; the air we breathe; the water we drink; the food that we eat; the talents we have; life itself.
Think of it this way, by being a good steward, you are putting God in first place and everything else is in second place.
Second Half – Using Credit Cards Wisely
Buying stuff using credit cards doesn’t feel like spending REAL money. But you do have to pay for those purchases with actual money. When you are using your credit card it’s important to stay within your means so that you don’t charge more than you can pay for.
Stay in control by tracking the credit charges in the categories of your spending plan/budget. This link: http://compasscatholic.org/customize-your-budget/ will give you a list of typical categories to use. Managing your credit card spending helps assure you will have the cash at the end of the month to pay the credit card bill in full.
If you don’t have the cash at the end of the month and you keep using your credit cards, you will soon be in over your head with debt.
Our suggestion is don’t charge your food purchases as this often leads to overspending. Don't take cash advances because they come with a higher interest rate than purchases, plus a cash advance fee. Cash advances are often a band aid on a larger problem of financial irresponsibility.
Don't buy any of the special services offered by the credit card companies as they are often overpriced.
You can use your credit card wisely if you have created a spending plan/budget and you know exactly how much money you have to spend in a given month in that category.
Sometimes there are emergencies and your credit card is the only way to resolve the issue, but having an emergency fund will help you stay financially solvent.
If you are using a credit card, pay the balance in full every month; pay on time; limit the number of cards you own; read the terms and conditions in the fine print, and keep track of your purchases in your spending plan. This lets YOU be in control of your finances.
We were prompted to talk about this topic based on an article regarding an elderly couple who jumped off a Las Vegas parking garage in a joint suicide because they saw no way to recover from the amount of debt they had accumulated.
While this is an extreme example of how people deal with financial issues, please don’t ever let money problems become that overwhelming. No matter how much debt you have or how many mistakes you have made, it’s not worth your life.
For confidential support call National Suicide Prevention Line at 1-800-273-8255.
If you’re having trouble paying your bills, consider these possibilities before considering bankruptcy:
Talk with your creditors. They may be willing to work out a modified payment plan even if you have been turned down previously. The telephone number is on your credit card statement. Be persistent and polite. Explain your situation and your proposed solution. Your goal is to work out a modified payment plan that reduces your payments to a level you can manage.
Be careful about quick fixes. If you see advertisements that offer quick fixes, they may be ads for a bankruptcy attorney. The Federal Trade Commission (FTC) cautions consumers to read between the lines when faced with ads in newspapers or magazines that say things like:
“Consolidate your bills into one easy payment without borrowing.”
“STOP credit harassment, foreclosures, repossessions, tax levies, and garnishments.”
“Keep Your Property.”
“Wipe out your debts!”
Phrases like this often involve filing for bankruptcy relief, which can hurt your credit and cost you attorneys’ fees.
Instead of jumping onto bankruptcy, consider working with a credit counseling service. These organizations work with you and your creditors to develop debt repayment plans. Such plans require you to deposit money each month with the counseling service. The service then pays your creditors. Some nonprofit organizations charge little or nothing for their services.
Choose a Credit Counseling Organization carefully. A reputable credit counseling agency should send you free information about itself and the services it provides without requiring you to provide any details about your situation. If a firm doesn't do that, consider it a red flag and go elsewhere for help. Once you've got a list of counseling agencies check them out with your state Attorney General and local consumer protection agency.
Also look at the The United States Trustee website which keeps a list of credit counseling agencies approved to provide pre-bankruptcy counseling in each state.
Even if you are ready to declare bankruptcy, a recent change to the bankruptcy laws require you to get credit counseling from a government-approved organization within six months before you file for any bankruptcy relief.
However, the consequences of bankruptcy are significant and require careful consideration. For more information, visit:
There are two primary types of personal bankruptcy: Chapter 13 and Chapter 7.
Consumers have more incentive to seek bankruptcy relief under Chapter 13 rather than Chapter 7.
Chapter 13 allows you, if you have a steady income, to keep property, such as a mortgaged house or car, that you might otherwise lose. In Chapter 13, the court approves a repayment plan that allows you to use your future income to pay off your debts during a three-to-five-year period, rather than surrender any property. After you have made all the payments under the plan, you receive a discharge of your debts.
Chapter 7, known as straight bankruptcy, involves the sale of all assets that are not exempt. Exempt property may include cars, work-related tools, and basic household furnishings. Some of your property may be sold by a court-appointed official — a trustee — or turned over to your creditors.
Also, before you file a Chapter 7 bankruptcy case, you must satisfy a “means test.” This test requires you to confirm that your income does not exceed a certain amount. The amount varies by state and is publicized by the U.S. Trustee Program at www.usdoj.gov/ust.
For a different perspective on finances, take our 9-week small group Bible study, Navigating Your Finances God’s Way. Click here for more information: http://compasscatholic.org/financial-bible-study/. Talk to your pastor about having this study at your parish. Or do what so many other have, invite friends and family and have the bible study in your home.
Join the Beans for informative and practical discussions about money: how to earn it, spend it, manage it, give it, save it, invest it, and even how to train our children to be money smart.