I have been teaching my family members, and my children the principles of financial management. I involve them in creating a budget and setting family financial goals. I teach the principles of hard work, frugality, and saving. I stress the importance of obtaining as much education as possible in this area because it’s so important to start young. My parents never taught me about money, it was never polite to talk about in my home. I’ve learned that, though my parents and remarkably good with their money and standards, that I needed to change this in my family. Before every month, we sit down together and plan out the month and what we need or want. Then we don’t overspend and my kids don’t throw a fit when I tell them, “Sorry, we didn’t budget for that.”
Living Prophets & Apostles:
1. I have a dear friend who, in the early years of his marriage, was convinced he and his family needed a four-wheel-drive pickup truck. His wife was sure that he did not need but merely wanted the new vehicle. A playful conversation between this husband and wife initiated their consideration of the advantages and disadvantages of such a purchase.
“Sweetheart, we need a four-wheel-drive truck.”
She asked, “Why do you think we need a new truck?”
He answered her question with what he believed was the perfect response: “What if we needed milk for our children in a terrible storm, and the only way I could get to the grocery store was in a pickup?”
His wife replied with a smile, “If we buy a new truck, we will not have money for milk—so why worry about getting to the store in an emergency!”
2. Too many people in our country today are developing the attitude that government is obligated to care and provide for them. In many ways, government has fostered this attitude, but the members of The Church of Jesus Christ of Latter-day Saints know better.
3. Parents need to teach children very early that a solid financial base is a very important element in a happy home. We can do much with our young people to help them find satisfying, rewarding employment. We should encourage them to do well in their schoolwork and to learn to take advantage of opportunities that will help build a solid base for their future security.
4. Brethren, please do not think that this is someone else’s responsibility. It is mine, and it is yours. We are all enlisted. “All” means all—every Aaronic and Melchizedek Priesthood holder, rich and poor, in every nation. In the Lord’s plan, there is something everyone can contribute.
5. We also will pray for the strength to learn from, change, or accept our circumstances rather than praying relentlessly for God to change our circumstances according to our will. We will become agents who act rather than objects that are acted upon (see 2 Nephi 2:14). We will be blessed with spiritual traction.
6. Be careful of the many attractive offers to borrow money. It is much easier to borrow money than it is to pay it back. There are no shortcuts to financial security. There are no get-rich-quick schemes that work. Perhaps none need the principle of balance in their lives more than those who are driven toward accumulating “things” in this world.
Any Prophet, Apostle, or General Conference Address:
7. When it comes to overcoming being greedy, selfish, and overly indulgent, we all need a lot more help. In his candid manner, President Brigham Young said: “The worst fear … I have about this people is that they will get rich in this country, forget God and His people, wax fat, and kick themselves out of the Church. … My greater fear … is that they cannot stand wealth.”
8. I am confident that we will literally be called upon to make an accounting before God concerning how we have used [our resources] to bless lives and build the kingdom.
9. Cut the amount of money you spend on recreation by 50 percent. Do fun things that do not require money outlay but make more lasting impressions on your children.
10. The prophet Jacob said to his people: “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, and let your soul delight in fatness” (2 Ne. 9:51). Brothers and sisters, remember to always pay a full tithing.