Personal Finance Workbook

True Cost of Debt
Total Overspending = $10,000.00
Repayment of Debt = $10,000.00
Interest of Debt = $8,000.00
Total Cost = $28,000.00

It would be almost impossible for any of us to live in America without incurring some type of debt at some point in our life. There are, however, some helpful considerations to ask yourself before you go into debt:

1. Does the purchase make sense?

2. Have I checked with "many counselors" concerning borrowing?

3. Do I have the spiritual peace of mind or freedom to enter into this debt?

4. What personal goals and values am I meeting with this debt that can be met in no other way?

5. Do I have a guaranteed way of paying this back?

Each time we go into debt, prayerful consideration needs to take place to allow God to have input into our decisions.

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Biblical Position on Giving, Savings, and Debt

Introduction

Needs and Desires

The Debt Trap

The Ease of Debt Growth

Debt Repayment

The True Cost of Debt

Plotting Financial Goals

Gifts Given Record

Debt Records

Statement of Net Worth

Monthly Income Statement

Monthly Cash Flow Recording Sheet

Percentage Guide

Income Graph

Where Do We Go From Here?

Biblical Guidelines

Financial Objectives

Glossary of Terms

Reference List & Acknowledgements