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Proper financial
management is essential for a happy marriage and a commandment from modern day
prophets
"Latter-day Saints have been
counseled for many years to prepare for adversity by having a little money set
aside. Doing so adds immeasurably to security and well-being. Every family has
a responsibility to provide for its own needs to the extent possible.
"We encourage you wherever
you may live in the world to prepare for adversity by looking to the condition
of your finances. We urge you to be modest in your expenditures; discipline
yourselves in your purchases to avoid debt. Pay off debt as quickly as you can,
and free yourselves from this bondage. Save a little money regularly to
gradually build a financial reserve.
"If you have paid your debts
and have a financial reserve, even though it be small, you and your family will
feel more secure and enjoy greater peace in your hearts" (The First
Presidency, All if Safely Gathered In).
1. “I am satisfied that
money is the root of more trouble in marriage than all other causes combined”
(Gordon B. Hinckley, Cornerstones of a Happy Home, 8).
2. "I would like to
share with you today are my observations about the constant and fundamental
principles which, if followed, will bring financial security and peace of mind
under any economic circumstances" (N. Eldon Tanner, October 1979 General
Conference).
We
will cover the principles taught by President Tanner in this lesson. I have
read several books on personal/family financial management and this set of
principles by President Tanner are by far the most complete.
Develop and live
within a budget.
1)
Track
your spending.
2)
Make
a budget: set goals for future spending, including short, medium, and long term
expenses
3)
Regularly
review how well you are following your budget and what you can improve on.
4)
Find
ways to make it easier to follow your budget.
Q What are some
different ways we can make a budget and track spending?
Q How can we plan and
save for medium and long term expenses?
Q What are some things
you've found that make it easier to follow your budget? How do you know when to
stop spending money?
·
Money
in envelopes, post and update budget on the fridge so all family members can
see, receipt jar, review budget before shopping
Q How has making
and following a budget together strengthened your marriage? your family?
·
Determine
together what our family truly values and sacrifice less important things for
more important things.
Remember
to involve your children in budget creation and review:
3. “We should regularly
review our family income, savings, and spending plan in family council
meetings. This will teach our children to recognize the difference between
wants and needs and to plan ahead for meaningful use of family resources. When
our boys were young, we had a family council and set a goal to take a “dream
vacation” down the Colorado River. When any of us wanted to buy something
during the next year, we would ask each other, “Do we really want to buy that
thing now, or do we want to take our dream trip later?” This was a wonderful
teaching experience in choosing provident living. By not satisfying our every
immediate want, we obtained the more desirable reward of family togetherness
and fond memories for years to come. Whenever we want to
experience or possess something that will impact us and our resources, we may
want to ask ourselves, “Is the benefit temporary, or will it have eternal value
and significance?” Truthfully answering these questions may help us avoid
excessive debt and other addictive behavior” (Robert D. Hales, “Becoming
Provident Providers Temporally and Spiritually,” Ensign, May 2009,
7–10).
Pay an honest
tithing.
4. "The Lord
promises blessings to those who pay their tithing. He promises to “open … the
windows of heaven, and pour … out a blessing, that there shall not be room
enough to receive it” (Malachi 3:10). I testify that He fulfills His promises,
and if we faithfully pay our tithing, we will not lack for the necessities of
life... He blesses us with wisdom to manage
our limited material resources, wisdom that enables us to live better with 90
percent of our income than with 100 percent" (Carl B. Pratt, April 2011
General Conference).
Q How has the paying
tithing helped you to better manage your finances?
Live on less than you
earn.
5. “I have discovered
that there is no way that you can ever earn more
than you can spend. I am convinced that it is not the amount of money an
individual earns that brings peace of mind as much as it is having control of his money. Money
can be an obedient servant but a harsh taskmaster. Those who structure their
standard of living to allow a little surplus, control their circumstances.
Those who spend a little more than they earn are controlled by their
circumstances. They are in bondage. President Heber J. Grant once said: ‘If
there is any one thing that will bring peace and contentment into the human
heart, and into the family, it is to live within our means. And if there is any
one thing that is grinding and discouraging and disheartening, it is to have
debts and obligations that one cannot meet’ (Gospel
Standards, sel. G. Homer Durham [1941], 111).” (President Tanner, Ensign, Nov. 1979, 81).
