Forgive our debts

How often we say these words and yet many of us are mired in uncontrolled debt especially financial. Dave Ramsey with the Financial Peace University talks alot about the need of reducing and eliminating debt. Through the reduction of debt we can free our lives to better serve Christ in this world. Jesus warned about that one cannot serve two masters. Too often money becomes our master epecially when we have credit debts.
My E Serving strong had a message today about debts. Maybe it can help us with the concept Forgive our debts. We need to be able to do that so that we can free ourselves from the tyrant of credit cards.
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A Tuesday morning minute just for you because you care for others.

Debt

Finances are a great concern to many people helpers today. This saps focus and energy. We are called to serve others; yet a large portion of our mental capacity is consumed by worry and fear. Debt is among the largest part of this problem.

FOCUSED INTENSITY

Dave Ramsey recently spoke at a college commencement. He was speaking of college debt when he said...

"Focused intensity is how you get out of debt. Just because it's a small interest rate and a small payment doesn't mean you don't need to hit it and get mad at it, and knock it out."

So how do we blaze a path toward debt-free living? How do we slay this focus-sapping monster and set loose our ability to serve others? Here are some ideas from Dave Ramsey you can start implementing TODAY:

1) Emergency Fund
__ Save $1,000 and put in a separate emergency fund account. Use ONLY for unforeseen emergencies

2) Snowball Technique
__ List all your debts from smallest to biggest
__ Begin paying off the smallest debts first
__ Once the 1st debt is paid off, take that payment and add it to the next debt
__ Continue until all debts are paid off

3) Buffer Fund
__ Figure the amount of monthly expenses it takes to run your household
__ Save three to six months times this amount (in case you lose your job, have a financial emergency or other large catastrophe)

4) Retirement, College, Mortgage
Then turn your attention to retirement investing, college funds for your kids, pay off your mortgage, etc.


I've talked with some of you who are living debt free today. Good for you! You already know the freedom this produces. Perhaps you can email me with tips you've learned from your journey. If I get enough responses, perhaps I'll post it on the Serving Strong Blog or the Serving Strong Facebook Group. Some of the best learning is what we learn from each other.