{Week 3: Journey to Financial Freedom, Debt Repayment}


It’s Monday and you know what that means… Week 3: Journey to Financial Freedom continues!!!! How awesome is that? Okay, okay… so you’re probably not so excited, especially after creating your Debt List last week. But let me encourage you by saying that—–> facing the problem is just the beginning of it!

Last week we talked about Debt and what God thinks of debt. Hopefully you’ve gotten a chance to create your debt list. If not, I suggest you go back and start there. Without facing your debt, you won’t be able to start the journey towards {Financial Freedom}. Any ‘progress’ made without addressing debt is no progress at all. So again, I encourage you to go back to {Week 3: Journey to Financial Freedom, Debt List}. If you’ve already finished it, then let’s move forward to: Debt Repayment.

{WHAT DOES GOD SAY ABOUT DEBT REPAYMENT?}

(We are reviewing from Week 3: Debt of the  Crown Financial Biblical Financial Study)

Psalm 37:21-  The wicked borrow and do not repay, but the righteous give generously;

Proverbs 3:27-28-  Do not withhold good from those to whom it is due, when it is in your power to act. 28 Do not say to your neighbor, “Come back tomorrow and I’ll give it to you”— when you already have it with you.

{SO NOW WHAT?}

Alright so you’ve managed to write out your Debt List and now you can clearly see what you owe. So where do you go from here? First things first. We must look at God’s perspective. Take a moment to review the questions below.

  • Now that you’ve looked at some of the verses found in the Bible about debt repayment, what do they say about debt repayment?
  • How will you implement this?

{DID YOU KNOW?}

Did you know that the Bible talks about cosigning? Yep, that’s right. Many people find themselves in debt due to cosigning loans for friends and family members. If something happens and that friend or relative does not pay back the loan, you are fully responsible for making the payments. I don’t know about you, but that’s a risk I’m not willing to take.

Read Proverbs 22:26-27 and Proverbs 17:18.

So what do you do if you’ve already cosigned for someone?

Read Proverbs 6:1-5.

{WHAT NOW?}

Alright, you’ve gotten some great information directly from God’s word about debt and debt repayment. Here’s some homework to help you get started. First check out some guides provided on the Crown Financial website (see below and click on links).

Percentage Guide for a family of 4 : These are income guidelines for the different categories found in a budget.

Percentage Guide for a Single Income home: These are also income guidelines for the different categories in a budget, however this is for a single parent home.

Now that you’ve reviewed the guidelines, it’s time to see how your actual budget compares with the guidelines. Click below to get started.

Spending Plan Analysis

{MEMORY VERSE FOR THIS WEEK}

We are still working on the same memory verse:

“Just as the rich rule the poor, so the borrower is servant to the lender” (Proverbs 22:7, TLB).

Memorize it and continue to remind yourself why you are doing what you’re doing. Remind yourself of what God desires for your life: FREEDOM!

Don’t forget to stop by and let me know how it’s going for you? Are you excited? Are you overwhelmed? Are you on your own journey to {Financial Freedom}? I would love to hear from you!

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Posted on October 17, 2011, in BUDGETING, COST CUTTING, FINANCES, FINANCIAL FREEDOM, LIFE LESSONS and tagged , , , , , . Bookmark the permalink. 11 Comments.

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