Common Sense

Taming the debt monster

We will loan you enough money to get you completely our of debt. - sign in loan office

Prescription for defeating the debt overload

1. Commit to a budget - knowing where you spend your money is the first step

2. Avoid future debts - when you are stuck in a hole, stop digging it deeper

3. Pay off debt systematically - make a plan and stick to it

4. Dispose of credit cards - try some plastic surgery and cut up your cards

5. Get an accountability partner - another person can help when you want to cheat

6. Examine your motives for spending - peer pressure, lack of satisfaction, boredom

7. Make spending need-based - classify each expense as a need or a want

8. Develop self-sufficiency - learn to cut hair, shovel your own driveway

9. Integrate lifestyle simplicity and contentment - live within your income

10. Move down - consider moving to a smaller house

11. Let appliances die in your arms - you may be surprised how long they may last

12. Stop venerating automobiles - don’t buy a car that is more than you need

13. Simplify your meals - eat less meat and go out less, your body will thank you

14. Shop for deals - Everything eventually goes on sale, don’t buy more than you need

15. Simplify Christmas and birthdays - a set limit can go a long way

16. Enjoy free activities - read books, go for walks, walk stairs, play games, etc.

17. Respect the potential of economic volatility - don’t bank on the future good times

18. Be suspicious of economic answers - money is not always the only or best answer

19. Use debt as a learning experience - review how debt affected you and teach others

20. Change your measuring stick - wealth is not the measure of all things

Debt can handcuff your future. It handcuffs you when a great deal comes along, when opportunity knocks or it can cause havoc when an emergency happens. Taming the debt monster will create some space between what you need and what you have You will begin to experience peace, contentment, joy, and financial freedom. If it limits your ability to serve God, your family, or others it may be time to reevaluate your priorities.

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Feel free to contact us at:

Common Sense Financial Ministries
22 Menlo Cres. Sherwood Park, AB T8A 0R9
phone: (780) 467-8031 (7283) fax: (780) 464-6564

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