OK, so here's my second post on Jim Sammon's Financial Freedom Seminar we've been watching and reading. I'm going to try to keep it short because I'm so excited to be sharing some new resources I found in the Internet and want to get to updating my budget sheet right afterwards.
After several sessions, we have learned that the first thing we need to do is give it all to God - letting him be in control, after all, we are only stewards of God's gifts to us, including finances. We needed to tithe properly. I never did understand how to tithe until after this study. It doesn't mean picking an arbitrary amount and writing it on a check every week to put into the collection plate - it means giving exactly 10% of your 'first fruits' - before taxes, insurance, etc. are taken out. Plus, it means to tithe ANY amount of money that comes to you - yes, that means 10% of your bonus too, if you get one.
So that was our first 'correction' we made - tithing correctly - giving God our 'first fruits.'
Also, learning more from scripture about how we are stewards of God's money and that we need to be using it more wisely, in all ways, meaning that we examine each purchase we make, not to mention - using CASH and not going into DEBT for any purchase for any reason.
Purposing to be DEBT FREE is our next step - and I found a wonderful online source of a 'Snowball' spreadsheet - showing how to pay down your debts starting with the debt with the lowest balance so you can see (and celebrate) debts being paid off. It's really amazing, really. After you input all your debts it shows (among other things) how the 'snow ball' works, when your debt will be paid off, and an amortization schedule like the one you get when you sign up for that mortgage.
Just to clarify - a 'DEBT' is considered any bill that is unpaid - including: any and all loans (personal or bank), medical bills, utilities, the local hardware store charge account, etc.
Speaking of mortgages, this spreadsheet can probably help you figure out how to payoff your mortgage quicker as well (when paying more than what your regular monthly payment is required).
The new website I found tonight: http://www.christianpf.com/
The article that has the link for the spreadsheet: http://www.christianpf.com/snowball-your-way-out-of-debt/
20 hours ago
