Finding Financial Balance: PlanningНамуна

GET OUT OF DEBT

Proverbs 22:7 reminds us that every time we sign up for debt, we give away a piece of our freedom. The creditor says, “Pay me first! It doesn’t matter what’s going on in the rest of your life. If you don’t pay me on time and pay me in full, I’ll ruin you.” You may be wondering if all debt is frowned upon in scripture. Pretty much! But most Christian financial advisors would say that the only acceptable debt is for an appreciating asset (in normal economic times). That means a reasonable mortgage on a home, a reasonable college loan, or a well-thought-through business loan.

What happens, though, is that we rack up all kinds of debt. Some debt is caused by an emergency of some kind. But most debt is consumer debt because we buy too much and try to live beyond our means. So, in many ways, debt unmasks character flaws. When someone is deep in consumer debt, the day will come when they look in the mirror and ask themselves, “How did I get in this situation?” And do you know what the hard answer will be? Lack of character. Debt is almost always a symptom of a deeper problem. That’s why there is so much shame and embarrassment surrounding this issue; we know deep down that it’s fundamentally a matter of character. Debt unmasks things like a lack of contentment, lack of patience, lack of trust in God’s goodness and provision, and a lack of self-discipline.

We must learn to say “NO! I have a plan, and I’m sticking to it!” And that’s a hard thing to do.

Ask Yourself:

— How true is this statement in my life: “I manage God’s resources well”?

— How has debt robbed my joy and added stress to my life and my family's life?

— What is my first step toward getting out of debt?

Pause to Pray: Oh God, forgive me for the mismanagement of my finances. Forgive me for not managing well the resources that you have given me, specifically my money and my time. I know you have a good plan for my finances — a better plan than I have made! Thank you for your faithfulness and your Spirit as I take steps toward being more balanced in my financial life. Amen.

Take a Next Step: Continue to take good planning steps using the resources that you have found. Ask your trusted friend or mentor to check in with you, specifically asking you how you have scheduled time for planning and reviewing the plan each week or month.