Family economy

 

“Wherever you live in the world, we urge you to assess your financial situation to prepare for adversity. We urge you to be moderate in your expenses and to exercise discipline in your purchases in order to avoid debt ... If you have already paid your debts and have an economic tuition reserve, no matter how small, you and your family will feel more secure and enjoy of greater peace in his heart” (Prepare everything that is necessary: Family finances).

 

Every family has the responsibility to provide what is necessary for their own needs to the extent possible. The responsibility for managing the family finances should be shared between husband and wife with an attitude of trust and frankness. Managing finances wisely can provide security and promote family well-being. Members may experience financial problems due to unemployment, overspending, unexpected emergencies, or poor financial management. Paying a full tithe, living within means, saving for unforeseen expenses, and avoiding debt are essential parts of financial stability.

How can my family manage the economy?

Keep track of your expenses. Write down and evaluate your monthly income and expenses. Determine how to reduce your spending on nonessentials.

Use this information to establish a family budget. Plan how much you will contribute as gifts to the Church, how much you will save, and what you will spend on food, housing, utilities, transportation, and clothing.

How can my family avoid debt?

Spending less than you earn is essential to financial security. Avoid debt, with the exception of buying a modest home or paying for an academic education or other vital necessities.

Successful family finances begin with paying a full tithe and contributing a generous fast offering. The Lord has promised to open the windows of heaven and pour out great blessings on those who faithfully pay tithes and offerings.

When paying tithing and fast offerings are the first obligations we attend, our commitment to this important gospel principle is strengthened and the risk of mismanagement decreases.

 

Teach family members the principles of financial management. Let them participate in creating a budget and setting family financial goals. Teach them the principles of hard work, frugality, and thrift. Emphasize the importance of acquiring as much academic education as possible.