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For those of you that are new to Financial Seeds, and don’t know my story, my wife and I had a very traumatic first year of marriage.

When she was seven months pregnant with our first child, we discovered that she had a life-threatening brain tumor.  In addition to spending almost two months in the hospital, our household income was cut by $75,000.  Imagine, on top of that, if we had no savings — and if we were struggling with debt.  It could have destroyed our family.

Unfortunately, that’s the situation most millennial couples are in.

CNBC reported that millennials, people born in 1980 or later, are, on average, $42,000 in debt.  At the same time, CNN Money reported, according to a report by Bankrate, 60% of Americans don’t have $500 saved. If you combine the debt with the lack of savings, and you run into an emergency like that of my wife and I, it could ruin your marriage.

That’s why I decided to put this article together.

The Bible is adamant that we should avoid debt.  If you look at Job 24:9, it goes as far as to say, “The infant of the poor is seized for a debt.”  Matthew 18:25 says, “Since he was not able to pay the debt, the master ordered that he and his wife and his children and all that he had be sold to repay the debt.”

As you can see, in the Bible debt is not a positive thing.

However, we do serve a gracious and merciful God.  You can make the decision today to stop borrowing money, and start being a better steward over the resources God has blessed you with.

Here are three tools you can use to pay off your debt faster.

 1. Tally

Tally is an app that allows you to place all of your credit cards in one place.  Tally gives you one credit line with a low interest rate, allowing you to consolidate your debt and lower your interest rate. In turn, you pay off your debt faster — with less stress.

2. Changed

The next tool you can use is Changed.  Changed is an FDIC-insured account that allows you to upload all of your student loans.  It will monitor your bank account, and every time you make a purchase, it will take the change and make extra payments towards your student loans.

For example, if you go to the store and purchase something that’s $2.50, it will round up to $3.00.  It will pay the 50 cents toward your student loans.

Now you can make extra payments on your student loans without even thinking about it.

3. Vertex 42 Debt Reduction Calculator

The third tool I want to give you is the Vertex 42 debt reduction Calculator.  This is a free Microsoft Excel template. 

You enter all of your debts and the interest rate.  You select a debt payoff method, snowball or avalanche.  Then you enter the amount you have to pay toward your debt each month.  The calculator will tell you exactly how much of your payment you should allocate to each debt and exactly when you’ll be debt-free. 

The calculator gives you a nice breakdown of when each debt will be paid off, giving you a clear picture of when you can become debt-free.

 If you’re serious about getting out of debt…

It’s not the easiest thing to stay motivated when you’re trying to pay off debt.  To help you I’ve put together a free devotional.  The devotional has 28 Bible verses that are specifically designed to help you keep God’s Word in your heart so that you can stay motivated to pay off your debt.  Click here to download.

I just gave you three quick tools, but if you want to develop a complete debt elimination plan I can help. I can look at your unique situation and develop a plan to help you get out of debt.  You can visit my website, GREENFINANCIALSOLUTIONS.NET, and learn more about our debt elimination planning service.

If this information blessed you, I asked that you please share by clicking one of the buttons below.  Together we can be a blessing to someone else.

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