Summary: Policing the Family Budget - Howard Dayton and Steve Moore discuss the Biblical guidelines that direct us to have a spending plan. The mechanics of setting up a budget can involve computer software or a pencil and paper; the key is to choose a system that you will use. Weekly money dates help to keep the family on track with the plan, and allow each person to operate within the gifts God has given to allow the family to use the money He gives. Rather than a limitation, a spending plan gives freedom to do the things you really want to do with your money. Next, they answer calls and emails (800-525-7000 or moneywise@compass1.org) such as the following: Is it best to pay off IRS and medical debt with an inheritance? Howard discusses difficult tax situations, and recommends contacting the IRS Taxpayer Advocate Service for help in getting taxes filed and ultimately paid. Is going with a mortgage broker a good idea? Howard suggests getting at least three bids on a mortgage, to compare cost of closing and interest rates. A good source for assessing a good interest rate is bankrate.com. This is a good time to get a mortgage because rates are so low. How long should you keep tax returns and backup information for a business? Howard suggests that keeping those records for ten years is a good idea, but he says to keep tax returns "forever." How does a company value itself to establish a sales price? The caller has a vending machine business, and Howard and Steve discuss details of that kind of business. Other resources mentioned on the program include the Compass spending plan, online budgeting through Mint.com, the Compass Money Map, contacting a personal budget coach, Elise Glink's financial website, and the small group study Navigating Your Finances God's Way. Thanks for your prayers and generous financial support which allow us to keep Money Wise on the air!
