Debt Free LivingSample

1. Commit to Stop Borrowing List the name of a friend, family member, or mentor who can help to hold you accountable. 2. Save $1,000 for Emergencies It may seem counterintuitive to begin with saving, rather than paying down debt first, but many people get into debt because they didn’t have savings to draw from in emergency situations. Be sure to share with someone when you've completed the first step. It's important to not only be held accountable, but to also acknowledge your accomplishments along the way! 3. Make a Budget • List monthly expenditures. • List monthly available income • Calculate your Net Spendable Income (NSI) • Place NSI amounts into categories • Track expenses • Evaluate, adjust, and repeat 4. Make a Debt Payoff Plan 1. Track every purchase. 2. Wait 30 days before making any major purchase. 3. Spend less on utilities. 4. Drive smarter—bundle trips to save on gas and shop for the best gas prices. 5. Buy more to spend less—a food co-op or warehouse membership may help save money in the long run. 6. Use less entertainment—cancel cable or entertainment subscriptions or check out books from the library. 7. Cut down on data—limit what kind of cell phone plan you have. 8. Use cash only for shopping. 5. Trust God. Can you recall a moment where the promise of 1 Corinthians 10:13 has occurred in your life? I want you to continue to meditate on 1 Corinthians 10:13. Pay close attention as you continue this financial journey. Be on the lookout for one of your own moments related to finance. When that moment arrives, be sure to return to this section and document it.