What does your debt/spending say about you?

By this point, you’ve hopefully acknowledged you have debt and are putting together a plan in 2011 to wipe it out. Now, let’s talk about what your debt says about you because it speaks loud and clear, you just may not be listening. Debt, which is a result of spending, is an action that reflects something about your character. I am going to share with you what mine used to say about me and trust me when I say it’s true so don’t fight me on this one!

Let me lay a quick foundation before I proceed. About three years ago I became involved in a ministry called Vertical Leap. It was started by Coach Al & Hattie Hollingsworth. Coach Al is one of my greatest mentors to this day. Coach used to teach us about operating from the “inside out” and not from the “outside in”. Society teaches us to pursue material wealth, outside possessions (ie; riches, cars, men, women, clothing, etc) because they will make us happy. Indeed they do… for 5 minutes, then what? We aren’t satisfied. So we buy a bigger house, a newer cell phone, a better computer, etc. And then we consume, consume, consume and go around in this viscous cycle of chasing things that never fulfill us. This is what he means by "outside in." However, when we are fulfilled spiritually and seek after the things of God (wisdom, knowledge, understanding, patience, love, etc), we can get out of this cycle of spending for the wrong reason because that void that we are trying to fill is gone. Now, it doesn’t mean we may not want these things but we no longer chase them in order to be whole or happy and most importantly, we won’t create debt while trying to get it.

I began to acknowledge how my spending in the past was in direct correlation to my lack of self-esteem. It wasn’t until I heard Suzie Orman mention this that I even realized that money management and personal finances are directly tied to one’s self-esteem. There are always a few exceptions to the rule. However, when I stopped and assessed my personal finances, I was shocked to realize that a large percentage of my money had been spent on shoes, clothing, and other material things. I realized that I was trying to compensate for something that was seriously lacking in my life. And the reason I had to keep buying is because nothing I purchased ever filled the void. Ever! And the same will be true for you. That is if you are buying to fill a void in your life. Chances are you are looking to upgrade to something else because it’ll be better, chances are it’ll cost you more and chances are you’ll get bored with it and repeat this cycle.

It’s the beginning of 2011. I want you to add up all your debts and I want you to go back and look at what you spent the bulk of your money on in 2010. You might not like what you see but how can you possibly change if you don't jump off that merry go round for a minute? Look at your bank account transactions. Once you have done that, be honest with yourself and admit if you are spending to fill a void. Now, spend 2011 focused on decreasing that by 20%. Start small and ask yourself what more meaningful things can you do with your financial resources? Who could you have helped financially if you were a better steward over your resources? After all, we are blessed to be a blessing!