Money Management Tip:

Throughout scripture, we can clearly identify five separate financial principles that can be applied to our own situations.‍..Continued 2/5 (follow along our money management posts)
1st: Spend Less than you Earn.

2nd: Be wise with Debt
Debt always mortgages the future. It will always come calling, and it can lower our standard of living in the future. We must make sure that we don’t presume upon the future and that we understand the true cost. Proverbs 22:7 tells us, “The rich rule over the poor, and the borrower is slave to the lender.”

SET A GOAL FOR WHEN YOU’D LIKE TO BE DEBT-FREE.  
This is the first and most important step.  If we begin with the end in mind, we can then back into the monthly cash flow needed to eliminate debt by your goal date.  Write your goal down, communicate your goal with a trusted advisor, friend, or family member to create accountability.

‍CREATE A LIST OF ALL DEBTS THAT YOU CURRENTLY HAVE.  
Make sure to include overall balance owed, interest rate, and the monthly payment.

DETERMINE THE ORDER OF DEBT PAYOFF.  
There are two separate methods that can be utilized to expedite debt payoff:

Avalanche method – This method recommends paying off debt in order of interest rate.  You want to start with your highest interest debt first, and then work in order until you reach your lowest interest rate debt.
Snowball method – This method recommends paying off debt in order of amount owed.  You want to start with the smallest amount owed, then work in order until you reach the debt with the largest amount owed.

IMPLEMENT YOUR PLAN!