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Cash In

One of the blessings you may find as a result of the COVID-19 outbreak is money in your bank account. Without the availability of dine in restaurants, movie theaters, and "non-essential" stores, our spending habits of the past just might mean there's more money in our savings account today.

On top of that, the White House is looking to give us money during these times of uncertainty. There are rumors of money to pay our bills, money we can keep and not fear getting evicted from our homes, loan forgiveness for student loans, and mortgage loans are being deferred.

So, what should we do with all that extra money. We should get out of debt. This is a GREAT time to be focused on paying down those hight credit cards, paying off your car, and consolidating your loans into one low interest rate credit card. Then close those unnecessary credit accounts and cut the cards up. How do you do this? Follow these simple steps:

"If you fail to plan, you plan to fail."

Benjamin Franklin

1. Make a plan. There is a free website where you can set up a budget account and assign every dollar a job ( When every dollar is spent on bills (or saved in an emergency fund) you will have a plan to follow. An emergency fund of $1,000 is recommended to cover unexpected emergencies like a flat tire or doctor visit.

2. Stick with the plan. We often find a financial windfall is a blessing and then spend it so fast on the things we "need" that once it is gone we regret what we spent it on. By assigning the new money to a job of paying off old debt you'll walk way feeling proud of yourself for not impulsively throwing caution and your money to the wind.

3. Reassess the plan. It takes only a few minutes to make the plan, and on average about 90 days to get the system to work seamlessly. When you do the Dave Ramsey Debt Snowball you'll see results happen very rapidly. Paying off the smallest debt first (regardless of the interest rate) will encourage you to continue to pay down the next, then the next, until you've paid off all your debt. (

4. Plan to save more. One of my friends has recently started a home growing project where she can plant all types of vegetables and eat them when she reaps the bountiful harvest. This is another way to save on your grocery bill. One of these (photo) home gardens can produce enough vegetables to feed a family of 4 for pennies and for several months. This is just one idea on how to save money.

By following these four easy steps you'll be well on your way to getting out of debt. There's nothing else to do with your money right now, why not cash in on this opportunity to put your money to work so that IF we find ourselves in a economic downturn, you'll be way ahead of the game.

10 “Whoever can be trusted with very little can also be trusted with much,

and whoever is dishonest with very little will also be dishonest with much.

11 So if you have not been trustworthy in handling worldly wealth,

who will trust you with true riches?

12 And if you have not been trustworthy with someone else’s property,

who will give you property of your own?"

Luke 16:10-12

Day 64: Plan

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