Living Debt Free Series: Trouble

In the last blog, we discussed the importance of believing in God as our source. Through prayer and with thanksgiving, we should ask him to meet our needs. In the 2^ndpart of this series, we’ll outline some of the ways that we get in trouble financially. It may seem trivial, but often, people aren’t even aware of the habits that get them in financial trouble.

1.  Borrowing: Ever signed up for a loan, charged on a credit card or borrowed money from a friend? If we can’t identify how we are to pay this money back within a short period of time, we shouldn’t be borrowing it. Romans 13:8 tells us, “owe no one anything except to love one another…” It’s so easy to borrow and make promises like “don’t worry, I’ll pay you back.” But then, we find ourselves drowning in debt. Proverbs 22:7 says: “The rich rule over the poor and the borrower is the slave of the lender.” Slaves, in this day and age? Yes, that’s what we become by borrowing!

2.  Lack of Self-control: We can’t be impulsive shoppers if we want to live debt free. “He who is impulsive exalts folly” (Proverbs 14:29). We need to make a list of what we need before going shopping, and then practice self-control by sticking to what’s on the list. This can be a challenge with all of the advertisement in stores but necessary in order to be free of debt.

3.  No Budget Plan: We have to plan out and track expenses. Whether we balance our checkbook, use a spreadsheet or some accounting software, it’s important to track where the money is going. This allows us to identify areas where we are being wasteful. “The plans of the diligent lead surely to plenty, but those of everyone who is hasty, surely to poverty” (Proverbs 21:5).

4.  Co-Signing: This is a sure way to get into financial trouble. Out of kindness, we may want to be a co-signer for a person, but if we make this decision, we need to ensure that we are able to fully cover the debt should the person not pay. This is a huge burden and a gamble! Proverbs 17:18 says: “one who has no sense shakes hands in a pledge and puts up security for a neighbor.”

Lord, as we journey towards living a debt free live, we pray that you guide us and help us make wise choices. Help us practice self-control, and to be responsible with the blessings you provide us. In Jesus name, Amen!

 

Next on our journey towards living debt free, we’ll discuss some of the disciplines we should practice. Stay tuned...