Caitlyn Kano, Executive Director of Compass Catholic ministries, discusses financial wellness and what role our faith can play in decisions about money.
Caitlyn reflects on money in relationship to our faith. “We’re called to be generous with our time, talent, and our treasure,” she says. “If finances are tight, lean into time and talent for the time being, but [generosity is] something that we should be growing in. The USCCB says we are called to give to our capacity. I think the problem is a lot of people don’t know what their capacity is because they don’t have a budget. People who have a budget are typically more generous because they’re aware of what they can be generous with.”
“We’re called to steward our resources by using tools like a budget and by making sure we avoid debt, and the natural, organic consequence of that is increased generosity. Generosity is something that decreases our stress hormones. It increases our endorphins. There are all of these beautiful physiological effects of generosity that we get to experience when we participate in this generosity cycle. I think having a generosity plan is huge because it makes you mindful of the fact that you’re doing something that’s growing your faith.”
Caitlyn gives some suggestions for establishing good savings practices, “Set up auto savings. Those who automate their finances and automate their savings are 12 times more likely to have savings. There’s power in automation.” She also points out that expenses like monthly subscriptions can add up over time, and we should evaluate whether or not we utilize them enough to justify the recurring bill. She encourages us to try budgeting and believe that having a healthier financial lifestyle is possible.