Watch this video and learn about a very simple financial principle that will require some discipline to live faithfully. Note: the video is used for illustration purposes and is not an endorsement of the financial institution.

We must all live within our means. Even with more money, without any clear purpose, we can spend more than we make. Without this clear purpose, we can get into debt which causes a lot of negative impact on our spiritual, mental, and even physical well being.

Let's keep these in mind:

• Everything that we have is a gift from God and is to be used to glorify Him. When our spiritual lives are not in order, one of the most common symptoms of this disorder is financial mismanagement. We may get into debt trying to pay for a lifestyle we cannot afford. This lifestyle choice is often an attempt to fill the void in our lives. The more we fill this "unfillable" void, the more money we spend and the more we get into debt thinking that we can always pay for it later.
  
  Let God fill that void. The mathematician, physicist, and Catholic theologian, Blaise Pascal, said, “There is a God-shaped vacuum in the heart of each man which cannot be satisfied by any created thing but only by God the Creator, made known through Jesus Christ.” Only God can truly make us happy and free. We must overcome the habit of buying things to address the emptiness that we feel and must turn to God.
  
  
• Steps to take to stop the cycle of overspending and start paying off your debt:
  
  • Calculate your total income and monthly expenses. The goal is to have your expenses lower than the income. If you are always overspending, the first task is to lower the expenses where you can and begin to live within your means.
    • Some practical tips: use cash, not cards, and decide the budget for food, presents or entertainment in marked envelopes; for gift giving, consider a joint gift with others; make your own gifts; avoid unnecessary shopping trips to minimize exposure to temptation; movie nights at home instead of the cinemas; hot chocolate by the fire or in the park vs coffee shop visits, etc. You get the idea.
      
  • When you are in debt, include monthly debt repayment in your monthly budget and work towards paying off debt. If you have multiple credit cards to pay off, you may want to consolidate them into the credit card that has the lowest interest rate or to a personal line of credit if you have it. To ensure that you will be able to totally pay off debt over time, stop adding to the debt by always living within your means. ​
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• A banking institution has this clever slogan, "You are richer than you think." Ultimately, it's not just how much money you earn but how much you spend that determines if you have enough. The financial principle is simple but the discipline required to live it is grounded in the personal conviction that only God can truly fulfill us and not material things.  

We acknowledge that Treaty 7 territory, on which we stand, is the ancestral land of the Indigenous Peoples and is common home to everyone in virtue of God our Creator's gracious gift. Learn more about Residential Schools and our ongoing work in healing and reconciliation in the Diocese of Calgary.