When God Has Other Plans

I can proudly (which may be part of the problem) say with God’s grace and wisdom my husband and I are making great progress in reducing our debt and tightening up our spending.

Each year for the several years we have sat down and figured out what we would do with our income tax return each of us having a list and then comparing it and coming to an agreement.  The past few years have led to more responsible things like eliminating debt, major vehicle repairs and the like.

In January I spent three or four days mulling around ideas in my head on what the best use of our tax refund would be.  Some fun stuff, some necessary expenditures and some debt reduction.  A good mix for Brad to take care of a few things he wanted to do and I had peace of mind that we were working on debt.  It seemed like a good plan.

Brad greed with the ideas and so it was settled.

Then along came God.

He said to me  “Let him buy it. He needs to make the decision.”

To read the rest of this post come visit the new More Than Four Walls launched 4/9/12.  Here’s a direct link to this post.

Finance Fridays: What to do with Debt

Debt can be a constant source of worry and stress. If your married it can be a huge stressor on your marriage.

So what do we with all of our debt? We cannot run from it.  Well, some people can and do but as Christians we must do what is right and responsible.  How do we get out of debt and avoid it in the future?

First we have to know what we’re dealing with.

Acknowledge The Debt and Get a True Picture

I’m sure you’ve heard the saying that the  first step is admitting you have a problem. This can apply to addictions, relationships and debt.

You have to acknowledge that you have debt and that the debt is a problem. Many people can admit that they have debt but you also have to admit that it is a problem.

You need a real analysis of our debt and you need to understand the big picture of where you sit.

Your credit card debt is not just a $90 monthly payment on a $4,000 balance.  It’s 18 years to pay off $4,00  and $3,000 in interest paid.

Using paper or spreadsheet software log all of  your debts. Include the name, total due, minimum payment and pay off date.  You can find this information readily available all credit card statements and some mortgage statements.  Most banks/lenders have online access which should also have this information.  Crown Financial Ministries has a simple yet effective sheet for logging debt here.

Once you have your numbers together you’ll have a true picture of what you owe and the depth of your debt.

This is not a place to give up. This is just your starting place! I’ve said before that have to know the truth to make progress.

Talk to the Lord about your debt.  If you’re afraid tell him.  Don’t feel condemned over the debt you have accrued, be convicted that you’ll do something about it.  Ask the Lord to give you wisdom.

Next week we’ll explore what to do once you know what your debt picture looks like.

Until Next Time,

Be Blessed