Financial debt can feel so impossible, so overwhelming at times. Over 80% of Americans are in debt and the personal average debt figure (excluding mortgages) is $38,000.00. Experian’s 2019 figure for Americans’ debt with mortgages is over $90K. When our income is not much more than our outgoing, it becomes even more challenging. Below is what we did to arrive at a debt-free position.

1. My wife and I prayed together about becoming debt-free and had the same conviction. So, being in agreement and prayer together has always been step one.
2. It is essential to give. We have desired to give beyond a 10% tithe because we wanted to do more than expected. I know it sounds counterproductive, but I can guarantee you that in giving (“Give and it shall be given unto you…”) God always honored His word and gave us a return, “…pressed down, shaken together and running over.” Practically, we sow into missionaries around the world, local ministries we appreciate and tip generously at restaurants. We believe in a spirit of generosity in all things.
3. Build up a healthy savings account so that you can borrow from yourself and not your credit card when facing an emergency.
4. Speaking of credit cards: we never carry a balance. You will not become debt-free paying 21% or greater interest on a credit card balance.
5. Start by paying off your smallest debt. Once you accomplish this and feel the freedom, place that amount on your next debt and snowball your effectiveness of paying down your existing debt.
6. Make a commitment to not borrow. Have the conviction of scripture which tells us the borrower is servant to the lender. (Note: we recognize many of us borrow for our home, which is perceived as good debt, but this too can be paid down early by paying extra on the principle.)
7. Run your present car until the wheels fall off. Cars today can reach 150,000 plus miles. Maintaining a used car is most times cheaper than a new car payment. Meanwhile, save for your next used car purchase.
8. Maintain and keep a close eye on that budget. Watch areas like entertainment, eating out, purchasing unnecessary items. Wait 30 days for a large purchases and if you still need it in 30 days, it may actually be a need versus a want. Have a plan and agree together on your spending.
9. Recognize it takes sacrifice and discipline, but the goal is worth it. Yes, we do without some items like that newer computer or larger smart TV, but believe me, the sacrifice does not compare to the freedom found in becoming debt-free.
10. Be accountable. Be accountable to one another in all of your saving and spending, even weekly. Remind yourselves that it is those small, miscellaneous expenditures that can really add up. Agree to weekly or monthly spending amounts for groceries, clothes, gifts, entertainment, sundry items like coffee and snacks. Give grace, but be accountable. It will pay off.

Truthfully, we can be in financial bondage with a lot of money or very little money, but when we agree together to our process of becoming debt-free, we will also find wonderful side effects. Those side effects can include: less arguments about money, less pressure when paying the bills, joy in agreement toward a certain goal and the growth of tenacity, discipline and patience in our lives, even if becoming debt-free takes ten or twenty years.

Romans 13:8: Owe nothing to anyone—except for your obligation to love one another. If you love your neighbor, you will fulfill the requirements of God’s law.