Financial Integrity is being honest, transparent, and ethical about your financial system and spending. You are responsible to regulate yourself and build stability. It starts with listing all your debt from smallest to largest. See just how deep you are in belonging to people of the world, then make a plan to repay all the debt until you are financially free.
When you see your financial situation in writing, it can be gut wrenching. However, it is better to face reality head on. There are different ways to do it, but a thorough overview would to be list the creditor, the purchase, monthly payment, balance due, scheduled payoff date with minimum payment, interest rate, and any past due payments. It will make it more clear where you spend your money and where you may need to develop some self-discipline.
One you see the extent of what you owe, you can start figuring out how to repay your debt systematically. If you do this in an excel spreadsheet or something similar, then you can get totals, averages, and other dynamic perspectives to figure out how to get this debt down. Debt repayment can look a little different than the debt overview. You can list the due date, minimum payment amount, how many payments are left, and balance due.
You can separate your mortgage or rent and car payments from the rest. Those are a little different. They are required to survive, but you can get to the point where you pay them off or in cash if you learn to save and not pay interest on other things.
As you become financially free and living within your income, you can get out of those debts. The nonessential debts is what you start with. They will free up your wallet. You will also have a lot more money when you get rid of paying all the interest on things like the credit card. Life happens, but it is good to always have a plan.
Proverbs 5:21-23, 10:8-9, 11:1-3, 28:6, & 1 Timothy 6:9-10
No comments:
Post a Comment
This Blog is open for discussion. Please share your thoughts.