Recognize the four “Ititudes that foster debt:
- Ignorance – Lack of financial training (Proverbs 22:3)
- Indulgence – Unrestrained gratification (Proverbs 13:25)
- Imprudence – Poor planning (Proverbs 16:3)
- Isolation – Lack of communication (Proverbs 28:13)
Steps you can take to defeat the “Ititudes”
- Establish the right balance in your life when it comes to money in your life.
- Stop borrowing immediately.
- Build your emergency fund to $1000.
- Eliminate you credit card and consumer debt.
- Avoid careless spending
- Focus on what you have, not on what you lack.
- Generate excess cash through reduced spending, extra income, evaluating assets, selling things, yard sales, etc.
- Apply excess cash to debt reduction
I know to some this may seem very simple steps. You may be saying why I even bother to post something so simple. But that is the beauty of it. It is some very simple steps we can all begin to take to turn our financial lives around.