In order to pay off debt, you have a good solid idea of where all of your money is going, by using a spending plan/budget. Click on this link to download and save the 30 Day Tracking-Income and Expense. Once you know where all your pennies are going, you will usually find areas where you can cut your spending or sell things of make additional income. Use the additional cash no matter how little to pay more than the minimum on your debts.
We recommend paying off the smallest balance first. Use this spreadsheet List Your Debts and Snowball Them that you will find on http://compasscatholic.org/customize-your-budget/ to organize and prioritize which debt to pay first
Over time as your debts are paid off, continue to track your spending and keep that budget updated to maximize your savings.
Manage your money God’s way means using the Bible as the basis for how to handle money. Yes! The Bible! There are 2,500 verses in the Bible dealing with money and possessions, so this source of financial advice is never wrong. The purpose of Compass Catholic Ministries is to assist you in becoming financially free.
Access a free copy of the Your Money Counts eBook, to learn more. Or take a tour of our 9-week small group Bible study, Navigating Your Finances God’s Way for a deep dive on financial topics in the Bible.
Join the Beans for informative and practical discussions about money: how to earn it, spend it, manage it, give it, save it, invest it, and even how to train our children to be money smart.