
Today I want to talk about something near and dear to my heart which is how to prioritize your debt payoff. There are many theories of how to do this but I’m going to speak from experience and practicality.
First and foremost, here are my thoughts about debt. Debt is tough. Debt costs money. Debt can be avoided. The bible, which is where I get my source of truth states in Proverbs 22:7, “The rich rule over the poor, and the borrower is slave to the lender.” I can agree with that. Whenever I’ve owed someone money, I know that they own part of my paycheck.
I’ve experienced much of my life in debt and then more recently experienced some of my life out of debt. I’ve found that I much prefer the latter but getting there and staying there takes intentionality.
The other thing I want to say about debt is that it’s not wrong. Sometimes, debt is needed. Additionally, the bible doesn’t say it’s wrong. Rather it talks about how it limits our ability to live generously.
Learning to be a wise steward of our finances is a fabulous way to bless others and care for yourself and your loved ones. The mind frame I like to use here is that God owns all the money but He generously asks me to manage 90% of a particular pot. I tithe (give 10% to my church) off the top which leaves me with 90% to manage. I work for God and I want to do a good job with the money He entrusts me with. This mindset keeps me focused on being a wise steward.