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Summary: Learn the Biblical way to build your avings and live debt free.

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Session 3

Developed using the books

Your Money Map: A Proven 7 Step Guide to True Financial Freedom

and The Total Money Makeover


- Finish working on your budget listing all your expenses that you can.

- Review your credit report.



Destination #1

- Begin using a spending plan

- Save $1,000 for emergencies

Destination #2

- Pay off credit cards

- Increase savings to one month’s living expenses


Destination #3

Pay off all consumer debt

Increase savings to three month’s living expenses.

- “49% of Americans could cover less than one month’s expenses if they lost their income” (Ramsey).

- Due to the unemployment and underemployment rate in this area, I would recommend six months savings.

- How much savings do you need? One question you can ask yourself, “How long will it take me to find another job if I am laid off?”

- You will have to live off your savings until you find another job. The more savings you have, the more flexibility it gives you in looking for just the right job for you.

Romans 13:8

“Keep out of debt and owe no man anything.”


Work on your consumer debt and savings at the same time.

- Consumer debt is all debt other than credit cards, your home mortgage, and business loans.

- The three most common consumer debts are auto debt, student loans, and home equity loans.

- Take the amount you were spending on paying off credit cards and increasing your savings from the last destination.

- Divide it in two. Pay half to savings and half to your consumer debt.

When you meet one of the goals, put that money toward the other goal.

- Just like in the last destination.

- If you meet your savings goal first, put all the money toward paying off consumer debt.

- If you pay off consumer debt first, put all the money toward meeting three months savings.

How? Snowball the debt like the credit cards.

- Continue making minimum payments on all your consumer debts.

- Focus on acceleration the payment of your smallest higher-interest consumer debt first.

- When you pay that one off, apply that payment toward the next smallest one, and so on.


A debt free strategy

- Unlike a home, a car depreciates in value as soon as you drive it off the lot.

- It is worth less than you paid for it.

- The average car payment in America today is $484 over 84 months (Dave Ramsey Radio)

- Four steps to get out of auto debt:

~ Decide to keep your car at least three years longer than your car loan.

~ Pay off your car loan.

~ After your last payment, keep making the payment, but pay it to yourself. Put it into an account that you will use to buy your next car.

~ Use your car’s trade-in value and the money you’ve saved to pay for your next car.

- What if you need another car now but have not saved up?

~ Decide how much you can afford to pay on a car.

~ Buy a $1000 beater and drive it for six months.

~ Save up what you would have paid in payments (let’s say $300 per month).

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