Debt-Free Living

By following this book, I was able to get out of debt and live within my means on a tiny, almost hopeless, income. I figured out how much I should be spending on each category, using his percentages, and wrote the amount into a ledger for every month. Then, as I got my paychecks, I divided the money up exactly (I used envelopes with cash for a lot of it, just to make it more visual). If I went over the amount or under, I wrote in how much I had missed by. Gradually, I was able to get my spending into line with those percentages and I got out of debt, saved some, and still spent some money on entertainment. His method includes setting money aside for fun things, and I think that's what makes it livable. He talks a lot about Biblical principles and Christian/Jewish beliefs about morey, and I went along with that, because I figure it represents thousands of years of wisdom about what works and what doesn't. If you're not. Christian/Jewish it will still work because it's based on thousands of years of people figuring out what does and does not work, so it's good advice no matter how you slice it. If you don't want to give 10% to a church, give it to an organization you believe in - Defenders of Wildlife or something. The concept of giving 10% of my income really upset me at first because I was on such a low income and was struggling. But it does work, maybe because it makes you very aware of how much money you actually have, and how much 10% of that really is. You only have 9 more opportunities to use that amount wisely. I never use to think about how I spent money until I used this method. Get an accounting notebook that has lines for categories and amounts, and for each month, write in how much you SHOULD be spending on each category, then next to that, write in what you actually spent. And split the money up as soon as you get a paycheck - don't wing it then estimate! This is about breaking old habits and learning a new relationship with money, and if you make a strong foundation, this will serve you well for the rest of your life!

I really liked this book. It is a classic book for those who are interested in managing their finances according to Biblical principles, and for those who have landed themselves into debt. Larry Burkett teaches biblical principles of debt-management by telling stories... stories collected over years of counseling thousands of struggling individuals and couples. Some of the previous reviewers have said that these stories are just anecdotal scare-tactics, but the intriguing thing is that I see highly-educated people around me making the same "anecdotal" mistakes with their finances (and reaping the consequences). Americans (in general) have no clue how much house they can afford, etc. and regard debt as a necessary evil... or even as a good thing. This book helps you to see debt in a more balanced light, and is highly recommended to anyone who struggles in this area.As you can see by some of the other reviews, if you're not a Christian, you'll probably get hung up on some of the biblical principles: such things like keeping your word even when it costs you money, family leadership principles, living within your means, and the husband-wife relationship. So if you're not a Christian, I would suggest taking a serious look at the Bible (by studying what it says) and then compare it to the principles in this book. I think you'll find that the Bible is reliable and timeless in its guidelines for finances just as it is for every other area of life.

I bought this book several years ago. It has proven so applicable, and the principles and techniques so practical and valuable, that I re-read it every six months to get myself back on course as I dig out of debt. By now my copy is highlighted, marginal-noted, and dog-eared to the max. Absolutely superb. It is so valuable, in fact, that I ordered another copy and transferred all my notes and highlights as a gift to my son to help him learn from my pain. The comment by a reviewer asking why 150,000 copies sold has a simple answer: many people found the book well worth the money. Guess I bought two of those copies! Further, several reviewers seem uncomfortable with the "Christian bias" throughout the book. Certainly, the author bases much of his financial advice (which works, by the way!) on his Christian values. But whether the reader is a Christian or not, if the values and advice make common sense, and if these values and advice lead the reader out of the pit of debt, then so what? We still have a distance to travel in the journey of getting out of debt, but my family is in infinitely far better financial shape for carefully implementing Burkett's advice. And again, I periodically review the entire book "religiously," pardon the pun!

Right off the proverbial bat I will say if you are not a believer and do not have an active relationship with the Holy Spirit, do not bother, as much of this book involves that belief .As for the negatives about the bulk of the book being drawn out case histories? Guilty. However, on the other hand, they are great, true scenarios on how some of us get into trouble/debt in the first place. The description of how our country/culture wound up so debt dependent is interesting as well.If you have a grasp on such things as "The Kingdom Economy" and what (and how very much) the Bible has to say about debt, cosigning, materialism and giving, and you truly want the truth about how you got into and can get out of debt, why it is so seemingly "normal" these days, and that God will indeed intercede when we do what is consistent with His word, this book and the ministry the author founded that has helped thousands will benefit you.Otherwise, there are thousands of books on the subject that you will probably buy with a credit card even if you can't really afford it.

I highly recommend Debt-Free living by Larry burkett (or any of his writings as a matter of fact!) to anyone! Not only are the strategies and advice very timely but they also produce positive results when applied! A definite must on your book shelf!