Budget Advice of Biblical Proportions

MORRISTOWN  Last fall, Julie and J.B. O’Kane of St. Virgil Parish, Morris Plains, finally got serious about learning how to develop a budget. The parents of five children, ages 5 to 21, decided to look to a solid financial plan — along with wisdom from the Bible — to help them pay down their debt and save for retirement, a rainy day and their kids’ college education —all while having some money left over at the end of the month.

The O’Kanes learned how to get moving on brightening their financial future, when they attended “Financial Peace University,” a nine-week published course by renowned budget expert Dave Ramsey. So far, John Corr Family Resources, a project of the Religious Teachers Filippini, has offered the course twice at Villa Walsh Academy here, including sessions that the married couple attended last year. The John Corr Resources started another “Financial Peace University” series on March 1 that runs every Monday until April 26 and plans to offer another series this summer, said Filippini Sister Mary Beth Lloyd, who coordinates the classes.

“The course is giving us the steps we need, so that we can get our financial house in order,” said Julie O’Kane, who already has paid off two credit cards using Ramsey’s budgeting system. “Also, we do this as couple, working to together. It’s another way for us to communicate,” she said.

Along with providing a solid plan, “Financial Peace University” also imparts some wisdom about money from the Bible, both in the Old Testament and New Testament. Some of those lessons include: guarding against cultivating “a love for money,” which Scripture calls “the root of a evil;” do not spend money on foolish things; and teach your children how to handle money wisely. Matthew 6:24 reminds us we “cannot serve two masters:” God and things of the Earth, Sister Mary Beth said.

The course also teaches participants to develop a monthly budget that enables them to live on less money than they earn, pay their bills and factor in for entertainment — all while having money left over. They also learn the financial dangers of credit cards, planning their way out of debt, the influence of marketing on their buying habits, the power of paying with cash, how much insurance they need, navigating the retirement options, how to negotiate and how to save for college so their children can be graduated debt free. In addition, they learn about real estate and mortgages, Sister Mary Beth said.

During each week of the course, participants watch a DVD on that week’s lesson and then divide into groups to discuss the material. Ramsey encourages them to establish an emergency fund to cover any unforeseen expenses that might arise. The course outlines seven “baby steps” for them to achieve financial peace and provides them with workbook with more lessons and assignments to finish each week and a compact disc with more material. “Financial Peace University” also offers many online resources and a list of recommended financial planners that use the system, Sister Mary Beth said.

“We learned that money is nothing more than a tool — a vehicle — not an end in itself. It’s not about getting rich. Dave says that it’s about ‘living like no one else, so you can live and give like no one else,’ ” said Julie O’Kane, who noted the course allows for a line item in the budget to “give to God.”

The O’Kanes’ oldest child, Mary Elina, will graduate from college in May and already wants to pay off her student loans as quickly as possible, said Julie O’Kane, who was one of Sister Mary Beth’s many students when she taught various science courses here years ago.

“I have a wide range of people, who attend the course from those, who are single, just married, middle aged to those, who are older. Many of them walk in sad, because they feel that it’s the end of the line. They didn’t save enough for the kids’ college or for retirement,” said Sister Mary Beth, who learned about “Financial Peace University while giving a mission talk at a parish Georgia. “It makes a difference. It makes marriages strong. Couples talk about a budget, instead of fighting over money. They start saving money. Many of them cut up their credit cards. It’s a wonderful thing,” she said.

The cost of “Financial Peace University” is $103. Scholarships are available.

[Information: Sister Mary Beth Lloyd at (916) 202-6382 or email: [email protected].]