The U.K. has $1.445 trillion pounds of debt, as of 2012, when this was filmed. This number is staggering and I'm sure Canada's debt calculator is significantly high, as well. I suppose hearing this number may discourage most people. For me though, it pushes me even harder to get out of debt as fast as I can.
There was a specific quote from one of the High Court officers, Paul, who is featured in the show, and this statement struck me as being right on the money. He was talking about cars and how people used to save for a used car and be quite happy with that, but nowadays folks are wanting a brand new vehicle that just can't afford. Once they have that vehicle financed they start to see other possessions the same way. Everything must be new and they must have it now; no waiting. It's a major problem...Of course, I hear about financial issues more and more these days with all my reading and research on finances since starting with Dave Ramsey's Baby Steps plan. For example, Chris and I have seriously thought about buying a house one day. We are 39 and 41 years old, respectively, and we're not getting any younger. We know if we wish to buy a house it would be best to buy it in the near future. But we are still paying off our debt, and we only have $36,000 saved in our RRSP. Not near enough for a down payment, as of yet. We're not ready to buy a house. We're not ready to take on such a huge financial responsibility. What's surprising to me is that others in our same situation would still try and buy that house, believing that paying rent is just paying someone else's mortgage but not helping themselves. Well, I disagree with that. If we were to buy a house now, what would we do if something went wrong? The roof leaked or the boiler broke down? Chris and I would be at our wits end about what to do, that's what!
Thankfully, we recognize that financially we are not ready and so we're happy to pay rent for a very nice and comfortable apartment that is within 25% of our budget. This apartment doesn't stretch us financially unecessarily. We are able to pay our bills and have a little spending money to ourselves at the end of each month. It also means, once our debt is paid off, we'll have money to squirrel away and save for that car, house and perhaps one day an adoption -- these three things are the most important to us -- other than our faith in our Savior, Jesus Christ.
We believe in the process we're going through, and it shocks me when I see shows and read things about other people having to deal with debt collecting agencies. Shocks me to my core, to be honest, that our debt numbers continue to increase year after year because of things like credit cards being used, cars being financed and homes bought that are way too expensive and out of our price range.
The Lord asks us to live within our means and not be slave to the lender. I try my best, by prayer and the desire to be led by the Holy Spirit, to make right and sound financial choices. I try my best to honor Heavenly Father with what He has given me...and I admit there's some days I do better than others, but I always continue to strive forward.
The next time you think on the fact that Chris and I have been able to pay off $30,000 in less than a year, you remember how we have done it. We've done it with God, with the power of saying "no" to ourselves and each other, with the intention of finding cheap or free ways to entertain ourselves, we've shopped for ways to save on groceries and we've being thankful for every day these choices have made it possible to continue on our debt free journey. You can pay off your debt in just the same fashion. Don't sit there and think "I wish that could be me! I wish I could pay off my debt, too!" YOU CAN. I swear to you, my nightly prayers include you, yes you! You can do this.
So the next time you go to the store and want to buy something a little extra for yourself, remember to ask yourself what's more important, the dream Heavenly Father has given me to GO where He asking me to go in life (hopefully towards debt-freedom is part of that journey) or is buying that _____ (whatever it is) more important? Denying oneself brings maturity. Children throw tantrums when they can't have what the want right away. Stop throwing mini tantrums within your own heart and mind. Put the item back on shelf and think, "This dream I have is bigger and more important than this item in my hand." The more you deny yourself in frivolous shopping the easier it gets. The more you start to value what you already own and the more your value what you have the less likely you are to shop frivolously! Seriously, it works, and not even that, you feel that your acting with purpose for God's will. You really honestly do.
Be more mature today than you were yesterday. Be willing to wait, save and enjoy what you currently have.
Don't add to the debt calculating number that continues to grow; instead add to the legacy number you wish to give children and family. God bless you all in this journey. Don't give up the fight!
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