We are continuing in this series of “Top 5 Ways To Gain Financial Margin” and this next part takes a little while, but it is SO WORTH IT!
#2 – Eliminate Debt
Most people have no idea just how much of their monthly income goes to service debt. They have the obvious debt payments for their car or furniture, but they also have loans that are automatically paid via on-line bill-pay services or through payroll automatic deduction.
Do YOU know how much of your money is being sent to a lender each month? If you have debt, I recommend that you stop right now and add it up. The car, credit cards, student loans, 401(k) loan, furniture debt, personal debt owed to another person, and the house. Seriously, use this tool to add up how much you owe total and the amount of money you are paying to the lender each and every month.
NOW – consider what life would be like if you were debt free. ALL of that money would now be available to you to pursue so many other things and dreams. You could bless your family and so many others in need. And … you could breathe more easily.
Even just paying off a couple of debts can create substantial financial margin and breathing room.