Catholic Charities of Idaho to launch ‘Financial Peace University’

Program helps participants gain control of their finances

By Philip A. Janquart

ICR Assistant Editor

“Money will never make you happy, but financial stability will give you room to breathe so you can gain confidence in many other areas of life,” CCI Executive Director Eddie Trask told the Idaho Catholic Register (ICR).

Catholic Charities of Idaho (CCI) will offer a well-known and successful program designed to help individuals and families take control of their finances.

The nine-session financial literacy series, titled “Financial Peace University” (FPU),” implements Dave Ramsey’s acclaimed personal finance education model.

The series is offered at a discounted rate, but enrollment is limited, so be sure to sign up now.

The course begins Thursday, April 24, from 6:30-8:30 p.m. at St. Mark’s Catholic Church, located at 7960 W. Northview St. in Boise. To register, call CCI’s Shea Symons at (208) 350-7480 or email ssymons@ccidaho.org.

Changing perspective

Ramsey Solutions research revealed that 40% of Americans reported experiencing sleep loss in the past month due to their financial situation, said Trask, who will be teaching the series.

The CCI director shared that he was part of that 40% years ago and that it resulted in a degree of instability in his personal life. That was before he participated in a course similar to the one he is launching.

Many people have more debt than income, a situation Dave Ramsey experienced himself, which became the inspiration for his business and financial literacy course.

“I took the course, and it dramatically shifted how we viewed money,” said Trask. “I realized that I didn’t know how to budget; I didn’t know anything, and that’s how we got into debt.”

“The final session felt like a celebration,” he recalled. “The instructor said, ‘Does anyone want to share their testimony?’ and I just ran to the front of the room and said, ‘This is so amazing; I’m going to teach this class,’ and then I thought, ‘Why did I just say that?’ The instructor laughed and said, ‘Well, you just volunteered yourself.’”

Trask explained that financial instability can have negative consequences, even in our spiritual lives.

“Financial stability improves our relationships and takes away a distraction,” Trask said. “When we have lots of debt, we become preoccupied with it and we can feel like we are drowning because of the worry, fear and insecurity. We sink further within ourselves. We start to pity ourselves, and when we’re in that state, we’re often not looking up to God; instead, we’re looking elsewhere due to this distraction.”

Cut up the cards

Part of Dave Ramsey’s financial philosophy is to avoid carrying too much plastic in your wallet. Credit cards are primarily responsible for burying people in debt. Ramsey said that today he only has four cards in his wallet: a personal debit card, a business debit card, a driver’s license and a concealed-carry permit.

About half (48%) of those with credit cards don’t pay their statement balance in full every month, according to ramseysolutions.com. The average credit card interest rate reached an all-time high of 20.4% in 2021, with banks generating $106.7 billion in credit card interest and fees.

“I got to see people come forward and cut up credit cards after they paid them off,” Trask said of his own educational experience.

Not solely for Catholics

The Dave Ramsey model, he said, is arguably the best course for gaining financial stability.

“There are Catholic programs, but they are not like this,” he said. “In my experience, it works exceptionally well, and it gets people on the right track, encouraging them like you wouldn’t believe.”

Participants do not need to be Catholic, Trask explained. However, his presentation of Ramsey’s material will be “relatable, understandable, and accessible to Catholics.”

Additional resources

The course also provides other resources to supplement and strengthen the likeliness of success.

“The goal is also for you to uncover things that may require additional inspection,” Trask said. “We all need examinations of conscience. As you go through these exercises, you can pinpoint what caused you to fall into debt.

“What was the motivator?’” he added. “There are always different factors underlying financial issues, and we want to help people find additional support if they need it, which is to say that this is not just a financial class— it’s about the whole person. Catholic Charities want to support you.”

Eddie and Ashley Trask with their kids Arlo, Eviana, Zion, Eila and Taavi. (Courtesy Photo/Eddie Trask)

Improving relationships

Trask highly recommends that married couples take the course together.

“When the wife is working hard to create savings and the husband goes out and spends a thousand dollars on his latest hobby, that’s ‘financial infidelity,’” said ICR Editor Deacon Scott Pearhill during the interview with Trask. “But when the two partners work together … they deepen in unity and harmony.”

Jay Wonacott, director of Marriage and Family Life for the Diocese of Boise, noted that “Studies have shown there is a significant link between financial disagreements and divorce. Couples who frequently argue about money are more likely to divorce than those who do not. Financial incompatibility, such as differing spending habits and levels of consumer debt, can lead to increased marital stress.”

Wonacott added that communication plays a significant role in achieving financial stability, including regular discussions about finances in which spouses actively listen to each other.

“Set time aside to talk about your financial situation, goals and concerns; transparency is key,” Wonacott said. “Also ensure both partners feel heard and understood. This helps in finding common ground and solutions.”

Trask pointed out that other steps may include collaborating to create a budget that reflects both partners’ priorities and needs, as well as setting both short-term and long-term goals, such as saving for a home, retirement, or their children’s education.

Deacon Pearhill said a big part of the equation is responsibly using what God gives us.

“You want to get out of financial ‘purgatory,’ or ‘Dante’s Inferno of Finances!’ You want to get to ‘Paradiso,’” Pearhill said.

“That doesn’t mean you have to become wealthy so that you never have to think about money again. It means you are responsibly managing the gifts God has given you, that you are a good steward, and finances no longer oppress you,” he added.

“You don’t have to be a millionaire; you just don’t want to be a slave to money anymore,” Pearhill concluded.