The bible bailout plan for your finances,

If you are tired of living paycheck to paycheck, follow this simple plan that we wrote to eliminate over $50,000 of debt in about two years and become completely debt free!

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1.) PUT IT ON PAPER: Find your income and out-go. You have to make a budget based on your income. Write down all your expense payments and all your debt payments, then total up the monthly out-go of all payments.

2.) PUT IT IN THE BANK: With the ease of electronic and online banking, set up four bank accounts. One for payments or debt only. One for expenses only. One account for emergencies and finally a savings account. This is for major birthdays, holidays, vacations, and major purchases such as appliances or an automobile.

3.) BUILD AN EMERGENCY FUND: Take any "extra" funds from step one that is not going to payments or expenses and put it in your emergency fund. Do this until you have $500 - $1,000 in your emergency fund. NOTE: It was at this point, after we established our Emergency Fund and our Budget, that we quit using credit cards!

4.) GETTING OUT OF DEBT: There are a dozen ways to get out of debt, but none of them includes borrowing money or using credit. You can't get out of debt by borrowing more! (DUH!) Pay the minimum monthly payment on all of your debts, except the smallest one. Take any "extra" money from your monthly budget in step one, and apply it to the smallest debt! I don't care if you choose to pay off the highest interest rate debt first, but you will get more satisfaction by paying off the smallest one, then the next and so on.

5.) ROLL ON AND SPEED IT UP: After your "smallest" debt is paid off, continue making the minimum payments on all other debts, and apply the amount of the smallest debt, which is now paid off, to the next debt in line. This one is now the smallest. Some call this the "snowball" method, because you really build up speed and start knocking out debts.

6.) DON'T FORGET TO SAVE: Soon after you have paid off one or two of your smallest debts, you are going to realize that you forgot something in step one of your budget! Christmas, Birthdays, Anniversaries, Vacations, and all those other items seem to catch us by surprise! Set up a Savings Account and include all of these items in your budget!

NOTE: If at any time during steps 3 - 5, you find yourself in an "emergency", you take the money out of your emergency fund and go back to step number 2 and get it built back up to $500 or $1,000. (Painful, yes, but well worth it)

7.) PILE IT UP: After all debts are paid off, with the exception of your mortgage or the largest debt, (usually the mortgage) take one third of all the money you were using to pay off your debt and put it in the Emergency Fund, put one third into the Savings Fund, and apply the remaining third to the mortgage or final debt.

Download a FREE copy of the "Debt Buster Plan" we wrote to eliminate our debt and build true wealth.

Or order a copy of our book

"Does God Prefer Paper or Plastic"

at Noah's Dove Publishing

Materials on this site are FREE! You will not be placed on a mailing list or be asked to buy anything! We will show you how to eliminate debt, be prepared for the next round of the recession and build true wealth!

"The rich rule over the poor and the borrower is slave to the lender." 

  Prov. 22:7