Are you carrying a huge financial burden? Bills overwhelming and debt stressing you? Well, we are not left without hope because the Bible gives practical Biblical answers. We must admit that it’s not going to be a quick fix nor will it be easy but there is certainly life beyond debt.
Well, it’s at this point that you need to take a deep breath, trust in God and know that at no cost does He want you to wallow in debt and stress. Jesus himself said, (John 10:10) “I have come that they may have life and that they may have it more abundantly.” Paul on the other hand says, “I can do all things through Christ who strengthens me.” (Philippians 4:13)
So now you are in debt, how do you go about it? What do you do to get out of debt and achieve financial security?
1. Stop borrowing.
It’s time to stop spending beyond your means. You can do this by focusing on spending on your needs and not your wants and desires. Often you will be tempted to say, ‘why wait when you can have it now or it’s mine for just three easy payments of the xxx amount or whatever you say before borrowing money. But it’s time to have the discipline and character of spending within your means. After all, there is no dignity quite so impressive, and no independence quite so important, as living within your means.
2. Draft a workable budget and follow.
A written budget is a “must-have” if you are going to work your way out of debt. You need to know where every penny goes to. As you do this note that the more severe your debt crisis, the more austere your budget will need to be. Curtail all eating out and stop buying all extras. It is difficult but this is the time to eliminate all unnecessary expenses.
3. Add up your dues.
Take a piece of paper and rip it into pieces. On each piece, write down each chunk of money you owe, who you owe it to, and the interest rate if any. Add them all up. Don’t worry if It’s a lot. The important thing is to know the size of the task at hand and also prioritize them in order of urgency.
If you are able, look into a hustle that will help you ear a few pennies. This is the time to maximize your skills. (of course, always putting our skills to work wouldn’t hurt.) Make those mats, bake that bread… do whatever it is and earn money to settle that debt. It will mean some hard work, a bit of being aggressive, but if you are serious about getting out of debt, extra work spent at work can help.
5. Relationship with God.
As mentioned earlier, making God your financial partner will ensure success in properly dealing with debt. It is important that God’s guidance and blessings will be sought in this matter. (Proverbs 3:5-6) admonishes us to “trust in the Lord with all your heart and lean not on your own understating in all your way acknowledge Him, and He’ll make your paths straight.” That way we will have a proper mindset and perspective concerning money. The Bible also reminds us that God is the owner of everything including, the earth (Exodus 19:5) precious metals (Haggai 2:8), animals (Psalms 50:11), and people (Ezekiel 18:4). God does not desire that you live in debt, engulf in stress and despair. (Deuteronomy 28:12) May the Almighty God bless the work of your hands as you trust Him to be your financial partner, helping you towards freedom from debt and financial peace.