Most young people are on the fast track and they are rushing around to college, work, or out of college and quickly establishing a lifestyle that is trying to keep up with the Jones. They are on the fast track to financial disaster.
This may not be you.
You may be the exception and be totally out of debt, buying everything with cash. This may not be for you but you may know someone who is living this lifestyle. You might want to send them this link.
Our Fast-Track Money Story
My husband and I were married shortly after I was out of college. My husband had a small student loan and had a car loan he had recently obtained. On the other hand, I started off marriage without bringing any debt into our new home.
After getting married, we lived in a very small cottage without enough room for accumulation of junk. That was okay because we were so in love! In fact, we were broke!
The gas prices were starting to rise and my car was an old brown Dodge Corinet that inefficiently burned the fuel. Soon, my husband bought me (himself really ;-)) a Ford Escort econo-box. Cute little car but now we had payments!
By the time we had been married two years, we really wanted to start a family. Our little cottage was too small for even a crib let alone a limited supply of baby paraphernalia.
Besides, we were starting to accumulate too much for that small little cottage and we starting thinking of finding a bigger place.
We soon bought a Townhouse for $36,000. which wasn’t a bad deal. We were starting to get accustomed to debt and the American way of living. A way of living neither of us had experienced growing up overseas on the ‘mission field.’
Meanwhile we had a new credit card. We were careful at first.
It wasn’t long before we got used to the card. Sure did come in handy when we ‘needed’ something that we didn’t have money for!
We were on the ‘fast track for disaster’ because we were accumulating material things like cars, our home, clothes, stereos, and other ‘needs’ faster than we had saved the money.
We were starting to depend on borrowing from our future instead of saving for the future.
A HUGE difference.
Yes, my husband made the decisions to buy the larger items like cars or our home (no boats thankfully) while I would provided for our growing family’s ‘needs’ through buying clothes and other necessary items (in more abundance than necessary).
The little things add up.
But it is easy to blame my husband since, you know, he always spent soo much money!!
It has taken us years to get where we are going. It takes two-to-tango and if you are married, both husband and wife have to be together on this or it won’t work!
Why is Fast-Track Living the Road to Financial Disaster?
If your school loans, car loans, home loan, and credit debt all fit within your budget, it is okay, right?
Well, it is okay but not advisable.
Some people live hand-to-mouth because they actually do have a low income.
Other people live hand-to-mouth because they own too much stuff that they haven’t paid for yet.
They are committed to paying those bills for years to come. They are caught in a trap and cannot easily get out.
My husband and I have been in this trap for years and have found that it is bigger than just paying up those credit bills.
If you do not get to the root of the problem, the issues are still there, dormant perhaps but there nevertheless.
About the time you pay your car loan up, your car is worn out and you need a new one.
Unless you have diligently saved for a new one, you will probably end up buying another one and be right back to the vicious cycle of car debt again.
God gave us excellent advice to the Israelites in Deuteronomy 28, but most of us haven’t noticed this passage or if we have we didn’t pay attention to it.
The Lord will open to you His good treasure, the heavens, to give the rain to your land in its season, and to bless all the work of your hand. You shall lend to many nations, but you shall not borrow. 13 And the Lord will make you the head and not the tail; you shall be above only, and not be beneath, if you heed the commandments of the Lord your God, which I command you today, and are careful to observe them. ~Deuteronomy 28:12-13~
When we are in debt we are like slaves to the creditor!
There are good solid reasons why it is wise to get out of debt. It really is possible when we set our minds to it.
I hope this series will give you hope that you really can be out of debt.
Just be sure that your husband is on the same page or you will only be frustrating your efforts (not to mention controlling your husband).
Learn from me instead of repeating the same mistakes. If your husband is not with you on this, you still can be the godly young wife who doesn’t everything possible to be thrifty with the money you have.
My Challenge to YOU!! Share your story with me in the comments or email or Private Message me for encouragement and prayer. Then, read all the previous posts HERE and catch the ones coming up, and lastly write down your goals for what you are going to do to get out of debt.
Welcome to WholeHearted Wednesday #178
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