My story is like others who have found themselves up to their eye balls in debt and nearly drowning, but in this reality we carefully crafted and practiced a plan that thus far has taken us from owing tens of thousands to much much less in debt~
Financial freedom should be the goal of every Christian. God really convicted us of debt about three years ago when we realized our declining financial situation and potential economic disaster. This was WAY before the economic downturn of this present economy even, and I praise God that He worked within my heart early on to convince and convict me of the need for changes in our lives.
WHAT WE DID~
1. We took a serious inventory of our liabilities and assets. Just how much do we have and who do we owe and for WHAT.
2. We asked our selves a series of questions like: What can we do? Are there steps we can take that will make a difference? What are our priorities with our finances? Where do we want to be KNOWING where we are right now? When do we want to be there?
3. After serious analysis, we crafted the plan and began systematically implementing it.
1. We looked into options concerning our debt (credit cards, medical bills and mortgage with a variable rate) and mounting costs and spending habits.
2. After analysis we found several options for dealing with these areas. I will go into detail with these in the next post.
3. We developed a debt management plan that included bills and outgo~that nasty word: budget. This was based on hard choices AND priorities for our family and economic future.
4. We sold our home with the variable rate mortgage as we were paying no interest at the time, but as time has shown it was wise to sell, purchase a less costly home and lock in for a fixed rate as today the variable rates mortgages are eating folks alive! Praise God for His wisdom!
5. We read and studied several debt and financial programs (freely) so we would educate ourselves on many options and ideas. I want to encourage you to utilize the public library or other free resource such as your local consumer credit counseling agency usually through your community's United Way program to access free help. Paying for advice is sometimes necessary, but remember free is better, AND you can always pay if the freebie isn't helpful. Keep your money in your pocket~stop the MONEY LEAK any way you can!
I don't want to give you the impression this has been fun and easy! There have been some hard HARD decisions made in our lifestyle, homes, and in so many areas. We had to make some tough choices that today are paying off in satisfaction and lowered debt load~plus there is LIGHT at the end of our tunnel, and it isn't a train coming out of the tunnel about to wreck us financially and all the other way money impacts families!
I promised to share about options for dealing with debt and mounting bills with the inability to pay them and unbridled spending habits.
Stay with me~Financial Freedom is on it's WAY~ LET Freedom Ring! in your life.