Scripture to Memorize
She opens her arms to the poor
and extends her hands to the needy.
When it snows, she has no fear for her household;
for all of them are clothed in scarlet.
Proverbs 31:20–21
Passage to Read
Do not store up for yourselves treasures on earth where moth and rust destroy, and where thieves break in and steal. But store up for yourselves treasures in heaven, where moth and rust do not destroy and where thieves do not break in and steal. For where your heart is, there your treasure will be also.
Matthew 6:19–21
Dear Lord, forgive me for all the times I’ve stored up treasure here on earth, rather than storing up treasure in heaven. I admit that I’ve been foolish. This 90-Day Jumpstart has certainly shown me how much unnecessary stuff I’ve managed to accumulate. I can’t help thinking how much kingdom work could have been accomplished with money I spent on things that have now been thrown away. Holy Spirit, help me to focus my attention on heavenly treasures. I don’t want to store up for myself treasures on earth, where moth and rust destroy, and thieves break in and steal. I want to store up treasures in heaven. I know it’s true: where my heart is, there my treasure will be also. May my heart seek after your kingdom and may all my most treasured investments be there, too. Amen.
Personal
As you are clearing out the rubble, trying to get out of debt, it’s important that you stay out of debt. For centuries people have understood the pitfalls of debt and have worked and saved until they could buy with cash. It’s a policy more of us should adopt. When people save up to buy a particular item, they have an opportunity to do something most of us have forgotten how to do: think it over. It’s the opposite of impulse buying. You know, mindlessly throwing things into your shopping cart at the mall or on the Internet. If we had to save up and ponder our purchases, we wouldn’t have closets filled with clothes we never wear and storage areas filled with junk we never use (but refuse to part with because we paid so much money for it).
Think back on all the stuff you have thrown away, given away, or stowed away, just since you’ve started this 90-Day Jumpstart. How many of those items were purchased with credit cards? How many items fall into the “I never would have bought it if I had had to save up to get it” category? Remember our good friend, the 80/20 rule? Why did you buy the 80 percent of clothes you never wear and toys your kids never use? No doubt it’s because of your handy-dandy credit card and the impulse-buying mindset it creates.
The average American household has 8,400 dollars in credit card debt.7 Even if they never put another dime on those credit card accounts, if all they do is pay the monthly minimum, it will take them forty-seven years to pay it back—and it will cost thirty-three thousand dollars.
Incidentally, you can cut your annual living expenses by 30 percent in less than one minute. Want to know how? Cut up your credit cards. Research indicates that consumers spend 30 percent more when purchasing with a credit card rather than cash.8 Something about spending actual hard-earned dollar bills makes a person stop and think. Something about flashing a credit card makes a person half crazy.
The solution is this: become a cash person in a cashless society. From this day forward, either pay cash (that includes not only dollars but checks or a debit card that takes funds directly out of your checking account) or don’t buy it. When you run out of money, stop spending. There’s your budget right there! And isn’t that easier than keeping track of every penny you spend? If you don’t spend what you don’t have, guess what? You’ll quickly figure out the meaning of the word budget when you’re eating macaroni and cheese out of a box every night for a week.
The only other option is disciplining yourself to pay off your entire credit card every month. However, only 40 percent of people are self-disciplined enough to do so.9 Be honest with yourself. Are you one of them or are you among the 60 percent who will just heap up more rubble?
Another option is setting up your accounts on the Internet and paying off your credit cards weekly. Almost all major credit cards now offer the option of managing your account online. Check it out.
Stop and think before you buy. Ask yourself: is there any possible way I can live without this—at least until I can finish paying off all the stuff I’ve already accumulated? Does this fall into the 80 percent category of things I’ll almost never use? If the answer is yes, have enough wisdom and self-control to walk away. If you do, you’ll no longer have to fear for your household’s financial future. Instead, your family will be clothed in scarlet and you’ll be able to extend your hands to the needy.
Affirmation: I am a wise steward of my money.
Practical
Make all necessary arrangements to lead a cash lifestyle. This includes cutting up your credit cards (except one for true emergencies), scheduling cash withdrawals, obtaining a debit card to replace your credit card, and carrying your checkbook and a picture ID. Pay cash whenever possible. When the cash is gone for the week, stop spending. If you still want to use credit cards, set up your accounts online so you can pay them off weekly. Make it a practice to stop and think before you buy.