(Wellness Montana) Up until a month ago, I was a typical millennial child in the way of money. Having a credit card was a way of managing unexpected emergencies: the car broke down, I broke my arm, the tree broke my bicycle. And on and on. Before I knew it, I was up to my eyes in unexpected and unwanted debt.
Even so, comparatively, I was still fairly well off. I graduated college without any student loans, I had no car payment or mortgage, and my overall debt was comparatively small. However, as the Bible states, the buyer is slave to the lender. Any outstanding debt is debt to which I am enslaved if not financially then mentally. Knowing that “I owe,” limits my capacity to give to other people and to help feed their tangible or spiritual needs when they arise. I don’t like feeling limited in my capacity to help others, nor do I like the feeling of my money leaking out my bank account with no idea why it’s leaving so fast.
As many other wise people have pointed out, having outstanding debt is not just a financial problem, it’s a lifestyle problem. Debt is often a symptom of a life without self-discipline, a life outside the structure of self-controlled budgeting.
Many of you have heard of the envelope system or the Dave Ramsey budget. One core aspect of both that I greatly like is this: you don’t spend more than you make. If you do that long enough and smart enough, eventually you put away the “extra” into savings, thus allowing financial flexibility to give to others or to take a vacation knowing it’s fully paid.
I’ve recently introduced a consistent budget to my life in the past two months, and I can confidently say this is the first time in my life that I’ve felt at peace financially. Rather than allowing my money to leak out of my bank account each month, I now take a proactive role in determining what my core needs are so I know where my money is going. I’m also actively working toward building up my savings and paying down my debt–and now I know exactly what it takes to live within my means.
Eliminating the financial demand on my life–or better yet, managing it instead of letting it manage me–is one way of obtaining peaceful financial health. Knowing my limits as well as planning my goals is a huge way of making money a tool rather than a master.
What do you think? Do you have financial success stories or questions? I’d love to hear them in the comments below!
(Jamie Upschulte is a chiropractic assistant. She works for Wellness Montana in Bozeman, MT where she enjoys the pursuit of a healthy lifestyle against the backdrop of beautiful mountain views.)
