DEBT-FREE LIFESTYLE

Stressed? Can't sleep at night? Having marital and financial problems? Missing out on God's blessings? The Bible, in Deuteronomy chapter 28, will tell you why. It says that there are blessings for obedience and curses for disobedience. If you obey: you will be blessed (vv. 3-12a); you will lend to many, you will never need to borrow (v. 12b); you'll be the head, not the tail (v. 13). If you refuse: you will be cursed (vv. 16-68); they will lend money to you and not you to them (v. 44a); they'll be head, you'll be tail (v. 44b).

No one wants to be in debt, so why do we get into it? Because of easy credit, thanks but no thanks to the credit card! Enjoy now, pay later. Sounds good, doesn't it? But do you realize that 25% more spending is incurred as a result? We buy things we don't need with money we don't have to impress people we don't like. The charge-it epidemic encourages impulse buying and causes overspending. This plastic money gives us a false sense of (buying) power. The truth is, buying more means less freedom, for the borrower becomes enslaved to the lender (Proverbs 22:7), putting him at the mercy of the creditor. Worries escalate as bills pile up but income remains unchanged. Financial stress eventually strains marital and family relationships. Working overtime or earning on the side to augment resources leaves less time for God and family. Ultimately, you are robbed of peace and joy. Such are the ill effects of borrowing, that Romans 13:8 gives the following reinforcement: Owe nothing to anyone except to love one another. So how can we be relieved of a stressful, debt-ridden lifestyle?

The Ten Commandments for a Debt-free Lifestyle

1. A – Administrators. The earth is the Lord's, and all it contains, The world, and those who dwell in it (Psalm 24:1). Since God owns everything, we are only stewards, not owners, so we are to manage money properly and use it wisely. We must pray and ask God's will as to how money is to be spent.

2. B – Budget. Follow the simple rules in budgeting: Make a record of all your expenses. Have a shopping list. Don't buy anything not in the list. Have a budget and stick to it.

3. C – Cut credit cards. To cut the credit card is to cut the source of temptation to overspend, a practical application of Matthew 5:29-30: "And if your right eye makes you stumble, tear it out, and throw it from you; for it is better for you that one of the parts of your body perish, than for your whole body to be thrown into hell. And if your right hand makes you stumble, cut it off, and throw it from you; for it is better for you that one of the parts of your body perish, than for your whole body to go into hell.” Getting rid of the credit card is better than it causing you to sin and destroy your testimony. Loans can muddle up your life that it turns into “lason,” the vernacular for “poison.”

4. D – Debt Pay-off ASAP. Cash basis is best. If availing credit facility is unavoidable, pay the full amount reflected on the statement of account. This practice will pay off in the end. Paying only the minimum amount required may seem light on the pocket, but heavier in the long run due to interests ranging from 3.25% to 6.50%, compounded monthly. Here are don'ts in borrowing: Don't borrow to buy anything that depreciates. Don't borrow except to buy a house (which appreciates in value). Don't borrow to pay debt. Don't borrow at high interest.

5. E – Envelopes of cash. Cash funds must be kept in envelopes distributed as follows: MONTHLY: Rent, food, utility, gasoline, school allowance, recreation and entertainment, etc. YEARLY: tuition, textbooks and school supplies, insurance, Christmas, holidays. CONTINGENCIES: Medical, emergencies. Refrain from juggling funds.

6. F – Family planning. More children means more mouths to feed, more bodies to clothe, more minds to educate. This could drain or put pressure on finances. 1 Timothy 5:8 says: But if anyone does not provide for his own, and especially for those of his household, he has denied the faith, and is worse than an unbeliever. Plan a family of manageable size which you could ably support as well as amply give care and attention to. Why cause children to suffer? Many children out there are malnourished and out of school. And at the rate population is growing, in a few years, there will not be enough food to go around.

7. G – Grateful and not greedy. Contentment and generosity are the signs of gratefulness. Giving generously to God and others may be the way for others to be blessed.

8. H – Hard work, not easy money. Work hard and become a leader; be lazy and never succeed (Proverbs 12:24). Do not gamble. Beware of pyramid schemes. Do not lend at high interest. Aiming for the easy, quick bucks could spell more disaster.

9. I – Invest for the future; Invest in eternity. By simply spending less than what you earn, you can save for future needs, emergencies and retirement. But beyond this life, one can store up treasures in heaven (Matthew 6:20). Live simply that others can simply live. Instead of spending on something that is not a real need, give it away to someone who has a dire need. Be a major stakeholder in church by giving much of your time, talent, energy and money to it.

10. 10-20-70. The suggested income allocation is 10% for tithes, 20% for savings and 70% for spending. This can of course be modified by spending less so that tithes and savings increase.

Yet a more important debt needs to be dealt with, first and foremost, if we are to enjoy the abundant life. The basics to a spiritually debt-free life are as follows:

A – ADMIT the debt of sin.
B – BELIEVE in Bible truths that
C – CHRIST is the Son of God who
D – DIED and rose again to give us
E – ETERNAL LIFE received by
F – FAITH alone because it is a
G – GIFT of God and
H – HEAVEN is ours if we're
I – IN Christ
J – JESUS.

“.....and you shall know the truth, and the truth shall make you free.....If therefore the Son shall make you free, you shall be free indeed" (John 8:32, 36).

While salvation is free, and God is faithful, there are blessings we will never taste unless we meet His conditions. Is it any wonder then that the Philippines is where it's at? The curses of disobedience have fallen on us. Much of our country's woes stem from sin that has led, among other things, to too much borrowing, with creditors running after our throats, and bleeding our national coffers dry. How can we rise up from the ash heap? Stop a life steeped in debt and start living the debt-free lifestyle in our personal capacity, while praying for the country to be free from national debts the debt of sin and debts resulting from loans. Let us not deprive ourselves the unequaled experience of freedom from debt, both financially and spiritually.

This was shared by one of the directors of our company. No single word is mine... just wanna share