Monday, March 21, 2011

Day 15 (March 21): The Financial Plan

Solomon was onto something when he wrote: “Do not withhold good from those who deserve it, when it is in your power to act” (Prov. 3:27). He was sharing that debt elimination happens first in the heart. In our heart we must always desire to payoff those we owe.

In addressing the whole debt scene, we learn that old debts must be paid off before new debts are incurred. If this principle becomes a life principle then the verse becomes a guide for our behavior. The statement “when it is in your power to act” means that when you have money, give it to the ones who deserve it. That references the ones you owe.

I have seen people freely incur new debts while ignoring the old ones. Their behavior shirks a responsibility toward the creditor and God’s word. Over the course of this journey, you should establish a debt reduction plan. This plan outlines all of your creditors, amount of monies owe, interest rate, etc. More importantly, you should write down on this plan when you anticipate paying off the creditor. By doing this little homework assignment, you are honoring Prov. 3:27-28.

Checkout the Financial Forms we put together and made available for you and your friends to use The Debt Summary form is the one that you can use to generate a payoff plan for each creditor.

Post a testimony of what God has done for you through this 40-day journey.

1 comment:

  1. I have gained a great amount of wisdom during this journey. I've realized that my overspending was due to me trying to fill a void that can only be filled by God. Next month will make 2 years that I've been walking with the Lord.(I didn't know any better.)Now that I do, I'm developing a budget and a plan that will enable me to be a good steward of the resources God has given me. Unfortunately, I had to file for bankrupt back in September. Although I wish I had been equipped with this knowledge 2 years ago, I still praise God for a fresh start entering 2011!!!! Unlike most, I no longer have debt. This journey is giving me the tools, both bibically and practically, that I need to ensure that I NEVER go down that rode again and I am truly grateful.


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