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YMC005: Gaining Control of Your Finances Part 2 – Getting Out of Debt.
Expanding on the topic of gaining control of your finances, this episode shifts the focus to getting out of debt. Once you and your spouse have gotten on the same page about handling your money and started creating a budget, it’s time to begin tackling your debt. Getting yourselves in the right mindset is key to making this happen. Join hosts Gene and Jon Abercrombie as they discuss seven simple steps that will help you prepare yourselves mentally for the challenge ahead, and help you maintain your focus so you can finish the job and celebrate your victory!
Time Stamped Show Notes
[4:40] Jon introduces an article he found on DailyWorth.com entitled 7 Simple Steps to Paying Off Debt (link no longer available).
- Acknowledge the Debt You Have [7:21]
- Accept the Debt You Have and Forgive Yourself [9:10]
- Focus on the Present [16:38]
- Create a Game Plan [19:05]
- Make Additional Payments [23:00]
- Remember it’s Temporary [28:46]
- Celebrate Mini Milestones [31:38]
[35:12] Jon reads this week’s YMC Scripture Spotlight, Proverbs 22:7.
[35:25] Gene issues the Marriage Challenge of the Week to the YMC Community – Go to www.yourmarriagecovenant.com, and leave a comment on this episode sharing what your plans are for attacking your debt!
[36:55] Jon leads the YMC Community in prayer.
[37:25] Gene and Jon share the YMC website address, social media outlets, and invite the YMC Community to subscribe to and leave a review about the YMC Podcast on iTunes, Stitcher, and Google Play.
YMC Website and Social Media Outlets
Website www.yourmarriagecovenant.com
Facebook: @yourmarriagecovenant
Instagram: @yourmarriagecovenant
Twitter: @yourmarriagecov
Stitcher: www.yourmarriagecovenant.com/stitcher
Google Play: www.yourmarriagecovenant.com/googleplay
I keep a “paid debt” tab on my budget spreadsheet. Each time I pay something off, I add it to that list along with how much the debt was. It’s a really good visual of what I’ve accomplished and a reminder of where I was! When I get the urge to “finance” something I go back to that list and ask myself, “is it really worth it?”……
Reminders of our past help us make wise decisions in our future. Great tip!
Gene and Jon, first I am so very thankful for your hearts and this ministry. You have given some wonderful advise on Gaining Control of Your Finances…………….keep all of you in my prayers, Brenda Wilson
Thank you for the kind and encouraging words!
We finally paid off all of my student loans this past December. We did it by using the “Debt Snow Ball” technique. Every time we paid off a loan we applied that payment to the next lowest amount. Usually the lower amount of the loan the higher the interest rate so we went after those and knocked it down like crazy! Now we are working on that Mortgage.
The debt snow ball method definitely works, and it feels great every time you knock out any debt! That’s awesome that you are going after your mortgage now! We want to tackle that also! Imagine the blessing it would be not having to pay your mortgage every month!