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LE$$ IS M RE Take TIME to Prepare Financially The Tulsa Oklahoma Stake 2014 Women’s Conference Saturday, August 23 (contributed by the Jenks Ward Relief Society) A B O U T T H I S P R E S E N TAT I O N The purpose of this presentation is to touch upon a few basic guidelines to wise financial preparation in keeping with the theme of the 2014 Tulsa Oklahoma Stake Women’s Conference: Take TIME to Prepare. We have been counseled by the Lord and by His prophets to be wise stewards and to practice proper money management as well as to live within our means. These basic guidelines are nothing new but will hopefully be a reminder for some or even a starting point for others when it comes to money management and finances. LESS IS MORE The proverb “less is more” means having or doing less of something in order to get something more appreciated or valued. It was interesting applying this saying to financial preparation. It was also enlightening to discover that personal finance is more than just a temporal matter; it is also spiritual. Simply put, personal finance and living within our means is part of living the gospel of Jesus Christ. FINANCIAL PREPARATION: LESS = MORE? It all depends on our perspective, priorities, and attitude regarding money. PAY THE LORD FIRST Less Yearning More Giving “All too often a family's spending is governed more by their yearning than by their earning. They somehow believe that their life will be better if they surround themselves with an abundance of things. All too often all they are left with is avoidable anxiety and distress” (Elder Joseph Heavenly B. Wirthlin, Debts,” conference). May “Earthly Debts, 2004 general Tithing is a commandment upon which financial blessings are predicated. When we pay our tithes and offerings first, we show God that we are putting Him first. We tend to be more generous in our giving when we yearn less for worldly abundance and seek first the kingdom of God. PAY YOURSELF Less Spending of Money More Money to Save “After paying your tithing of 10 percent to “Set your houses in order. If you have paid the Lord, you pay yourself a predetermined your debts, if you have a reserve, even amount directly into savings…It is amazing though it be small, then should storms howl to me that so many people work all of their about your head, you will have shelter for lives…and yet think so little of their own your wives and children and peace in your efforts that they pay themselves nothing” hearts” (Gordon B. Hinckley, “To the Boys (Elder L. Tom Perry, “Becoming Self- and to the Men,” October 1998 general Reliant,” October 1991 general conference). conference). AV O I D D E BT Less Focus on Wants More Focus on Needs “Frugality requires that we live within our income “When faced with the choice to buy, consume, or and save a little for a rainy day, which always engage in worldly things and activities, we all seems to come. It means avoiding debt and need to learn to say to one another, ‘We can’t carefully limiting credit purchasing. It is important to afford it, even though we want it’” or ‘We can learn to distinguish between wants and needs. It afford it, but we don’t need It’…Whenever we want takes self-discipline to avoid the ‘buy now, pay to experience or possess something that will later’ philosophy and to adopt the “save now and impact us and our resources, we may want to ask buy later” practice” (James E. Faust, “The ourselves, ‘Is the benefit temporary, or will it have Responsibility of Welfare Rests with Me and my eternal value and significance?’ (Robert D. Hales, Family,” April 1986 general conference). “Becoming Provident Provider Temporally and Spiritually,” April 2009 general conference). M A N A G E YO U R M O N E Y A N D USE A BUDGET Less Covetousness More Gratitude & Contentment “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, We can better manage our finances when we covet less and live within our means. Keeping track of our expenses and ashamed, less worthwhile if our family does not developing a budget with an attitude of have everything the neighbors have. As a result, we gratefulness go into debt to buy things we can’t afford—and blessings we have received will help us to things we do not really need. Whenever we do this, become “provident providers” and better we become poor temporally and spiritually” (Robert stewards. D. Hales, “Becoming Provident Providers Temporally and Spiritually,” April 2009, general conference). and contentment for the “Every family should have a budget. Why, we would not think of going one day without a budget in this Church or our businesses. We have to know approximately what we may receive, and we certainly must know