Never spend more then you earn. When buying anything ask myself "how will this benefit me in five years and if my circumstances change tomorrow how will I pay for it?" My hubby and I haven't bought anything on credit in about four years, yet we still pay month after month on credit card debt. We have learned the hard way that there is no benefit from getting out that charge card. Life is so much easier when you think about purchases first and if you really, really need it you either save for it or pay cash. If we can't pay for it outright, then we don't need it. Simple as that!
How to Accomplish:
1. Make a list of credit card debt listed from highest interest rate to lowest.
2. Call credit card companies and ask if there is away to reduce interest rate or special payment plan options.
3. Pay at least the minimum amount or amount on payment plan. Pay more on one card until it's paid off and then work on the next card.
4. Setup an envelope system. Label each envelope with the name of the bill (i.e. electric, visa, mortgage, groceries, entertainment). Place a check or cash in each envelope. When the money is gone, then it's gone! Any money leftover goes into savings.
5. Don't buy on credit! Save money and pay cash.
6. Set mini goals and long-term goals and review them each week to stay focused.
7. Don't trust myself, always put my trust in Jehovah and work in harmony with my prayers. 'treasuring up for ourselves a fine foundation for the future, in order that we may get a firm hold on the real life.'—
8. Value every cent/dollar. Remember money doesn't grow on trees. (Fill in the blank)How many minutes/hours do I/hubby have to work to pay for ____________ (soda, fast food, electronics, dress, etc).
9. Keep these scriptures in mind. Paul warns: "The love of money is a root of all sorts of injurious things, and by reaching out for this love some have been led astray from the faith and have stabbed themselves all over with many pains." -1 Timothy 6:10, Paul explained in one of his letters: "I know indeed how to be low on provisions, I know indeed how to have an abundance. In everything and in all circumstances I have learned the secret of both how to be full and how to hunger, both how to have an abundance and how to suffer want." - Philippians 4:12 and Paul says: "Give orders to those who are rich in the present system of things not to be high-minded, and to rest their hope, not on uncertain riches, but on God, who furnishes us all things richly for our enjoyment." - 1 Timothy 6:17. Be content with what we have!
10. Share! 'Work at good, be rich in fine works, be liberal, ready to share.'—1 Timothy 6:18. If I am constantly getting myself into debt, how can I help others?
No comments:
Post a Comment
Drop Lacey a note...