Yesterday we discussed saving money for an emergency fund. Today we will look at what is becoming a lost discipline: saving money for purchases. We live in an instant gratification society and we feel that just because we want something, we should have it right now – whether we can afford it or not. How do we make it happen? Debt!
I believe debt is financial cancer and it is killing people financially. Proverbs 21:20, says; “In the house of the wise are stores of choice food and oil, but a foolish man devours all he has” (NIV). It is unwise to just blow all we have and then when we find something we want, we just go into debt for it.
Debt-related stress destroys marriages, reduces productivity in the workplace, and in some cases, it is literally killing people (Check out “Maxed Out” by James D. Scurlock). It is okay to purchase material wants if you are financially responsible when you do so. A big part of being financially responsible is saving up the money to make big purchases instead of going into debt.
Dave Ramsey says, “One definition of maturity is ‘delaying pleasure.’” Remember, “In the house of the wise are stores of choice food and oil, but a foolish man devours all he has” (Proverbs 21:20, NIV). The wise and mature thing to do is save up for big purchases.
Debt is a killer! As I said before, debt is financial cancer that is killing people that would otherwise be financially stable. By the way, the belief that the poor must go into debt to get by is a myth. I realize I may get some backlash from that but it is true. As a matter of fact, the less money one has, the more fatal going into debt will be.
I have had money and I have not had money and in neither case has debt been an asset. To be honest, over the last 17 years, other than a mortgage I had for about 13 years, I have not had any debt. The freedom I have had during times of plenty and times of…well… not so plenty – I can greatly attribute to my and my wife’s refusal to go into debt.
So, go ahead and get you some “stuff’, just make sure you can pay for it without going into debt. And if you cannot pay for it, at least have the wisdom and maturity to delay that pleasure long enough to save up and pay cash!
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Tommy Lanham is a dynamic, award-winning speaker who has been training individuals and organizations to reach their God-given potential for 25 years. With a unique blend of Ziglar motivation and ragamuffin faith, Tommy delivers powerful, life changing messages filled with humor, hope, and enthusiasm.
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