In the Compass Catholic Bible Study, we address a number of principles that are intended to set us on a path to financial freedom. One of the ideas we touch on is getting rid of things that might be useful to others. There is a possibility of earning money for these items in order to pay off debts or to put toward our Emergency Fund.
Many families struggle with this because the items that are taking up space might also have sentimental value. It can be difficult trying to sort through the things that have accumulated over the years when tension ensues over “My Favorite Aunt Susie’s heirloom soup latrine” or the sterling silver service that was a wedding present (but has never actually been used). In cases like these, while prudence should be exercised, care also needs to be taken to ensure the goal is accomplished. In order to do this, it might be worth setting the “controversial” items aside until everything has been looked through.
Another area we tend to have difficulty with when it comes to purging is eating through our pantry and using things up before we buy more (or before they expire). I have several friends who use coupons in order to stock up on items that they use frequently. They are often able to pair a coupon with a sale on the item to get it for next to nothing if not entirely free. However, there is a cost to stockpiling, too. We have to have room in our homes for these items and we have to remember that we did pay for the coupons, either through purchasing the Sunday newspaper or by printing them off our home computer. While these costs might seem nominal in the moment, if our stock-pile starts invading our space or the printer runs out of ink when we need to print an important document, suddenly our stockpiling might feel burdensome.
If we are facing financial difficulty, it is imperative to evaluate the necessity for maintaining ALL the material items that might be placing undue strain on our goals to achieve financial fitness. Typically, the point of contributing to the stockpile is to utilize it in times of great need. Do your current circumstances indicate that you are in fact in a time of great need? If so, this might be the time to consider canceling the newspaper subscription and using up the items in the pantry stockpile rather than adding to it.
Using the pantry backlog or evaluating items that could be sold in order to raise money for debt reduction, keep in mind that this is only a season. You will not always be in debt, especially if you follow the principles that are taught in the Navigating Your Finances God’s Way Compass Catholic Bible Study. Seasons change and some things that may need to be sold right now will be available to purchase again when you have the cash is in hand. You might even find that you won’t need to replace it because it wasn’t as useful as you once thought.
As with anything that is worth doing, this is worth doing well. Evaluating our stockpiles or selling unnecessary items will take patience and dedication. We didn’t get into this situation overnight and we won’t get out of it overnight so it is important to stay focused on the goal. Remember to revisit our website for a refresher on tools, calculators and inspiring wisdom from all who contribute to Compass Catholic Ministries!
“Have two goals; wisdom—that is, knowing and doing right—and common sense. Don’t let them slip away, for they fill you with living energy, and are a feather in your cap.”~Proverbs 3:21-22