How to Manage Your Finances

Money. Some people say it's what makes the world go round. Finances help make the world go round, but it definitely isn't the most important thing. However, it does contribute to the happiness of families, and their ability to function.

In a booklet/ talk called One For the Money it gives 12 steps for managing money.

1.  Pay an honest tithe.- If you are religious, you will be surprised how far giving will get you in life.
2. Learn to manage money before it manages you. - If you are aware of your finances, they are less likely to catch you by surprise!
3. Learn self discipline and self restraint in money matters. Think of what you want more, that ice cream cone, or the trip to Hawaii you and your spouse have been saving for?
4. Use a budget.- It is so much easier to remain debt free, or get out of debt when you are aware of what you have to spend and how much everything costs.
5. Teach family members early the importance of working and earning.- One of the best lessons you can teach your child is how to work. ( Thanks Mom and Dad!)
6. Teach children to make money decisions in keeping with their capacity to comprehend.- Teach based on their age. Different children will take different techniques to teach about money, just like it does with all other things.
7. Teach each family member to contribute to the total family welfare.- When everyone is contributing to the family, it unites them.
8. Make education a continuing process- Just because you are graduated from college doesn't mean there aren't new things to explore!
9. Work toward home ownership.- It will feel so good to have it truly be yours!
10. Appropriately involve yourself in an insurance program.- Insurance may seem expensive, but if anything was to happen it would save you a bundle in the long run.
11. Understand the influence of external forces on family finances and investments.
12. Appropriately involve yourself in a food storage and emergency preparedness program.- It is better to be safe rather than sorry in an emergency.

 To view these steps in more details go to https://www.lds.org/ensign/2007/09/one-for-the-money?lang=eng