6. "Some debt—such
as for a modest home, expenses for education, perhaps for a needed first car—may be necessary. But never
should we enter into financial bondage through consumer debt without carefully
weighing the costs. We have often heard that interest is a good servant but a
terrible master. President J. Reuben Clark Jr. described it this way: “Interest
never sleeps nor sickens nor dies; it never goes to the hospital; it works on
Sundays and holidays; it never takes a vacation. … Once in debt, interest is
your companion every minute of the day and night; you cannot shun it or slip
away from it; you cannot dismiss it; it yields neither to entreaties, demands,
or orders; and whenever you get in its way or cross its course or fail to meet
its demands, it crushes you.”" (Joseph B. Wirthlin, April 2004 General
Conference).
Q What practices have
helped you avoid getting into debt?
Q What practices have
helped you get out of debt?
Q Why is it important
to save for emergencies? Medium and long term expenses?
Learn to distinguish
between needs and wants.
7. “Being provident
providers, we must keep that most basic commandment, “Thou shalt not covet” (Exodus 20:17). Our world is
fraught with feelings of entitlement. Some of us feel embarrassed, ashamed,
less worthwhile if our family does not have everything the neighbors have. As a
result, we go into debt to buy things we can’t afford—and things we do not
really need. Whenever we do this, we become poor temporally and spiritually…. I have
learned that the three most loving words are “I love you,” and the four most
caring words for those we love are “We can’t afford it” ( Robert D. Hales,
“Becoming Provident Providers Temporally and Spiritually,” Ensign, May
2009, 7–10).
8. "Fix it up, wear
it out, make it do, or do without" (Gordon B. Hinckley, Ensign, Aug. 1992).
Q What does it mean to
covet? How can gratitude help us to not covet?
Q What can we do to
distinguish between needs and wants?
Q What can we do to
become less vulnerable to advertising?
Be honest in all your
financial affairs.
Q: Why is honesty an important part of all our
financial dealings?
Q: Why is honesty between spouses essential in
family finances?
9. "For what is a
man profited, if he shall gain the whole world, and lose his own soul? or what shall a man give in exchange for his
soul?" (Matthew 16:26).
Conclusion
Q How can we teach these
principles of financial management to children and youth?
10. "All of us are
responsible to provide for ourselves and our families in both temporal and
spiritual ways. To provide providently, we must practice the principles of
provident living: joyfully living within our means, being content with what we
have, avoiding excessive debt, and diligently saving and preparing for
rainy-day emergencies. When we live providently, we can provide for ourselves
and our families and also follow the Savior’s example to serve and bless
others.....
"With
all the love I have in me and with the Savior’s love through me, I invite you
to come unto Him and hear His words: “Wherefore, do not spend money for that which
is of no worth, nor your labor for that which cannot satisfy. Hearken
diligently unto me, and remember the words which I have spoken; and come unto
the Holy One of Israel, and feast upon that which perisheth not, neither can be
corrupted” (2 Nephi 9:51)" (Robert D. Hales, April 2009 General
Conference).
Additional Scriptures
to Ponder
"And
[Jesus] said unto them, Take heed, and beware of covetousness: for a man's life
consisteth not in the abundance of the things which he possesseth" (Luke
12:15).
"If
therefore ye have not been faithful in[worldly wealth], who will commit to your
trust the true riches?" (Luke 16:11).
"But
before ye seek for riches, seek ye for the kingdom of God. And after ye have
obtained a hope in Christ ye shall obtain riches, if ye seek them; and ye will
seek them for the intent to do good—to clothe the naked, and to feed the
hungry, and to liberate the captive, and administer relief to the sick and the
afflicted" (Jacob 2:18-19).
Additional Questions
to Ponder
Develop
a budget:
Do
I have a regular time to review my budget?
Is
my budget simple and easy to follow?
What
can I do to make it easier to follow my budget?
Live
on less than you earn:
How
do I know if we are over budget?
What
mechanisms do I have to stop spending money?
How
do I save for the short term, for things like Christmas and special occasions?
How
do I save for the medium term, for things like vacations or new vehicles?
How
do I save for the long term, for things like retirement or children's college?
Does
my budget help me to get out of debt?
Does
my budget include planning for emergencies?
Distinguish
between needs and wants:
Does
my spending reflect the priorities of what I really value?
What
am I doing to become less vulnerable to advertising?
Key Links to
Additional Financial Management Resources
Principles
and tools for managing finances, getting out of debt, increasing financial
literacy, etc. : https://www.lds.org/topics/finances
Free
beginner, intermediate, and advanced financial lessons from BYU: http://personalfinance.byu.edu/
LDS
Employment Resources: https://www.ldsjobs.org
Key talks about Strengthening
Families can be found at
Key talks about Sacrifice
can be found at
Key talks about Gratitude
can be found at
Key talks containing Apostolic
and Prophetic Warnings can be found at
Key talks about Tithing
can be found at
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