what we are going to spend. And one of the successes of the Church would have to be that the Brethren watch these things very carefully, and we do not spend that which we do not have” (Spencer W. Kimball, April Conference, 1975, pp. 166-167). TRACK EXPENSES AND CREATE A BUDGET Find a system that works for you - whether it’s going online, using an excel spreadsheet, or writing it down with paper and pencil. https://www.mint.com/ (It’s free) SAMPLE EXPENSE TRACKER http://creativesavingsblog.com SA M P L E B U D G E T WORKSHEETS http://creativesavingsblog.com/ https://www.lds.org/topics/finances FINANCIAL MANAGEMENT IS A FA M I LY A F FA I R More Responsible Less Indifferent “Control of the money by one spouse as a “In source of power and authority causes between husband and wife should be on a inequality is partnership basis, with both parties having Conversely, if a marriage a voice in decision- and policy-making. in inappropriate. the marriage partner voluntarily removes herself entirely from and himself family or financial the home, money management When children come along and reach the age of accountability, they too should be involved in money concerns on a limited management, that is an abdication of partnership basis” (Marvin J. Ashton, One necessary responsibility” (Marvin J. Ashton, for the Money, Intellectual Reserve, 2006, One for the Money, Intellectual Reserve, p. 2). 2006, p. 3). LEARN AND TEACH THE PRINCIPLES OF FINANCIAL MANAGEMENT IN YOUR FAMILY Learn the principles of financial management in creating a budget and setting family financial goals. https://www.lds.org/topics /finances LEARN MORE FROM BYU MARIOTT SCHOOL OF MANAGEMENT Find lessons about personal finance and how we can be better stewards over our resources by making a budget, living within our means, and staying out of debt. http://personalfinance.byu.edu/ TEACH YOUR CHILDREN “Based upon appropriate teaching and individual experience, children should be responsible for the financial decisions affecting their own money fabnfree.com and suffer the consequences of unwise spending. ‘Save your money’ is a hollow pronouncement from a parent to a child. ‘Save your money for a mission, bicycle, doll house, trousseau, or car’ makes understandable sense” Bottle bank (Marvin J. Ashton, One for the Money, Intellectual Reserve, 2006, p. 8). FHE LESSONS Eight Financial Priorities worksheet Learning to Work and Save Money and Marriage Setting Goals Understanding Credit (Lessons will be available in PDF) FHE LESSON FROM THE FRIEND Tithing The Best Choice By Elder Sheldon F. Child FHE LESSON FROM THE FRIEND June 1985 Paying Your Tithing “Money in the lives of Latter-day Saints should be used as a means of achieving eternal happiness. Careless and selfish uses cause us to live in financial bondage. We can’t afford to neglect personal and family involvement in our money management. God will open the windows of heaven to us in these matters if we will but live close to him and keep his commandments” (Marvin J. Ashton, One for the Money, Intellectual Reserve, 2006, p. 3). President Thomas S. Monson counseled Church members to live within their means“Avoid the philosophy and excuse that : yesterday’s luxuries have become today’s necessities. They aren’t necessities unless we ourselves make them such. Many of our young couples today want to begin with multiple cars and the type of home Mother and Dad worked a lifetime to obtain. Consequently, they enter into long-term debt on the basis of two salaries. Perhaps too late they find that changes do come, women have children, sickness stalks some families, jobs are lost, natural disasters and other situations occur, and no longer can the mortgage payment, based on the income from two salaries, be made. It is essential for us to live within our means” (“Constant Truths for Changing Times,” 20). A RT I C L E S F R O M T H E ENSI G N “Becoming Provident Providers Temporally and Spiritually “– Elder Robert D. Hales “Earthly Debts, Heavenly Debts” - Elder Joseph B. Wirthlin “Constancy Amid Change” – Elder N. Eldon Tanner “Personal and Family Financial Preparedness”- Elder Franklin D. Richards Helpful finance sources U.S. Financial Literacy and Education http://www.mymoney.gov Federal Depositors Insurance Corporation (FDIC) http://www.fdic.gov/consumers/consumer/moneysmart/index.html Federal Reserve Board http://www.federalreserve.gov/consumers.htm Parenting: Family Matters – Family Finance http://www.bbc.co.uk/parenting/family_matters/finance_index.shtml MSN Money Central http://moneycentral.msn.com/family/home.asp The Jump$tart Coalition for Personal Financial Literacy http://www.jumpstart.org Consumer Reports www.consumerreports.org/cro/personal-finance/index.htm