10 Ways to get out of debt

Debt is in no way God’s plan for us since it makes us a slave to our lender which is not His will. God wants us to be the head and not the tail. Debt often shows a lack of faith in God to provide. If you’re fed up with your debt, it’s time to get serious and make the commitment to never go into debt again. The best way to get out of debt and stay-debt free is a complete paradigm shift in the way you view and live your life. There are a number of ways to get out of debt. Whatever method you use, it’s not going to be effective unless you make one important decision about debt.

Here are 10 Ways to get out of debt 

1. Transfer ownership of your money to God. Once ownership is transferred, God can begin to lead out of debt and into financial freedom. We then become stewards and managers of what belongs to Him.

2. Commit to not get into debt ever again. This is the best way to make sure that you are not living like a "slave" anymore. Without a commitment your plan will fail. Ask God for strength through prayer.

[adsenseyu1]3.  Change your attitude about money. It is not always a lack of money that creates financial pressure. Many times it is simply a matter of attitude. If there is a right attitude toward money, freedom from financial bondage can be assured.

4. Have a budget and follow it. Create and follow a tailored monthly budget that covers giving, investing, saving and spending. Discipline yourself to live within your this budget.

5. Live within your means. Buy what you can afford or save for your purchase. Don't buy things on impulse and always keep within your budget.

6. Control your spending. Make a grocery list. Food is becoming expensive and it is the one way that people overspend money. Always write down your grocery list. Once you have it you go through the shop's isles according to your list and your eyes don't wonder around for things you don't need in the house.

7. Pay extra into your current debt if you can. This will always reduce your debt considerably. Remember, attack the smallest debt first, still maintaining minimum payments on everything else.

8. Use credit cards only when it's necessary. A rule of thumb for credit buying might be this: if what we are buying will not increase in value, don't buy it on credit.

9. Track what you spend. During this time, you should question why you spend every rand. Start by tracking how, when, why and for what you spend. This will help you to see where you need to cut back on unnecessary spending.

10. Have an emergency fund. Life rarely goes as planned. That's why it's always good to have an emergency fund in the bank. Your emergency fund acts as insurance against all those inevitable small to medium sized financial emergencies that spring up out of nowhere and ruin your day.

Remember, you’re never going to get out of debt accidentally. It’s got to be intentional. You need to be willing and committed to work and sacrifice in order to fix the situations that you created with your own irresponsibility.  If you are not willing, then you won't get out of debt. You’ll be tempted to give up. But if you stick to your plan you can do it.