What is financial freedom? More than just a dollar amount on your paycheck, financial freedom is a state of mind. It’s the comfort of knowing you’re debt-free. Getting started with eliminating debt is easier than you think. If you follow these seven simple steps, you’ll be on your way.
1. Change the way you look at money – renew your mind!We tend to think of money as the enemy, a scapegoat for all of our financial woes. Learn to look at money as a means to living comfortably, not the cause of your struggles. Ultimately, we are the ones who decide where our money goes. It’s not like dollar bills sprout legs and go buy a new TV, right? Money discussions can be uncomfortable for many married couples, but talking is an important first step. A good book on this is “Secrets of the Millionaire Mind” by T. Harv Eker or “Rich Dad, Poor Dad” by Robert Kiyosaki.
2. Get out of debt – owe no man anything!Living with debt is more than a financial drain and mounting interest. It’s also constant worrying over whether you can pay your bills. Here’s the most effective (and simple) way to tackle your debt:
Start by paying off the credit card with highest interest rate. Set some specific goals here. How much extra can you pay each month? Always make more than the minimum payment. Once that card has been paid off, start working on the bill with the next highest interest. Throughout this process, you should be paying the minimum on all of the credit card bills you have. Check out this free e-course on getting out of debt (http://www.youneedabudget.com/index.php#order).
3. Don’t create any more debt – be a wise steward!Now that you credit card balance is down to zero, you want to keep it that way. To remain debt-free, all you have to do is spend less than you take in. Easier said than done? Maybe. This is another opportunity to have a good heart-to-heart talk with your spouse about both of your spending habits.
Some people recommend cutting up all your credit cards. However, keeping one credit card as a safety net in case of emergency is perfectly fine. Keep only one card, take it out of your wallet, and put it someplace less accessible – such as your family’s fire safe. The time it takes to get out the card will serve as a “cooling off” period.
4. Create a budget – count the cost!Budget can be an unpleasant word – like ‘diet’. But don’t think of it as depriving yourselves – think of it as investing in yourselves. Which sounds better: one dinner at your favorite steak house or going to be every night knowing you’re debt-free? Think of your budget as an opportunity to cast a vision together as a couple. What’s important to both of you? Your spending should reflect your values, what you hold most dear in your heart. Here’s a simple software program you can use for creating and keeping your budget together (http://www.youneedabudget.com/index.php#order).
5. See where it goes – make a list and check it twice!For an entire month, track everything you both spend money on – down to the last penny. Evaluate whether you are prone to making impulse purchases. Also, look at whether advance planning will help. For instance, plan your meals at least a week in advance. Multiple trips to the grocery store mean multiple opportunities for impulse purchases.
6. Start saving – plan for the future!Build yourselves a nice cushion of cash. After you’ve lowered your debt and begun living on a budget, you should money to put into a savings account each month. When an emergency arises, you’ll have cash to cover the expenses – no need to borrow money or use a credit card.
Seek wise counsel about different kinds of accounts you can use to save money tax-free. For example, you can contribute to a 401(k) and steadily build a nice nest egg – and the difference in your net paycheck is so small you might not even notice it.
You’re not limited to stocks, bonds, and savings accounts, either. There are a lot of pretty creative ways to save money that you might not have considered before. Check out http://www.liveoutloud.com for some great ideas.
7. Get insurance – get yourself into good hands!If you don’t both have enough health insurance, one accident or illness could devastate you financially. Even if you have insurance through work, evaluate whether it’s enough to prevent a financial crisis. Consider getting supplemental insurance if you believe you’re underinsured. Also, don’t overlook disability insurance. Should you find yourself unable to work, debt is guaranteed to mount. You might think extra insurance is too expensive – but you’re wrong! For most young adults, life insurance and disability insurance cost less than a dollar a day. You’ll never know unless you ask – so call around and start learning about your options.
Small changes add up quickly. Don’t let bad money habits wreck your marriage. You’ve got to both be committed to this goal if you’re going to make it happen. Financial freedom is closer than you think. Don’t wait a minute longer to achieve your dream – start on these seven steps today!
© Jewell R. Powell, the Marriage Coach and author of Marriage 101: Building a Life Together by Faith. For more information, visit www.marriage101.us
ABOUT THE AUTHORIn July of 1992, Jewell met her Prince Charming at a Roy Rogers restaurant. When the couple decided to marry four years later, both were aware of the latest marriage statistics and the legacy of divorce that lay between them. Her parents divorced when she was four, after moving the family to Maryland, leaving her to be raised by a single mother. To circumvent the odds, they went through pre-marital counseling, attended church regularly and felt a strong love for one another. They believed they were ready for marriage.
While desiring to have a happily ever after, Jewell found life after marriage anything but a fairy tale. In 2001, she and her husband, Lewis, had been married for five years but were growing apart, after experiencing problems with infertility, sleeping in separate bedrooms and Lewis’s increasing disinterest in going to church. As she searched for answers to her marital troubles, Jewell found herself on a journey, seeking answers to save her marriage.
Despite a shaky beginning, the Powells now have a relationship with a strong foundation. After successfully resolving their marital problems, they started the Happily Ever After Marriage Ministry to help others do the same. Her new book, Marriage 101: Building a Life Together by Faith (Revell Books February 2009, ISBN 978-0-8007-3332-2, $13.99), offers hope and guidance to help transform broken relationships through the use of biblical wisdom in a simple workbook format.
Jewell serves as co-owner of Antiok Holdings, an emerging full-service management consulting firm, which she owns with her husband. She earned a Bachelor of Science in business from the University of Maryland and is pursuing a Master of Divinity. The Powells reside in southern Maryland with their two daughters.
ABOUT THE BOOKYour marriage can be strong, healthy, happy, and blessed. Marriage coach Jewell Powell shows you how in this 8-week plan for marital success. She reveals how God’s truths can transform two individuals into the union he desires. Laying a spiritual foundation is crucial to your marriage. In Marriage 101: Building a Life Together by Faith, you will discover God’s purpose for marriage, how to develop godly character, how to communicate effectively, and much more. With biblical examples, study questions, and Scripture meditations perfect for individuals or couples, you will be challenged to examine areas in your life that may need change so that your marriage can thrive.
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For more information about, visit Jewell at http://www.marriage101.us/.
Faith Morgan is struggling with her faith. Years of neglect leave her doubting that God will ever fix her marriage. When a coworker accuses her husband, Jonah, of the unthinkable, Faith begins to wonder if she really knows him at all, and if it’s truly in God’s will for them to stay married.
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