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"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."
—The First Presidency, All Is Safely Gathered In: Family Finances, Feb. 2007, 1

In the pamphlet, All is Safely Gathered In: Family Finances, The First Presidency counsels us to (1) pay tithes and offerings, (2) avoid debt, (3) use a budget, (4) build a reserve, and (5) teach family members. On its face, this list is simple and straight forward, but by living by sound financial principles, we can find peace and financial freedom. Remember, "by small and simple things are great things come to pass . . ." (Alma 37: 6).

Tithes and Offerings

A question we should all ask ourselves is, "Am I a full tithe payer?" Although paying tithing can be a huge sacrifice when money is tight, the blessing promised is not something we can replace by putting the money elsewhere. The Lord has promised that he will "open . . . the windows of heaven, and pour . . . out a blessing, that there shall not be room enough to receive it" (Malachi 3: 10).

Avoid Debt

Elder Joseph B. Wirthlin taught: “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” ("Earthly Debts, Heavenly Debts," Ensign, May 2004, 42).

Budget

Many of us have kept a budget sometime in life and so this principle seems like a no brainer. But can you remember to the penny how much money you spent on groceries last month? On fast food and restaurants? My wife and I used to think we were good with budgeting but did not track everything until it was spent. Now that we focus on the flow of money throughout the month, we have been amazed that our monthly expenditures are around 80% of what they were before we became better at budgeting, and now we pay higher rent and have a baby too!

Build a Reserve

Start small and work to build a larger reserve. I believe that the scripture "if ye are prepared ye shall not fear" is also applicable here. Hearing about imminent layoffs, reduced bonuses, etc., we all become anxious. If we have a reserve, however, we at least have something to fall back on.

Teach Family Members

"Teach the principles of hard work, frugality, and saving" (The First Presidency, All Is Safely Gathered In: Family Finances, Feb. 2007). Even if we are financially sound, are we perpetuated good financial principles by teaching our children or have we accumulated a vast reservoir of financial knowledge that blesses only our own lives?


This Web site is dedicated to helping us achieve these financial objectives. A few of the objectives will be broken down into sub-categories and there will be a list of key indicators that will demonstrate how close each one of use is to reaching a healthy financial life style. We need to find a way to be accountable for our spending habits. We need to be wise stewards and be honest in our dealings. Prayerfully decide what is best for you and your family. And please, leave comments and suggestions on this site indicating ways to improve this site and how to improve a financial situation in general.