Week 10

This week we discussed history of work and money management. Elder Marvin J. Ashton has a guide to family finance called "One for the Money". In this guide he gave 12 'steps' to being successful in money management. He said, "May I at this time hasten to emphasize the face that [these] marriage tragedies are not caused simply by lack of money, but rather by the mismanagement of personal finances." In other words, it doesn't matter how much money we make if we can't manage it we will not be successful.
The steps are:
1. Pay an honest tithe:

•  1/10 of our increase-what do you consider an increase? 
• "Paying tithing promptly to Him who does not come to check up each month will teach us and our children to be more honest with those physically closer at hand."

2. Learn to manage money before it manages you:

• Self-management, have self-control over your spending.
• Debt=Bondage!
• "Financial peace of mind is not determined by how much we make, but is dependent upon how much we spend."

3. Learn self discipline and self-restraint in money matter:

• Use the debt-elimination calender. 
• "Married couples show genuine maturity when they think of their partner's and their family's needs ahead of their own spending impulses."

4. Use a budget:

• Plan ahead
• "Liquid savings available for emergencies should be sufficient to cover at least three months of all essential family obligations."

5. Teach family members early the importance of working and earning:

• "One of the greatest favors parents can do for their children is to teach them to work."

6. Teach children to make money decisions in keeping with their capacities to comprehend:

• "Family unity comes from saving together for a common, jointly approved purpose."

7. Teach each family member to contribute to the total family welfare:

• "As children mature, they should understand the family financial position, budget and investment goals, and their individual responsibility within the family.

8. Make education a continuing process:

• "Periods of unexpected unemployment can happen to anyone. We should not allow ourselves, when we are out of work, to sit back and wait for 'our type of job' if other honorable interim employment becomes available."

9. Work toward home ownership:

• "Buy the type of home your income will support. Improve the home and beautify the landscape throughout the period you occupy the premises so that if you do sell it, you can use the accumulated equity and potential capital gain to acquire a home more suitable to family needs."

10. Appropriately involve yourself in an insurance program:

• "It is most important to have sufficient medical, automobile, and homeowner's insurance and ad adequate life insurance program. Costs associated with illness, accident, and death may be so large that uninsured families can be financially burdened for many years."

11. Understand the influence of external forces on family finances and investments:

• "Beyond the emergency liquid savings, families should plan for and utilize a wise investment program preparing for financial security, possible disability, and retirement."

12. Appropriately involve yourself in a food storage and emergency preparedness program:

• "Accumulate your basic food storage and emergency supplies in a systematic and orderly way. Avoid going into debt for these purposes."

I believe that if we do what Elder Ashton has said and follow these steps, financially we will be okay. I know that I do some of these already and it has proven to have helped us. I think the first four are the most important for our situation right now.