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LivingFree - Nov.16, 2010

  • 2010 Nov 16
  • COMMENTS

Avoiding Debt

Today's Scripture

Owe nothing to anyone—except for your obligation to love one another." Romans 13:8 NLT

Thoughts for Today

More people today are reeling from credit card debt than from any other source. Dave Ramsey and the late Larry Burkett of Crown Financial Ministries have designed excellent programs to help people get out from under staggering debt.

It is especially tempting for single parents to use easy credit to buy items for their children until they discover their debt load has become unmanageable. It is better to shop at thrift stores and buy used cars--paying cash--than incurring ever-increasing debt. Credit card spending only works if you pay your bill in full every month.

Singles, especially those with extra disposable income, tend to spend too much money for their own enjoyment or just to satisfy an impulse. Occasional impulse spending is acceptable, but it should not become a habit.

Consider this …

Earthly accountability is a good idea in financial matters. If you make yourself accountable to a person you trust, you will be more likely to develop the good habits you want and need--and stay out of debt. If you have extra income, you may choose to budget an amount each month for wishes or even impulse spending, but take care to stay within your budget limits.

A common error among singles, especially young, never-married singles, is to ignore long-term financial planning. They assume that since they will likely be married later, they can think more about finances then. However, everyone, single and married, needs to consider long-term financial planning. Married or single, consider plans for savings accounts, insurance, retirement income, investments, and real estate. Even with a small income, it is important to begin to develop habits of good stewardship.

Prayer

Lord, help me to be wise with my finances. Help me to discipline myself not to overspend. Help me avoid debt and plan for the future. In Jesus' name …

These thoughts were drawn from …

The Single Christian: Living as One in a World of Twos by Dr. Elizabeth Holland. In a world where everyone seems to have a mate, it is difficult to live life as a single person. Whether you have never been married, are divorced or are widowed, this study is for you. In The Single Christian, Dr. Holland examines many of the different facets of singleness, from rejection; bitterness and unforgiveness; loneliness; to dating; single parenting and the positives of being single. Note: This curriculum was written especially for small groups, and we encourage people to use it that way. However, it can also be used effectively as a personal study for individuals.

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