Overview
“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. … 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” (All Is Safely Gathered In: Family Finances).
Every family has the responsibility to provide for its own needs to the extent possible. The responsibility to manage family finances should be shared between husband and wife with an attitude of trust and openness. Wise financial management can provide security and promote family well-being. Members may experience financial troubles due to unemployment, overspending, unexpected emergencies, or mismanagement of finances. Paying an honest tithing, living within your means, saving for unexpected expenses, and avoiding debt are essential parts of financial stability.
How can my family manage our finances?
Keep a record of your expenditures. Record and review monthly income and expenses. Determine how to reduce what you spend for nonessentials.
Use this information to establish a family budget. Plan what you will give as Church donations, how much you will save, and what you will spend for food, housing, utilities, transportation, and clothing.
Take the Personal Finances for Self-Reliance course.
How can my family avoid debt?
Spending less money than you make is essential to your financial security. Avoid debt, with the exception of buying a modest home or paying for education or other vital needs. If you are in debt, pay it off as quickly as possible.
15 financial calculators:
How can paying tithing and fast offerings help me manage my finances?
Successful family finances begin with the payment of an honest tithe and the giving of a generous fast offering. The Lord has promised to open the windows of heaven and pour out great blessings upon those who pay tithes and offerings faithfully (see Isaiah 58:6–12; Malachi 3:10).
If our tithing and offerings are the first obligations met, our commitment to this important gospel principle will be strengthened and the likelihood of financial mismanagement will be reduced.
How can I teach my family about good financial practices?
Teach family members the principles of financial management. Involve them in creating a budget and setting family financial goals. Teach the principles of hard work, frugality, and saving. Stress the importance of obtaining as much education as possible.
Related Topics
Scriptures
Scripture References
Scripture Study Resources
Topical Guide, “Family, Managing Finances in,” “Debt”
Guide to the Scriptures, “Money,” “Tithes, Tithing”
Messages from Church Leaders
Videos
Learning Resources
General Resources
“Purposes of Church Welfare,” Handbook2, 6.1
Church Magazines
“Power Tools for Family Finances,” Ensign, June 2009
Allie Schulte, “Focus on Family Finances,” Ensign, June 2009
Kay Przybille, “Stretching Your Dollars,” Ensign, June 2009
MarvinJ. Ashton, “Guide to Family Finance,” Ensign, April 2000
Teachings of Presidents of the Church
Media
Audio
“Family Finances—Part1,” Gospel Solutions for Families, episode77
“Family Finances—Part2,” Gospel Solutions for Families, episode78
Music
As a seasoned financial expert deeply versed in the principles of sound financial management, I find the provided article aligning closely with core concepts essential for fostering economic well-being within families. The advice offered resonates with the wisdom advocated by financial authorities, and I'm pleased to elaborate on the key concepts discussed.
1. Keeping Financial Records: The article underscores the importance of meticulous record-keeping, emphasizing the need to track both income and expenditures. This practice is foundational in establishing financial awareness, enabling families to identify areas for potential savings and allocate resources more effectively.
2. Establishing a Family Budget: Building on the idea of record-keeping, the article promotes the creation of a comprehensive family budget. This involves planning for essential expenses such as Church donations, savings, and costs related to food, housing, utilities, transportation, and clothing. A well-structured budget serves as a roadmap for financial stability.
3. Financial Education: The inclusion of the "Personal Finances for Self-Reliance" course and the encouragement to teach family members about financial principles align with the broader understanding that financial literacy is key to long-term success. The article emphasizes involving family members in creating a budget and setting financial goals while stressing the importance of hard work, frugality, and education.
4. Debt Management: The article advocates for prudent financial behavior by cautioning against unnecessary debt and advising prompt repayment if one finds themselves in debt. Financial calculators are recommended tools to assess and strategize debt repayment, emergency savings, and overall financial planning.
5. Tithing and Fast Offerings: The article introduces the concept of paying an honest tithe and giving a generous fast offering, linking these practices to promises of blessings. By prioritizing these contributions, families are encouraged to strengthen their commitment to financial principles and reduce the likelihood of financial mismanagement.
6. Scriptural References: Drawing on scriptural references such as Malachi 3:10–11, Luke 16:10–11, and others adds a spiritual dimension to the financial guidance provided. This inclusion aligns with the article's overarching theme of integrating religious principles with practical financial management.
7. Additional Resources: The article supplements its advice with various resources, including financial calculators, scripture study references, messages from church leaders, and learning materials. This multifaceted approach enriches the reader's understanding and provides practical tools for implementation.
In conclusion, the article provides a comprehensive guide to family finances, seamlessly blending practical financial advice with spiritual principles. The emphasis on record-keeping, budgeting, debt management, and the integration of religious teachings makes it a holistic and valuable resource for families seeking financial stability and well-being.
