Show Notes

SHOW NOTES: for May 15, 2017

Picking a bank and avoiding fees:

Things to think about when picking a bank:

  • 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.

SHOW NOTES: for April 29, 2017

Generosity

When it comes to generosity, it’s not the amount that matters as much as the attitude. 2 Corinthians 9:7 reads, “Each must do as already determined, without sadness or compulsion, for God loves a cheerful giver.” The original Greek word for cheerful is hilarios, which is translated into the English word hilarious. We are to be joyful givers. But look around the pews when the collection basket comes around at Mass. The atmosphere often reminds us of a patient in the dentist chair waiting for a root canal rather than someone giving joyfully to the Lord.

One way to foster an attitude of gratitude is to remember that we are not deciding how much of OUR money we are giving to the Lord, rather we are deciding how much of the Lord’s money we need to keep.

The Catholic Bishops of the United States wrote the following in “Stewardship – A Disciple’s Response; A Pastoral Letter on Stewardship,” p 67: “How much do I have to give? We’re sure that this thought has crossed your mind. The answer is that you don’t have to give anything. As a good steward, you should be asking the question, ‘How much do I want to give?’ The blessing that we have as good stewards is that we are free to give as much as we want. The whole question of giving shouldn’t revolve around the ‘minimum’ gift, but on the ‘maximum’ gift. Our gifts should come from our heart and should be an indication of our faith.” (Cf. USCCB,

God has a plan for each of us as individuals, but also has a mission and vision for each parish, diocese, and the Catholic Church as a whole. It takes money to do the tasks that God assigns us. When we are generous with the blessings God has given to us, the Church can continue its mission. Giving to our parish with an attitude of generosity should be a priority as a tangible expression of our commitment to both our local parish and our Catholic faith.


SHOW NOTES: for April 22, 2017

First Half – Middle Class Money Mistakes
If you were going to be charged an extra 15% for everything that you buy, would you still buy? Probably not. But you spend an extra 15% (or more, depending on your interest rate) when you buy items with credit cards and don’t pay the balance in full each month. If you are paying more than the price for what you buy, checkout our debt payoff calculators here.

Nearly six in 10 Americans don’t have enough savings to cover a $500 or $1,000 unplanned expense. An emergency fund is a must if you are trying to stay out of debt and avoid long-term financial damage.

A lot of financial mistakes can be avoided if you just stop, think and evaluate the difference between wants and needs. It’s not glamorous and it may not be fun but steady plodding keeps you on track: Proverbs 21:5, “The plans of the diligent end in profit, but those of the hasty end in loss.”

Second Half – Extra Ordinary Effort

You can accomplish almost anything if you are willing to sacrifice. Sacrifice is a good “Catholic” word, isn’t it? When paying off debt and trying to save, sacrifice is necessary. It will take time and hard work, but it can be accomplished with effort and dedication.

And therein lies the problem! Some people don’t try, some people do try and succeed, and some people try and quit when it becomes difficult. We challenge you to go one whole week without spending anything. No stopping at the grocery, or the big box store, or even the gas station!

Try a spending fast for one week and write to us at info@compasscatholic.org and tell us what happened.


SHOW NOTES: for April 15, 2017 How Much Debt is Too Much and Financial Literacy

First Half – How Much Debt is Too Much?

Debt is a way of life in America – mortgages; car payments; medical bills; credit cards; student loans; loans from relatives; notes we have cosigned. Being in debt assumes that we will have enough money to make the monthly payments. But what happens when we don’t?

Getting out of debt won’t happen overnight, but the process can’t begin until you decide it’s time to stop being a slave. “Just as the rich rule the poor, the borrower is slave to the lender.” Proverbs 22:7.

Use our debt calculators to help you get totally out of debt.

Second Half – Financial Literacy

Financial literacy is the ability to understand how money works in the world: how money is earned, managed, invested and donated to help others.

Here’s a pop quiz to get you started – http://www.usfinancialcapability.org/quiz.php

To help you understand how to manage your money we have a series of calculators for you to use: http://compasscatholic.org/calculators/.  If you are currently paying off your mortgage click on the mortgage calculator and see the amount of interest you will save over the course of the loan if you added an extra $25, $50, $100 or more each month. Let me ask you, wouldn’t you rather have the money in your pocket than pay interest?  Click on the retirement calculators to see if your savings are on track and to get a ball park estimate of the savings you need to have when you retire.

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