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  • Writer's pictureSereta Collington

5 Biblical Steps To Becoming Debt Free

Photo credit: Kostiantyn Li

Are you struggling with debt? Do you feel like there is no way out? You are not alone. Millions of people around the world are in the same boat. But did you know that there is a biblical way to become debt-free? So how can we follow the Bible and become debt-free? This blog post will discuss five steps to help you get rid of your debt and live a life of financial freedom!

Step One: Make a Commitment to Get Out of Debt

The first step is to commit to getting out of debt—Proverbs 21:5–The plans of the diligent lead to profit as surely as haste leads to poverty. Therefore, you need to develop a plan and put it into action. You can’t just sit around and hope that things will change; Take action! The first action is to pray and ask the Lord to guide you in your endeavor to pay off your debt.

Step Two: Create a Budget

The second step is to create a budget. Creating a budget will help you keep track of your expenses and stay within your income. You don’t need a fancy form; get three sheets of paper label each income, living expenses, and personal expenses. The living expenses are those you cannot change, such as light, gas, and car bills. Personal expenses are ordering out, shopping, etc. It is essential to be realistic with your budget; don’t cut too many corners or end up in even more debt. Read Luke 14:28-30 about laying the foundation. Creating a budget helps you not run out of money.

Step Three: Live on Less Than You Earn

The third step is to live on less than you earn. Learning to live on less than you earn is difficult, especially when you have no budget to start. It can be helpful for you to reduce your spending. There are many ways to do this, so you need to find what works best. Having money does not mean we should borrow more, as we read in “Proverbs 22:7–The rich rule over the poor, and the borrower is a slave to the lender.”

Step Four: Earn More Money

The fourth step is to earn more money. Earning more money can help you pay your debt off faster. You can start by finding a new job, making extra income through side hustles, or creating an investment plan. Whatever it takes, you need to bring in more money. It’s always a great idea to have one way to make your income. Ecclesiastes 11:2–Invest in seven ventures, yes, in eight; you do not know what disaster may come upon the land.

Step Five: Stay Debt-Free

The fifth and final step is to stay debt-free. Getting debt-free is already challenging, so staying out of debt once you start being debt-free is essential, so seek to continue living within your budget and making extra payments on your debt. It would be best to be careful about taking on new debts. Avoid further obligations by not opening new accounts and striving to live on less. Paul gave us an example of this in Philippians 4:11-13 “Not that I was ever in need, for I have learned how to be content with whatever I have. 12 I know how to live on almost nothing or with everything. I have learned the secret of living in every situation, whether it is with a full stomach or empty, with plenty or little. 13 For I can do everything through Christ, who gives me strength.”

The Bible tells us we should not be in debt. It tells us we should be content with what we have. If you can follow these five steps, you will be well on your way to being debt-free Biblically. Debt can be challenging to overcome, but it is not impossible. If you follow these five steps, you can begin the step to becoming debt-free and living a life of financial freedom! So what are you waiting for? Get started today!

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