Sunday, October 23, 2022

Taming the Family Budget - Two Debt Busting Ideas

By Tim Gamble

Debt puts you, your family and your assets at risk. Pay off your debts now while you are employed and you run less risk of losing your home, car, and other assets if you become unemployed later. Debt can also be very stressful, which is a real detriment to your health, and to your ability to make calm, rational decisions during difficult times. Another reason to pay off debt now is that debt can shackle you to your current job and circumstances, when what is really needed is freedom and flexibility. How many times have we heard people say they would love to relocate or to buy their own land, but they just can't afford it? 

But how can we get out of debt? Here are two debt busting ideas that potentially help you shed thousands of dollars of debt.

Debt Busting Idea #1 - Making payments on your vehicle?  Sell it and buy a more affordable vehicle with cash. Downsizing your vehicle to get out from under the loan is an idea Dave Ramsey often suggests to his listeners. If you can't get enough for your vehicle to pay off the entire loan, you will need to raise some extra cash, perhaps by using this next debt busting idea:

Debt Busting Idea #2 - If you own any "adult toys" such as ATVs, boats, sports cars, RVs, pool tables, dune buggies, hot tubs, motorcycles, or other big ticket items that you use only for recreation and entertainment, consider selling them and dedicating the proceeds to debt repayment. Same goes for any pool tables, home gyms and exercise equipment that you don't really use. Depending on what you have to sell, you may be able to raise anywhere from a few hundred dollars to several thousand dollars. That's a lot of debt you can pay off.

There are no "easy" solutions to paying off debt, but you need to find a way to do so. Debt makes you slave to the lender, as we are told in Proverbs 22:7. Stop being a slave.  
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If you’re looking for practical information to answer all your “How?” “What?” and “Why?” questions about money and personal finance, this is the book is for you. Dave Ramsey’s Complete Guide to Money covers the A to Z of Dave’s money teaching, including how to budget, save, dump debt, and invest. You’ll also learn all about insurance, mortgage options, marketing, bargain hunting and the most important element of all―giving.


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