8 Tips for Dealing With Debt Overload
If you are like most people in the US, debt is a way of life. But there comes a time when you just simply get tired of wasting your hard earned money paying interest or the debt gets overwhelming.
Things for you to think about are: good debt vs bad debt; secured and unsecured debt; using a budget; credit counseling; consolidation loans; home equity line of credit and changing your habits.
Ditch the debt! Visit the Compass Catholic blog for more info on 8 tips for dealing with debt overload. http://compasscatholic.org/education-center/
Learn how Compass Catholic can help you reduce and then eliminate your debt – Our small group bible study is the answer - http://compasscatholic.org/financial-bible-study/#nav
Work is More Than a Job
When we finish working at our job, there’s still more work left to do. Before and/or after paid employment work, there is a home to take care of, meals to make, family members to care for and volunteer efforts. When we forget that all work we do gives us the opportunity to use the gifts and talents God has given us to help meet the needs of our fellow man, we forget that we are called by God to be a worker.
At it’s very core, a Christian approach to work is rooted in man’s relationship with God, creation and our fellow men.
Read our blog on Work and learn more about Bible Studies and other resources from Compass Catholic Ministries, at http://compasscatholic.org/work-is-more-than-a-job/
Work is one of the topics discussed in our small group bible study, Navigating Your Finances God's Way - Learn how we can help you eliminate your debt. http://compasscatholic.org/financial-bible-study/
Manage Your Money God’s Way - June 5, 2017 - What engaged couples need to know about God, Marriage and Money
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: Podcast - 5/15/17 - Is your bank costing you $$$? Here’s how you can bank for free.
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
Manage Your Money God’s Way: Podcast - 5/6/2017 - Here’s how to pay for your vacation BEFORE you leave
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:
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.