Are You Living Groundhog Day Financially?

February means Groundhog Day - when we find out if winter is almost over or if there will be 6 more weeks of snow and ice. It's also when many television networks are gearing up to air day-long marathons of the movie Groundhog Day.  If you haven't seen the movie, the lead character, played by Bill Murray, wakes up to find that the previous day is repeating itself, over and over again. He finally discovers that in order to move past Groundhog Day, he must change what he is doing and correct his mistakes.
 
Do you ever feel like the character in this movie where the same financial challenges keep occurring over and over and over....  credit card bills that keep increasing; the feeling that there is too much month at the end of the money and it's impossible to get ahead financially?
 
It's far too easy stay in a financial rut rather than make significant changes in how we spend, save, give and manage our financial resources. Here are some ideas to help you escape from that financial Groundhog Day.
 
If you don't already pray about your finances, start now.  Pray for God to give you the seven gifts of the Holy Spirit to help you make the changes that need to be made - wisdom, understanding, counsel, fortitude, knowledge, piety, strength, wisdom, fortitude and fear of God. These gifts will help you have the strength to make the necessary changes so you can be a good steward of God's blessings.
 
It is also imperative for you to start giving to your parish if you have not been giving.  You will be blessed by any little step you can make toward becoming a good steward. Even if it's a pittance, begin giving as a way to acknowledge that everything you have is from the Lord and you are simply giving back to him what he has already given you.
 
Look at the last three months of bank and credit card statements and analyze how much of your spending was something you really needed to survive and how much could have been avoided.  We have a tendency to say we "need" something when in reality we "want" it.  Analyzing a few months of spending helps you discern the difference between "wants" and "needs" so you can eliminate spending on "wants" and concentrate on meeting the "needs" in your life.
 
Maybe it's time to trade in the new car and buy a low cost used car to cut down on those huge car payments. Have you thought about eliminating the activities the kids are involved in? Depending on the sport, the costs can range from hundreds to thousands of dollars a year. Is that a good use of your money? Can pizza night at the local restaurant be replaced by make at home pizza night?
 
Once you cut out the "wants," funnel any extra money to pay-off the credit cards and stop wasting money paying interest.  Sirach 20:12 is a great verse to meditate on: "There is one who buys much for little buy pays for it seven times over." 
 
It's a real eye opener when you add up the interest and calculate the total cost of purchases when you are making minimum payments at 20% interest on the balance.   A credit card balance of $1,000 at 19.99% interest, making a $20 minimum payment will take 109 months to payoff and the total cost to you will be $2,166 - twice as much as the original cost of the item you bought.
 
A quote often attributed to Albert Einstein is "Insanity; doing the same thing over and over again and expecting different results."  If it's time for you to escape from Groundhog Day, sign up for a Compass Catholic online small group study. There is no better way to improve your financial situation that top learn what our Catholic faith teaches us about being a good steward.