Finances

 I have procrastinated enough, I waited until the last minute to write this blog because I wanted to write about finances.  I could have written something else, but this subject stayed in my heart the most this week.  Finances are a very hard subject for me to deal with.  I know I am learning about family relations and about how to love one another, and how to have a good marriage, but this week gave me palpitations because it’s about finances.

One reason I dislike speaking about finances is society has made it one of the main reasons why couples don’t get married right away.  Couples decide that they must have this elaborate wedding and must save for a couple of years before that can happen.  The second reason is one part of the couple has a problem with finances and until they learn how to get that part of their life together, they will have to wait for marriage.  The third reason for finances and no marriage is, that I won’t be with anyone who has terrible credit, or they don’t have money saved.  I am not one to save for a rainy day and I will need help with this aspect of my life. 

Elder Marvin J. Ashton a member of the Council of the twelve apostles from the Church of Jesus Christ of Latter-Day Saints wrote a talk in 1975 about finances called “One for the Money – Guide to Family Finance.  The talk was turned into a pamphlet and a guide to all church members to work on finances in their households.  I can’t tell you how many times I have gotten this pamphlet and tried to follow it and just threw it in the garbage because I never followed it.   When I saw it this time I wanted to scream “NOT AGAIN” I thought I got away from it.

I believe Heavenly Father is trying to tell me something, but it was not what I thought.  This time I saw the pamphlet in a different light.

In this pamphlet, Elder Ashton states “marriage tragedies are not caused simply by lack of money, but rather by the mismanagement of personal finances.  Money management should take precedence over money productivity.  In the home, money management between husband and wife should be on a partnership basis, with both parties having a voice in decisions and policymaking.  Peace, contentment, love, and security in the home are not possible when financial anxieties bickering prevail.”

Elder Ashton has twelve points that will help families achieve this goal he believes.” I won’t go over all of them, but I will talk about the ones that hit my heart.

1.       Pay an honest tithing – If our tithing and fast offerings are the first obligations met following the receipt of each paycheck our commitment to this important gospel principle will be strengthened and the likelihood of financial mismanagement will be reduced.  I will testify to that!!

2.       Learn to manage money before it manages you – New attitudes and relationships toward money should be developed constantly by all couples.  Conversely, if a marriage partner voluntarily removes himself or herself entirely from family financial management, that is an abdication of necessary responsibility.  Honestly, I was going to do that when I got married but I see it is wrong and it can make contention in the marriage.

3.       Learn self-discipline and self-restraint in money matters – Couples should recognize that they cannot immediately maintain the same spending patterns and lifestyle as that to which they were accustomed.  Darn!

4.       Use a budget – Every family must have a predetermined understanding of how much money will be available each month and the amount to be spent.  Heart attack!

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.  So true.

6.       Teach children to make money decisions in keeping with their capacities to comprehend – children should be responsible for financial decisions affecting their own money and suffer the consequences of unwise spending.  Money doesn’t grow on trees!!

7.       Teach each family member to contribute to the total family welfare – As children mature, they should understand the family’s financial position, budget and investment goals, and individual responsibilities within the family. 

8.       Make education a continuing process – complete as much formal, full-time education as possible, including trade schools and apprentice programs.  This is true education is continual.

9.       Work toward home ownership – home ownership qualifies as an investment, not consumption.

10.   Appropriately involve yourself in an insurance program – It is most important to have sufficient medical, automobile, and homeowner’s insurance and adequate life insurance.  Make sure you have life insurance.

11.   Understand the influence of external forces on family finances and investments – Inflation continues to offset a major portion of average wage increases.  A larger paycheck may not mean more purchasing power and should not be an excuse for extravagant purchases or additional debt. Save save save!!

12.   Appropriately involve yourself in food storage and emergency preparedness program – accumulate your food storage and emergency supplies in a systematic and orderly way. Always.

 

As I was reading these twelve points, I find it amazing that President Spencer W. Kimball wanted to have this pamphlet to guide the Latter-day Saints in 1975.  This pamphlet and the words of Elder Ashton ring true today.  I may not be able to follow a budget, but I will work on other points that will lead me to learn and grow about following a budget.  I am grateful that I could see this pamphlet as a guide to help me grow and not as something to make me feel bad about saving and money.