In January of 2008, our church family spent 13 weeks learning God’s principles for financial stewardship. During that year, we collectively paid off thousands of dollars of consumer debt and many families set aside lucrative emergency savings accounts.
If our goal is to be debt free in as many areas as possible, then we must have a strategy of how this is possible. And yes it is possible! We have heard many testimonies from our church after our people began applying some of these principles that you are reading about.
Here is Action Step #4 to Discovering YOUR Financial Freedom!
Once you have an emergency savings account setup and have spending under control, it is time to begin paying off all your debt. You may think to yourself, “There is NO way – I am too far behind.” However, if you create a plan and stick with it – you can eliminate debt in your life! It won’t be easy, but if you are determined, it is achievable!
Try using the “snowball” approach. As a snowball rolls downhill, it picks up more snow and more momentum. Start with you lowest credit balance and pay it off as quickly as possible. Once that debt is paid, take that payment and add it to the next debt payment thus “snowballing” your debt repayment. You’ll be surprised how quickly it adds up.
As with all of these principles – you must start somewhere. Even if it feels like your small steps towards financial freedom aren’t big enough, as ong as you keep moving forward you are heading in the right direction!
