Guidelines for Debt Free Life
- Published in Partnership in Family
By C Barnabas
- On any account never borrow money from others and also avoid giving loan to others.
- Never purchase anything in credit including vehicles and house-hold items. Avoid purchasing groceries in the shop in credit.
- Clearly understand the needs and wants. Spend your money only for the needs. Never permit your wants to be changed into your needs.
- Be disciplined in purchasing your things. Always avoid impulse buying.
- Try to save about 10 percent of your income in a remunerative way. Invest your money with an interest rate above inflation rate. Invest your savings in a house or a land which gives more benefit.
- Give more than 10 percent of your income to the Lord. All believers including full time workers should give a minimum of one tenth of their income to the Lord.
- Be content with what you have, and never compare yourself with your relatives or friends, and try to purchase all the things that they have in their home.
- Never follow the spending model of others. Avoid purchasing certain items to please your neighbours or relatives. Be careful while spending on marriages and special functions.
- Never spend money more than what you earn. If you earn two thousand rupees never try to spend like your friend who earns five thousand rupees.
- In the beginning of every month budget your income and expenses. At the end of each month check whether you have spent your money as per your budget.