If you have a lot of debt, you need to get laser focused on managing your money.
It is possible for debt to fall off of you. Miracles do happen. I’ve seen it, but not often.
Most often, debt overwhelms and overtakes a person. Debt is a curse of poverty/ignorance and it isn’t God’s will for your life.
The way to handle debt is the same way you eat a cow, one steak at a time!
I use this analogy because eating steak is great. Most people consider it a luxury.
It is also a luxury and God-given right to be debt-free but you will never reach this way of living if you are constantly creating more debt.
You have to make a conscious decision to stop using debt.
Debt doesn't own you. However, if you owe someone money debt can burden you as though it does.
To live a debt-free lifestyle you must change your habits.
The best way to overcome debt is to stop using it and then by knocking them out one at a time, starting with the smallest debt first.
Debt happens because we use credit improperly.
Debt will not suddenly disappear just because we ignore it. It will not be corrected until we learn how to use credit in a way that will benefit us.
The purpose of credit isn't to create debt. The purpose of credit is to generate a good reputation (a good name).
Having a credit-worthy name is biblical. It isn't biblical to use that name as a means of getting whatever you want on payments.
If you use credit to fulfill your lustful desires, you will always have debt. The key is to stop using credit; not completely, but, strategically.
Using credit strategically builds a rock solid foundation which you can use for business purposes, homeownership, and many other things that will help you grow financially.
The majority of things Americans buy on credit are just a fulfillment of the lusts of the eyes.
Bigger houses than what we need, more cars than we can drive, name brand clothing we don't even wear, and so many toys and games for our kids that we have to get storage buildings in order to hold it all or have yard sales in order to get rid of clutter.
It's nonsense.
Most of the things we buy on credit are bought to boost our ego.
We want to have something to show off. If you have to obtain things to make you feel good about yourself this is a spiritual problem that needs to be addressed.
More often than not, people drown in debt and lose their peace all over trying to show off. It will take learning self-discipline and changing your spending habits to get free.
To change your spending habits, first stop using credit to create debt.
Credit shouldn't be used to obtain things you want, that is what cash is for.
If you don't have the cash, you can't truly afford to buy it. Learn to do without things until you can truly afford them. Be content with what you have (Hebrews 13:5).
If you have trouble with self-discipline when it comes to spending, you need to realize that money doesn’t fall from trees. It isn't going to come back to you if you spend it.
In order to receive God’s blessings on our finances, we have to be good stewards of the money we’ve been entrusted with.
Since money doesn’t fall from trees, we have to learn to use the money we have wisely.
If you think those pennies do not matter, think again. Pennies add up to debt-busting dollars. So when I say, "Save every penny," I mean it. In order to get out of debt you may have to become a penny pincher!
Being frugal equals more money for vacations later on!
Getting rid of debt will take some sacrifices. Being broke for a while is okay.
Say it with me- It’s ok to be broke for a while. It's for a purpose, but it's temporary; just until you get the debts, taxes, or fines paid off.
It’s okay to not have a lot of extra spending money (some people call it their sock money).
When you’re trying to get out of debt, sock money should be almost non-existent but this doesn’t have to be a negative thing.
You can be creative and find free things to do.
You don't have to be stuck at home just because you're using all of your extra money on debts.
Another reason to purposely keep yourself broke is that it hinders you from spending the money that you should be using toward debts. You can't blow your money if you pay debts with it as soon as you get it.
Where do you see yourself ten years from now? Future goals can help you stay motivated.
If you're broke because you're paying the people you owe, this just means you are laser focused and learning self-discipline.
Don't look at being broke as a bad thing. See it as a lesson being learned.
Intentionally go without today so that you will not have to unintentionally go without later.
Self-discipline is a mental muscle that has to be exercised and strengthened. The more you use it, the stronger you will be against the temptation to spend.
If you’re finding that paying your debts is keeping you broke, realize that you don’t have to stay broke. You just simply need to bring in some extra income.
Knock on your neighbors doors and ask if they need a handyman. Cut your neighbors grass.
Get creative.
If your spouse isn’t working, ask them to help out until the debts are paid. If you are single, it may be time to get a second job or start a side hustle.
Debt doesn’t yield to a lazy person.
Debt comes from the spirit of poverty and it doesn't easily yield to lazy people (Proverbs 24:30-34). There is a strong spiritual connection between laziness and debt. No matter what anyone tells you, poverty is a negative thing and it is NOT God's will.
See your side job as a temporary situation. See it as a weapon for kicking the enemy of debt and poverty in the teeth.
Don’t see it as a long-term burden. See it as a means for accomplishing your goals.
You can work a side hustle and use that extra money to pay off debts faster and have a little extra spending money.
Here are a few helpful hints to bring in some extra income…
-Offer services to your neighbors and to your friends on social media (Facebook, Twitter, etc).
-You can utilize online job search engines such as indeed.com.
-Upwork.com and other websites like it provide a platform for offering services to people online.
-You can teach English Online...
-You can tutor Online...
TutorMe says you can earn at least $16 an hour.
-Write captions for a living…
If you can’t work a second job or do a side hustle for some reason, then keep in mind that it’s okay to be broke for a while.
There is tremendous financial freedom in being debt-free so be patient and realize that being broke is temporary. Once your debts are paid you can go back to spending extra money and enjoy not having to pay creditors every month.
Trust me, it is well worth the sacrifices that have to be made to know that love is the only thing you owe to others.
Comments