“Lord, help my finances!”
If you are like 40 percent of American families who spend more than they earn, you have probably spoken those words. And Americans aren’t alone. Consider this:
- The average British household has £5,978 of personal debt.
- More than eight million South African households struggle to make their monthly debt payments.
- For every $1 the average Canadian household earns, it owes $1.65.
The statistics are staggering, but there is freedom. You can have a debt-free life. Begin putting into practice these steps for living debt free. The Lord will help your finances as you begin putting action to your faith.
Romans 13:8 says, “Owe nothing to anyone—except for your obligation to love one another.” Make the decision that you will no longer use debt to buy anything. Cut up your credit cards and shred new loan applications. Order your free credit report and cancel any open, but empty, credit card accounts.
Romans 10:17 says, “So then faith cometh by hearing, and hearing by the word of God.” Stir up your faith by studying the Word. Stop listening to the doom and gloom of the financial media. Stop watching commercials that convince you to buy what you don’t need. Instead, begin listening to trusted teachers like Bill Winston and Dave Ramsey, who will teach you how to manage your money biblically.
Proverbs 29:18 says, “Where there is no vision, the people perish....” Create a vision of living debt free and a plan for how to achieve it. Create a budget and a debt repayment schedule. List every debt that you owe in a spreadsheet like the Debt Reduction Snowball Calculator. This spreadsheet will allow you to list your debts in order from smallest to largest as well as a payment schedule. Two apps that will help you do the same are Debt Control Free and Debt Free.
Malachi 3:10 says, “‘Bring all the tithes into the storehouse so there will be enough food in my Temple. If you do,’ says the Lord of Heaven’s Armies, ‘I will open the windows of heaven for you. I will pour out a blessing so great you won’t have enough room to take it in! Try it! Put me to the test!’” Commit to giving 10 percent of your gross income to your local church or a ministry that feeds you. Give consistently and with a happy attitude, as God promises to bless your efforts (2 Corinthians 9:7).
Galatians 6:9 says, “So let’s not get tired of doing what is good. At just the right time we will reap a harvest of blessing if we don’t give up.” Begin putting your debt snowball into practice. Paying each bill on time and put extra money (no matter how small) toward your smallest debt. Once that debt is paid off, take your first bill’s payment and apply it to the second smallest debt. As you continue to do this, the amount you put toward debt will grow, and you will make progress.
Mark 11:23 says, “I tell you the truth, you can say to this mountain, ‘May you be lifted up and thrown into the sea,’ and it will happen. But you must really believe it will happen and have no doubt in your heart.” Debt is a mountain in your life. Begin to speak to it and get rid of it. Each time you receive a statement, hold it up and say, “Thank You, Jesus, this mountain is paid off!”
God wants to help you with your finances. He’s on your side! Put these things into practice and trust that God will bless your efforts. Remember, He wants you financially free to do all He’s called you to do!
Sources:
http://www.progressiverelief.com/consumer-debt-statistics.html
http://www.creditaction.org.uk/helpful-resources/debt-statistics.html
http://www.debt-counseling-sa.co.za/debtstatisticsinsouthafrica.html
http://www.huffingtonpost.ca/2013/01/14/credit-card-debt-canada-interest-rate_n_2468816.html