Sunday, November 13, 2011

Drowning in Debt

Throughout these holidays charging gifts and throwing lavish parties doesn't seem so harmful, until the bills begin to arrive.

As soon as those bills begin to arrive common sense begins to emerge and what didn't seem harmless then becomes too much for some to handle.  Coping with financial burdens just does not work for many resulting in bankruptcy or suicide. 

 Many people sometimes feel like they are drowning so much in debt that they are unable to stay afloat.  Unfortunately they end up robbing Saint Peter to pay Saint Paul. This is a common way of life for some, but when the drowning begins and the stress of a lack of funds begin to depress the individual pushing them to the point of no return...suicide.

Unfortunately many people are aiming theselves towards that route and they are leaving behind their loved ones to live with the pain and the suffering of their actions. 

Keeping ourselves humble enough to teach our children to be understanding of how to spend money wisely puts a stop on overspending, keeping our financial goals in more of an asset than an expense. This brings peace of mind and unison within the family.

When I was raising my boys I always told them there was a budget in our home in which Santa Claus needed to keep. I told them they were not allowed to exceed $40.00 dollars when choosing their gifts off the catalogs and that was our budget per child. They were always happy to go with my budget plans so they always chose less expensive gift so they could get more gifts with their $40.00 dollars. Then on Christmas morning the boys opened many gifts and they were always happy with my limit of expenses.

Keeping my expenses to a limit instilled in my family gratitude, understanding, patience and a life free of debt.

 Now that my home has become an empty nest, the rules still applies towards the grand-daughters. My budget has gone up $20.00 extra dollars because presents have gone up in price...but every year I try to stay witin my budget.

This year I was very frugal and I got many gifts for free thanks to coupons and great department store sales.

True to the Faith, a Church publication, gives the following additional counsel regarding debt:

"Some forms of credit, such as credit cards, have particularly high interest rates. Once you are in debt, you find that interest has no mercy. It continues to accumulate, regardless of your situation—whether you are employed or jobless, healthy or sick. It never goes away until the debt is paid. Do not be deceived by credit offers, even if they make debt seem attractive by promising low interest rates or no interest for a certain period of time.

"Look to the condition of your finances. Discipline yourself in your purchases, avoiding debt to the extent you can. In most cases, you can avoid debt by managing your resources wisely. If you do incur debt, such as a reasonable amount in order to purchase a modest home or complete your education, work to repay it as quickly as possible and free yourself from bondage. When you have paid your debts and accumulated some savings, you will be prepared for financial storms that may come your way. You will have shelter for your family and peace in your heart" (49).

—See True to the Faith (2004), 48–49