Debt-Free Living

By Beth Holmes

Ah, February! The month of love comes right after making the first credit card payment following the Christmas season. So much for a romantic Valentine’s Day, right? Maybe not!

I have great news: You can live within your means, and still have enough money left over for little "luxuries" along the way. How do I know? I know because I’ve done it.

Learning Contentment:

When my husband and I got married over 12 years ago, we made a commitment to remain debt free. We were fortunate enough to not owe any money on student loans. We bought cars that we could pay for with cash, and the only debt we took into our marriage was a house payment.

I admit that this scenario sounded great at first, but the further I got into living this way, the more difficult it proved. I was spoiled (Yes, I was!), and I had to learn restraint when it came to impulse buying. My college roommate and I had spent many afternoons burning up our credit cards and checkbooks at the mall, and I struggled to no longer practice that behavior.

I had to learn the truth of Philippians 4:11: "I have learned to be content whatever the circumstances" (NIV). 

Whatever the Circumstances:

Over the past 12 years our address has changed several times, and so has our lifestyle. When we were first married, I worked in student services at a Baptist university and my husband worked as an analytical chemist. Not long after we said our vows, however, my husband answered God’s call to full-time ministry! Moving to attend seminary meant a change in our income. Yet, we were able to keep our commitment to remain debt free.

Throughout the years, my job has changed four times. My husband has gone from a very part-time ministry position to a full-time position, and we have moved three times. Still, our only debt is our house payment.

Making the Commitment:

* The first step toward adopting this type of lifestyle is making the commitment. Decide that you (and your spouse, if you are married) will not spend more money than you currently make. Planning a monthly budget and sticking to it is the best way to make this goal a reality.

* Track your expenses for one month. Write down every cent that you spend, and what that money is used to purchase. You may be surprised at the things that you can cut out. For example, if you stop at the gas station for coffee on your way to work, start making your coffee at home. Or buy a case of your favorite beverage at the grocery store rather than buying drinks from the vending machine at work. Look for small ways you can trim your budget.

* Make certain you include tithing in your budget. Regardless of our income, we have remained faithful to give to our local church from the top of what we earn. God has always remained faithful, and we have never lacked anything that we really needed because of this practice. If you do not currently tithe, I encourage you to give it a try for three months and see how God will work to provide for your needs.

* Once you have accounted for all of your expenses, tithed, and put some money in savings, the leftovers are for you to enjoy! You can save up for a new laptop, enjoy a facial, or download music. It’s up to you!

If you are currently saddled with a lot of debt but ready to start living within your means, several Christian financial organizations are available to help. Such organizations have helped many of my friends, particularly friends who fell into credit card debt while in college. If you find yourself in this situation, I recommend that you check out a program such as Dave Ramsey’s Financial Peace at www.daveramsey.com, Crown Financial Ministries at www.crown.org, or find another reputable plan that will help you learn to spend wisely. Don’t wait until you finish college or until you get married. Take steps now to begin living debt-free.