Hi there! So, how did last week go? Were you able to start saving all of your receipts? This week we are going to focus on making a debt list and planning to pay down debt. I have included a PDF Printable Debt List for you.
The Bible talks about Debt and the consequences for being in debt. Proverbs 22:7 "The rich rules over the poor, and the borrower becomes the lender’s slave." This was one of the verses we had to memorize from our Crown class. It is SO TRUE! Being in debt is like you are a slave to your creditors. I have had the phone calls in the past & it weighed very heavy on me knowing that we owed money that we just couldn't pay. Wouldn't it be wonderful to feel the FREEDOM of owing no one NOTHING?! My husband & I have a goal to eventually become debt-free. With his student loans for college and the like, we didn't think that would ever be possible. This next challenge is going to give you hope!
Challenge #2: Use the Debt List included here or make your own and list every debt (credit card total). Then start with the smallest one (with the lowest total dollar amount) and start making payments until you pay that one off.
Then celebrate! Next take the money you were paying on that credit card and add it to your next credit payment and so on. This is called the "Debt Snowball Method." I know it can feel overwhelming at first friends, believe me! But it is just like when I clean my house, take it one baby step at a time and before you know it you're done and the house is clean! It will feel so good to even get that first credit card paid off. I remember what it felt like when my husband & I paid off our first cc. It felt AWESOME!
Please leave a comment and let me know how it's going! :)