Can you recall your amount of debt and stress over finances from one, three or five years ago? How does that compare with today? Are you one step closer or further to freedom from debt? Many are in a more challenging place today than before. It is vital to recognize two things at work: our level of contentment relating to our spending beyond needs and the power of compound interest.
Paul wrote in I Timothy 6 that godliness accompanied with contentment is great gain. He also said if we have food and clothing, we shall be content. Paul shared this wisdom because he knew how the trap of placing material things above God leads to ruin. He also revealed in Philippians 4 that his inward strength comes directly from Christ, enabling him to live under all circumstances.
Do we consider that loving tether coming from the Lord that provides contentment when certain optional purchase decisions are in front of us? Is it possible we sometimes over dramatize that we must have something (or have it now instead of later) to be happy? Many feel if they just made more they would get ahead, but when they get more money frequently people just get deeper in debt with larger bills. This is why even many households with large incomes end up filing for bankruptcy.
Just one example of the power of compound interest: did you know that a purchase of a sofa for $2,000 on a typical credit card at 18% interest and in paying just the minimum monthly requirement can leave you paying over $8,000 over decades to finally pay it off? It can feel like we are shackled to the bills which arrive and moving one step further away every year. This is why Proverbs 22 warns us that “the borrower is servant to the lender”.
It is by the power of compound interest working against us every day that makes it harder each year to get ahead – unless we choose stop the bleeding. Make a decision to only use your credit cards for what you can pay off by the end of this next month. It is important is to move away from impulsively using your credit card as the first response when you see something. Ask the Lord to provide contentment and wisdom to operate this way.
For a larger item, you may find you can locate it for less (on Craigslist for example), save up to make the purchase with cash, or you might eventually decide you can do without the item after all. By having patience, there is also the opportunity for the Lord to overtake you with a blessing of what you are seeking. If we get on and stay on this path, we will find ourselves one step closer a year from now.
Lastly, take away this thought from Paul in Philippians 4, and know that the Lord will hear your prayer… “Do not fret or have any anxiety about anything, but in every circumstance and in everything, by prayer and petition (definite requests), with thanksgiving, continue to make your wants known to God.”
God bless you and may He show Himself greatly to you,
Paul
