Several years ago, my husband and I resolved to get out of
debt. Though we didn't carry any credit card debt, we did owe on
a car and our home. We felt strongly impressed to free ourselves
from all debt.
We had always lived frugally, but we realized we would have
to tighten our budget even further if we were to pay off the car
and the house. We also determined that I would remain at home
and care for our five children. We eliminated some activities
from our lifestyle and added others as we learned new ways of
doing things. Within a few years, we were able to pay off both
the house and the car.
When my husband and another member of the church started
their own engineering business, they were able to pay themselves
only a token salary for the first three years. Because we were
free of debt, we were able to live on a modest amount and still
support a missionary son.
Following are some of the tips and ideas we used in paying
off our debts:
Pay tithes and offerings. No exception.
Pray. Enlisting the Lord's help is essential in any financial
plan.
Involve the children (when appropriate). Explain to them your
desire to get out of debt and ask for their help. They may have
suggestions of their own for cutting expenses.
Keep the goal in mind. Don't complain. Make a game out of
living well but inexpensively.
Use credit cards only for convenience. Make sure that the
balance is paid off every month.
Sharpen skills; acquire new ones. Though my sewing skills were
(and are) minimal, I made inexpensive quilts for Christmas and
birthday presents.
My husband gave computer literacy lessons and
earned additional money.
Learn to barter. I bartered typing for more complicated sewing
projects and traded other services with friends.
Sell unwanted items. We sold furniture through ads in the paper,
held garage sales, and took other items to consignment shops. An
added benefit to this was a less cluttered home.
Keep possessions in good repair. Resoling worn shoes costs less
than buying a new pair. Cars get better gas milage with regular
tune-ups. The list here is endless.
Buy gently-used items rather than new. I scoured yard sales and
thrift shops for clothes and toys. With careful shopping, we
found beautiful articles, affording better quality than we could
if we had bought new pieces.
Don't skimp on medical and dental care. Short-term savings in
these areas can result in larger bills later on. Practice good
nutrition and exercise regularly (live the Word of Wisdom).
Pay attention to the small things. Turn off lights and
appliances when not in use. Combine errands when driving.
Patronize beauty schools which offer discounts on haircuts and
perms. Clip coupons. Write letters rather than making long-
distance calls. Even with the increasing price of postage, a
letter is still a bargain and always welcomed by the recipient.
Take advantage of the public library to borrow books, movies,
CDs, and even artwork.
The experience brought our family closer together as we made
an adventure of frugal living.
It is empowering to be free of debt. "... if ye are
prepared, ye shall not fear." (D&C 38:30)?
