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Financial Peace

Proverbs 22:7

The rich rule over the poor, and the borrower is servant to the lender.

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My husband and I are currently taking Dave Ramsey’s Financial Peace, and I am counting the days to freedom from debt. A lot of Dave’s practices were ones that I was taught growing up, like saving vs spending…staying away from credit cards etc.

In my twenties, I used to freeze a ziplock baggie of water, with my credit card inside. I kept it in my freezer, and had to thaw it out if in need. I knew impulse buys were out of the question, because I didn’t have easy access to my credit card. If it was a true need, than I’d have time to think about how dire that need was while the ice melted. But once you grow up and get married, your own practices merge with another’s. You and your spouse design your own plan, and things can change from moderate to radical.

My hubbie and I are fortunate enough to be able to say that after 7 years of marriage, we’ve never had to struggle financially. However now that I’m in my new job, which is hit or miss with getting paid, we’re fast learners on how frivolous we had been with our money. We spent whatever we wanted, because we had it on hand. And right now when I’m debating on what groceries I need vs want, and how much is in the bank or not…it’s a definitely challenge but a good one.

We’re learning to manage things better and faster. We’re overcoming our financial shortfall by creative measures, and this Financial Peace University is just one of the many ways we’re planning our future. Dave Ramsey’s debt snowball is one application that works for us.

It teaches to list all your totals you owe to what companies/creditors in order of largest to smallest. Pay the minimums on the biggest totals due, and pay as much as you can afford to your smallest debt. Get one paid off quickly and then start on the next smallest amount due. It’s designed to help you attack your debt one loan or credit card at a time. It also helps you count down (by pay off dates) to financial freedom…and peace.

I’m so looking forward to the day that I can call Dave’s hotline and announce financial freedom! Not only will this help me and my husband partner and agree on our financial plans, which is better than 90% of couples out there, but it will also set an example for my son. We will break the chain of debt in my family, to set him financially free for his future as well.

This faithful friday, I post on financial faith. God wants us all to be debt free so that we’re not ‘slave’ to the lender. This class is another way to give our finances to God and get rid of all debt that has control over us. Now I just have to get paid more money to be able to pay our debt off…which is why I started my photography business on the side to supplement my small income. I’ve already got 3 photoshoots lined up in the next 5 weeks! Yay!

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12 thoughts on “Financial Peace”

  1. It’s so great to have a plan isn’t it? I saw a similar minded segment on Op*rah before called Debt Diet. The experts suggested tackling debt in one of two ways – either your smallest balance or your highest interest rates first and getting out of debt one credit card/loan at a time. We’ve since taken care of some of our debt & it feels SO good to have fewer things hanging over our heads. I need to write up a new plan of attack again. Thanks for the reminder & motivation. Glad things are going so well with your photography business!

  2. Oh, we’ve got a ways to go until we are completely debt free but it feels good not having as much hanging over us. We aren’t there yet but are making progress. And I forgot to mention that I like your idea of freezing the credit card.

  3. Well now we’ve completely cut them up and are paying them off, but I wish I’d kept them in the freezer after I got married. That freezer was a wonderful tool…it kept me from a lot of spending.

  4. This is a great post. We are currently drowning in this area. We do have some debt that we had been able to “manage” but debt is debt. With our economy the way it is – everything seems to have doubled in price while salaries stay the same. It’s scary. My husband made a decision last week to sell our home. It’s a big decision – but it will be a step toward saving money. We own everything else but have credit debt we can’t seem to pay right now – we need to get out of this house payment which is more than half of what we make – it’s too much! So….if you would, could you pray that our home would sell very quickly!

  5. Tam, I will so pray that God takes care of you and provides exactly what you need. As I’m sure you’re aware of there are many bible versus that encourage us to attack debt to gain freedom from that burden. I’m proud of you for deciding to take action, and I’m sure God will bless your efforts.

    Shinade, thanks for the congrats. I’m pretty excited how much God provides when you’re at your worst financially. If we all would try to take extra steps to attack debt and find creative solutions to create income…we all might be better off.

  6. We really need to get out of debt, but haven’t been managing our scanty resources well…thankfully, I might be promoted in my job soon, which will mean a little more ‘breathing room’ than before. I do want to look into Dave’s material more closely, but it’s difficult because I have this emotional block when it comes to money, like I’m scared of it or something. 😦

  7. Stephen, I completely understand but it’s totally worth your time and effort. Once you take it, you’ll be kicking yourself for not taking it sooner. Congrats on the promotion.

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