FAITH & FINANCES

1. FAITH & FINANCES “May Christ dwell in our hearts through faith, and may charity be the root and foundation of our life.” (Ephesians 3:17)

2. FAITH & FINANCES • New financial issues after marriage • Making financial decisions • A common cause of conflict • A “must have conversation” • Discuss financial goals: long & short term • Understand what is – • A need • A want • A luxury • Discuss beliefs, convictions & values

3. FAITH & FINANCES • Include faith in financial decisions • Trust in “Providence of God” • Teaching of the Church as guide • Use prayer & reflection to make sound choices • CCC ¶143 • Submit intellect & will to God • CCC ¶2562 • Faith is personal • Relating with the whole of who we are • Making good decisions • Choice is dictated by the will • The will is clouded by Original Sin • Trust dies in the heart • Relying on our own resources

4. FAITH & FINANCES • Deposit of Faith • Christian Doctrine • Catechism of the Catholic Church • I – The Creed • II – Sacraments/Christian Mystery • III – Life in Christ • IV – Christian Prayer • Ten Commandments • Decalogue • Duties & rights of each person • A path of life • Deuteronomy 30:16

5. FAITH & FINANCES • 7th Commandment • Exodus 20:15 “You shall not steal” • Rights of every person • To work – fair and just wage • To have private property • To contribute to the common good • Respect for human dignity • Virtue of temperance • Moderation for material possessions • Means to provide for family & community • Works of Mercy • Financial • Volunteering • Charitable actions

6. FAITH & FINANCES • 10th Commandment • Exodus 20:17 “You shall not covet…” • Greed: • Amass goods without limit • Desire becomes excessive • Avarice: • Passion for riches • Insatiable desire for wealth • Envy: • Overwhelming desire for another’s goods • Genesis 4:8 – Cain & Abel • Matthew 6:21

7. FAITH & FINANCES • 3rd Commandment • Exodus 20: 8-10 “…but the seventh day is a Sabbath to the Lord your God; in it you shall not do any work.” • Sunday is a day of rest • God rested • Rhythm between working and resting • Bring everyday work to a halt • Time spent with family • Sunday is the celebration of the Lord’s Day • Participate in the celebration of the Eucharist • Find a proper balance • Do not let work become your primary focus

8. God cares for all things From the least to the great Luke 12:24 “…how much more important are you…” Proverbs 19:21 Sacred Scripture 2,300 references to money & material things Teaching principles to guide decisions Matthew 7:24-27 God has given special talents & resources Be faithful stewards of gifts FAITH & FINANCES

9. FAITH & FINANCES Stewardship • Time • 1 Peter 4:10 • A gift that is overlooked • “Make” the time to pray • Talent • Romans 12:6 • Matthew 25:14-30 - Parable • What we do with what we have • Treasure • Luke 12:34 • Trust in the “wisdom from above” • Give to those in need

10. FAITH & FINANCES • Two divergent paths • World’s Way • Love of self & things • God’s Way • Love of God & neighbor • Matthew 6:19-33 • A society of “having” vs “being” • Tithing • Rearrange priorities • Turn hearts back to God • Overcome materialistic drive • Contentment • Become better stewards • Apply Godly principles

11. FAITH & FINANCES • Money conflicts • Couple-style managing money • Work through money issues • Money a strong emotional issue • “Money Personalities” • Fearful Franny • Worry about what could lose • Over-Spender Otto • Beyond their means • Risk-Taker Rita • Even if it means losing everything • Stanley the Star • Spends to be recognized • Penny-Pincher Paula • Only saving pennies

12. FAITH & FINANCES • Open communication • Compromise & balance • Develop a sense of unity • Proverbs 15:22 • Listen & respect • Consider goals & values • Women – “heart oriented” • Desire for security • Men – “goal oriented” • Achieve the greatest return

13. FAITH & FINANCES • Set-up a financial plan • 7 Steps to Becoming Financially Free • A Catholic Guide to Managing Your Money • Phil Lenahan • Veritas Financial Ministries www.veritasfinancialministries.com

14. FAITH & FINANCES STEP 1 – Be a “Steward of Providence” STEP 2 – Assess Where You Are–Develop A Plan STEP 3 - $2,000 Emergency Savings STEP 4 – Eliminate Debt – Accelerate It! STEP 5 – Rainy Day Fund – Six Months’ Expenses STEP 6 – Review Insurance & Estate Planning STEP 7 – Save & Invest with a Purpose

15. FAITH & FINANCES STEP 1 – Be a “Steward of Providence” • A faithful steward God’s gifts • Spiritual house in order • God • Spouse • Children • Work • Church & Community • Tithing • Learn to be generous • Can start-off slowly

16. FAITH & FINANCES STEP 2 – Assess Where You Are–Develop A Plan • Family Budget Meetings • Monthly/Quarterly • Discuss financial issues • Prioritize your spending • Budget • Monitor progress monthly • Take corrective steps • A reflection of priorities

17. FAITH & FINANCES STEP 3 - $2,000 Emergency Savings • Make it a priority • Use savings or money market account • Spend on unplanned expenses • Car repair • Medical • Avoid using credit card • Save up to replace funds spent

18. FAITH & FINANCES STEP 4 – Eliminate Debt – Accelerate It! • Most important & critical • Eliminate all consumer debt • Eliminate as fast as possible • Accelerator Repayment Plan • Pay-off high interest rate first • Repaid Debt Repayment Strategy • Pay off smallest debt balance first

19. FAITH & FINANCES STEP 5 – Rainy Day Fund – Six Months’ Expenses • In addition to $2,000 Emergency Savings • A financial cushion • Job loss • Illness • Use a savings account, money market or Certificate of Deposit

20. FAITH & FINANCES STEP 6 – Review Insurance & Estate Planning • Shift the risk to insurance company • Especially when you have children • At the minimum have: • A Will • Health-care directives • Guardianship of children provision

21. FAITH & FINANCES STEP 7 – Save & Invest with a Purpose • Grow Emergency Savings & Rainy Day Funds • Save for major purchases • Down payment on house • Car purchase • Spending guidelines for home purchase • Home Expense ≤ 30% of gross income • Mortgage interest & principal • Real estate taxes • Utilities • Insurance • Upkeep & maintenance – 2% home value/year • Education & retirement