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Budgeting Works!
To gain financial freedom you must take control of your money, plan for the future and Stop Borrowing Money!
Two families striving to gain financial freedom share their experiences.
Blog Author Mona Weathers (monawea)
Co-author, Manda C. -
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Why Should You Get Out of Debt?
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It’s seems that many of us are believing the lie that society is telling about what we need to have to be happy. We are being fed “buy more stuff” all the time. Many people don’t even consider buying used items but cause “new” is so much better. At least that is what the commericals tell us. Debt is a part of life. We will always have debt. Are some other lies that we a fed on a daily basis.
I am not here to try and convince you that new things are not nice to have. I love things and I wish I could have more things. But should things take over our lives? Purchasing the stuff we want so much, but not having the money to do it is what concerns me What ever happen to buying things with money you have?
How does debt really effect our lives? Debt keeps us from owning, saving, and planning. Debt makes our lives a never ending cycle of payment to payment. Debt will never give you financial freedom. What is financial freedom? Financial freedom is being able to purchase with cash, having an emergency fund, and having a savings and investing plan for the future. It’s about taking responsiblity for your finances.
These principles are all things I learned from Dave Ramsey’s book “The Total Money Makeover“. He just put everything in perspective for our family. My husband and I have decided never to borrow money again. We don’t want to live in the endless cycle of payment to payment.
It’s up to you to make the choices for your family but I encourage you to read Dave Ramsey’s book and make a discussion based on facts about what debt does to your family.
Just ask yourself these question before you decide to purchase something on borrowed money, “Do I really need this right now?” Could I save my money and buy it later? It took me a while to actually ask this question and give a real honest answer. I often get hung up on the “sales”. “But it’s on “sale” and I won’t be able to find it this cheap again”. That type of mentality can get you into big trouble. It took some practicing but I often ask myself these questions now. “Did I budget for this item? Do I really have the money for this item? Most of the time my answers would be no and therefore I couldn’t justify buying it.
My hope is that this blog will help you avoid some of the very bad financial mistakes my husband and I have made over the past 15 years. Bottom line, DEBT is BAD!
October 25, 2006 | Filed Under Financial AdviceLeave a Reply
