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IS
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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