Living Within Your Means

Can I just say I LOVE this class. It has been a rewarding and worthwhile course I will never regret taking. Brother Williams does a wonderful job in effective teaching and involving everyone.

This week we learned about finances and its influence on the family, and vise versa. We covered the history of work and the family since Adam and Eve to this day. Back in the day work was a lifestyle which was a family endeavor that involved EVERYONE in the family. It was not just mom doing all the household chores; rather the children were involved with the usual tasks we so easily avoid today. There is SO much I want to write about--but due to time I will only highlight several important points covered.

How can we teach children early the importance of working and earning?

-Chores (the children help contribute) How could we best communicate this value to strengthen the family?
-Family unity comes from saving TOGETHER. (i.e. a family trip). This is something we're sharing opposed to this is just for you.
-Have your children make their own purchases from money they have worked for and saved. It will be of greater value and they'll appreciate more because they worked for it, rather than it just being handed to them. It teaches them the importance of work.
-Practice budgeting NOW. There is greater trust when we work in the boundaries we've set (budget).

There is a wonderful book titled, "One for the Money--a Guide to Family Finance" by Elder Marvin J. Ashton. A great resource for family budgeting. Here is a list of some great principles covered in the book"

1.) Pay an honest tithing.
2.) Learn to manage money before it manages you.
3.) Learn self-discipline and self-restraint in money matters.
4.) Use a budget.
5.) Teach family members early the importance of working and earning.
6.) Teach children to make money decisions in keeping with their capacities to comprehend.
7.) Teach each family member to contribute to the total family welfare.
8.) Make education a continuing process.
9.) Work toward home ownership.
10.) Appropriately involve yourself in an insurance program.
11.) Understand the influence of external forces on family finances and investments.
12.) Appropriately involve yourself in a food storage and emergency preparedness program.

Other notes from this week:
-"Don't live like a ten dollar bill, when in reality you are only a one dollar bill".
-A budget brings security.
-Create a budget-Put cash in envelopes (you tend to be more conservative with what you spend).
-Work together. It builds quality relationships. It is a time to teach and learn together.