Weed Out Weaknesses
Our small weaknesses can do big damage to our wallets.
We’re easily blinded to our weaknesses because our spending is so habitual. Ask the Lord, your spouse, or a friend to help you see them. For some people, it’s the daily food and drink purchases. For others, it’s fashion, fitness gear, exotic vacations, and more. You name it, we want it, and the world offers ways for us to get it. Self-discipline impacts small choices that produce new habits. New habits produce new lifestyles and those affect your ability to save. The bigger the changes you make, the bigger the impact on your financial health. Easy credit allows us to feed instead of weed out weaknesses. Weeding is no fun endeavor. Think of weeding a garden, but with the proper tools, we can eliminate the weeds and reap the rewards.
Track your spending habits. Write down everything you spend. Print your bank and credit card statements. Get two different color highlighters. With one, mark your needs or essential expenses. With the other, mark the wants or nonessential spending. After 30-60 days of analysis, make a needs-based budget. Apply your extra income to an emergency fund. Your initial goal should be $1,000 while continuing to make necessary payments to lenders. Continue building until your fund until it covers a month of necessary expenses. Make higher than minimum payments on your credit cards. Discover your weaknesses, then make your plan, and use a budget to weed them out.
Does credit card debt hinder your ability to save? I recommend Christian Credit Counselors. They can create a debt management plan just for you. For more information call the Crown Helpline at 800-722-1976 or visit online at crown.org/ccc.