Most people who get into debt do not even know why they are racking up debt. It seems to creep up on them.
Against this backdrop, if you are battling with debt, I want to encourage you to take a close look at your bank statements.
Get your magnifying glass out and examine your bank statements. Your statements do not lie. They will give you a clear view of what is stealing your cash flow and where your money is going.
To cut wasteful expenditure, you need to establish where your hard-earned money is going.
Where are you spending your money?
According to your credit card and bank statements, where are you racking up debt?
You need to review your statements and analyze your spending.
Once you know where you are spending your money, you can take action to change your habits and stop your debt from spiraling out of control.
Are you spending too much on clothing or entertainment?
Are you buying things you don’t need or really use?
What is your weakness? Avoid these areas. It may be hard, but a little short-term pain can lead to longer-term gain.
Debt and reckless spending will steal your cash flow, rob you of your joy, and will leave you cash-strapped and stressed out.
“… the borrower is slave to the lender.” (Proverbs 22:7)
You don’t have to be a slave to debt. You can break the debt cycle.
Jesus told us “…seek, and you will find…” (Matthew 7:7)
You need to gain control over your money or your money will forever control you.
You need to track your spending.
If your credit and store cards are a temptation, causing you to rack up debt and are a source of unnecessary stress, then the best bit of advice I can give you is this…
Buy a pair of scissors! Cut up the cards of temptation. This simple step can protect you from the stress of extra debt, help control your spending, and help get rid of the temptation.
“A person without self-control is like a city with broken-down walls.” (Proverbs 25:28)
If you are battling to practice self-control with your money and spending, get out your magnifying glass and study your bank statements. And if the temptation is too much, take out that pair of scissors and cut up that card!
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