As seafarers’ wives, we often find ourselves in-charge of everything while our husbands are out at sea, navigating the waves of both family and finances. One of the biggest challenges we face is managing debt, which can often feel like a heavy anchor dragging us down. But there is hope, and with God’s guidance, we can break free from the chains of debt, build a solid financial future, and create a legacy for the next generations.
The Weight of Debt and Its Impact on Our Future
Debt is more than just a financial burden; it’s an emotional and spiritual one too.
The rich rule over the poor, and the borrower is slave to the lender.
Proverbs 22:7
When we’re in debt, we’re not free. Our decisions are influenced by how much we owe, and it can rob us of the peace, joy and freedom that God desires for us.
For seafarers’ families, debt can be particularly challenging. With irregular income, it’s easy to fall into the trap of borrowing to cover expenses during lean months, when our husbands are home with no income, only to find ourselves struggling to pay it back when times are tough. But God has a better plan for us—a plan of prosperity and hope as He says in Jeremiah 29:11. To align with His plan, we must commit to getting out of debt and staying out of it.
Two Proven Methods to Get Out of Debt: Avalanche vs. Snowball
There are two popular methods for paying off debt: the Debt Avalanche and the Debt Snowball. Both are effective, but they work in different ways.
1. Debt Avalanche Method:
How It Works:
With the Avalanche method, you focus on paying off debts with the highest interest rates first. You continue making minimum payments on all your other debts, but any extra money goes toward the debt with the highest interest.
Pros:
This method saves you money in the long run because you’re tackling the most expensive debts first.
Cons:
It can be less motivating because it may take longer to see the first debt paid off, especially if the high-interest debt has a large balance.
2. Debt Snowball Method:
How It Works:
With the Snowball method, you start by paying off your smallest debt first, regardless of interest rate. Once that debt is paid off, you take the money you were paying on it and apply it to the next smallest debt, creating a “snowball” effect.
Pros:
This method is highly motivating because you see quick wins as you pay off smaller debts. It builds momentum and keeps you motivated to continue.
Cons:
You may end up paying more in interest over time because you’re not focusing on the highest interest debts first.
Which Method Is Preferable?
As a seafarer’s wife who understands the ups and downs of managing a household finance, I recommend the Debt Snowball Method. While the Debt Avalanche can save more money in the long term, the quick wins from the Snowball method can be incredibly motivating. There’s something powerful about crossing a debt off your list, even if it’s a small one. It gives you the encouragement, that momentum you need to keep going, and in a lifestyle as unpredictable as ours, staying motivated is key.
The Importance of Getting Out of Debt for Our Future
Getting out of debt is essential for building a strong financial foundation for the future. When we’re free from debt, we have more control over our finances. We can save for emergencies, invest for the future, and give generously. We can also teach our children the value of financial freedom, setting them up for a better future.
The Bible teaches us the importance of leaving a legacy for the next generation.
A good person leaves an inheritance for their children’s children.
Proverbs 13:22
Being in debt makes it difficult to build that inheritance. But when we’re debt-free, we can focus on growing our wealth, not just for ourselves, but for the generations to come.
Practical Steps to Get Out of Debt
1. Commit to the Journey:
The first step in getting out of debt is to make a firm commitment. Pray and ask God for strength and wisdom. James 1:5 reminds us that if we ask God for wisdom, He will give it generously.
2. List Your Debts:
Write down all your debts, including the balance, interest rate, and minimum payment for each. This will give you a clear picture of where you stand.
3. Choose Your Method:
Decide whether the Debt Avalanche or Debt Snowball method is best for you. Remember, the goal is to choose the method that you’ll stick with.
4. Create a Budget:
A budget is essential for debt repayment. Allocate as much money as you can toward paying off your debt while still covering your essential expenses. Proverbs 21:5 reminds us, “The plans of the diligent lead to profit as surely as haste leads to poverty.” Be diligent in your planning.
5. Start Paying Off Debts:
Begin by making minimum payments on all your debts except the one you’re focusing on first. Any extra money should go toward that debt until it’s paid off.
6. Stay Motivated:
Celebrate each victory, no matter how small. Remember, each debt you pay off brings you one step closer to financial freedom.
7. Avoid New Debt:
As you work to pay off your debts, avoid taking on new debt. This may mean saying no to certain purchases or finding creative ways to cover expenses without borrowing. One way is building an emergency fund 3 to 6 months of your expenses or if you can do it up to 1 year of expenses much better. In this way, you have an amount of money set aside for emergencies instead of borrowing money.
Staying Debt-Free and Building a Future
Building a future without debt allows us to focus on what truly matters—our relationship with God, our family, and the legacy we leave behind. We can invest in our children’s education, save for retirement, and give generously to those in need. Most importantly, we can experience the peace and freedom that comes from living according to God’s principles.
Once you’ve paid off your debts, it’s important to stay debt-free. Continue to live within your means, save for future expenses, and avoid borrowing unless absolutely necessary.
Let no debt remain outstanding, except the continuing debt to love one another, for whoever loves others has fulfilled the law.
Romans 13:8
Let love be the only debt you carry.
Building a future without debt allows us to focus on what truly matters—our relationship with God, our family, and the legacy we leave behind. We can invest in our children’s education, save for retirement, and give generously to those in need. Most importantly, we can experience the peace and freedom that comes from living according to God’s principles.
Trusting God in the Journey
Getting out of debt is not easy, but with God’s help, it’s possible.
I can do all this through Him who gives me strength.
Philippians 4:13
As seafarers’ wives, we know what it means to endure long journeys and face challenges head-on. Let’s approach our debt with the same determination, trusting that God will guide us every step of the way.
Remember, this journey isn’t just about numbers on a page—it’s about aligning our hearts with God’s will and being faithful stewards of the resources, He has given us. As we work to pay off our debts, let’s keep our eyes fixed on Him, knowing that He has a good plan for our future. And as we break free from debt, let’s encourage others to do the same, lifting them up with the hope and freedom that only God can provide.
JOIN US
Beyond our blog, we foster a vibrant community of seafarers’ wives who come together to share their experiences, offer support, and uplift one another. Our bible study, online forums, social media groups, and virtual meetups provide a sense of belonging—a reminder that you’re never alone in your journey. Whether you’re a seasoned seafarer’s wife or just beginning your journey, we invite you to join our community and embark on this transformative adventure together. Together, we can conquer the challenges, celebrate the victories, and build a future filled with love, joy, and prosperity.
