Many believers have lost their dignity, respect and social security because they neck deep in debt. Financial and social embarrassment is a disgrace to redemption.
What is your way out of it?
There are sound and scriptural steps you can take to get your financial house in order and free yourself from anxiety and pressures that goes along with debts.
However it will require commitment on your part to discover and obey them.
Basics Of Financial Managment
Firstly, we must establish some basics of financial management so you do not continue to swim in debt.
1. Stop Spending More Than You Earn
This is easier said than done but it is essential you stop spending more than you earn. Put a freeze on all credit purchases either pay cash or do without!.
Luke 3 vs 14
And the soldiers likewise demanded of him, saying, And what shall we do? And he said unto them, Do violence to no man, neither accuse any falsely; and be content with your wages.
Godliness with contentment is great gain.
2. Establish A Written Budget
It is hard for many parishioners to establish a written budget, the discipline however must be acquired.
To write the budget, you need to identify where you are financially. The next step is to establish spending plan that will get you from where you are to where you want to be. Having a detailed budget will help you cut excesses.
3. Make A List Of Everything You Own
Make a detailed list of all your assets; house(s),car, furniture, cash saving,investments and anything that can be easily converted to cash. After preparing the list and presenting the value of each asset, you may discover that somethings aren't a priority and are only tying down your capital.
4. Make A Debt List
Many do not really know how much they owe l. They may know how much they are to pay in installments but the balance and interest charged, they really have no idea.
The debt list will help you establish a priority list for paying your debts.
5. Work Out A Repayment Schedule
Having created your debt list, the next thing to do is to work out a repayment schedule for each debt, you must be committed to the schedule.