F & F
Fathers & Finances
"We
do live in turbulent times. Often the future is unknown; therefore, it behooves
us to prepare for uncertainties. Statistics reveal that at some time, for a
variety of reasons, you may find yourself in the role of financial provider. I
urge you to pursue your education and learn marketable skills so that, should
such a situation arise, you are prepared to provide."
-President Thomas
S. Monson
Family work began with Adam and Eve. As best we can discern, they lived a life of relative ease in the Garden of Eden.
Few points from One for the Money by Elder Marvin J Ashton:
essential in today’s world if we are to live abundantly and happi-
ly, may I make some recommendations for improved personal and
family financial management. The following twelve points will help each of us achieve this goal, I believe.
1. P A Y A N H O N E S T T I T H I N G
Successful financial management in every LDS home begins with the payment of an honest tithe. 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. Paying tithing promptly to Him who does not come to checkup each month will teach us and our children to be more honest with those physically closer at hand.
Y O U
A bride-to-be would do well to ask herself, “Can my sweetheart manage money? Does he know how to live within his means? ” These are more important questions than, “Can he earn a lot of money?” Financial peace of mind is not determined by how much we make but is dependent upon how much we spend. New attitudes and relationships toward money should be developed constantly by all couples. After all, the partnership should be full and eternal. Management of family finances should be mutual between husband and wife in an attitude of openness and trust. Control of the money by one spouse as a source of power and authority causes inequality in the marriage and is inappropriate. Conversely, if a marriage partner voluntarily removes himself or herself entirely from family financial management, that is an abdication of necessary responsibility.
3 . L E A R N S E L F - D I S C I P L I N E A N D
S E L F - R E S T R A I N T I N M O N E Y M AT T E R S
Learning how to discipline oneself and exercise constraint where money is concerned can be more important than courses in accounting. Young couples should recognize that they cannot immediately maintain the same spending patterns and life-style as that to which they were accustomed as part of their parents’ family. Married couples show genuine maturity when they think of their partner’s and their family’s needs ahead of their own spending impulses. Money management skills should be learned together in a spirit of cooperation and love on a continuing basis. A disgusted husband once said, “I think that in life money talks, but when my wife gets hold of it, all it ever says is ‘good-bye.’ ” To the husband who says his wife is the poorest money manager in the world, I would say, “Look in the mirror and meet the world’s poorest teacher-trainer.”
4. U S E A B U D G E T
Every family must have a predetermined understanding of how
much money will be available each month and the amount to be
spent in each category of the family budget. Checkbooks facilitate
family cash management and record-keeping. Carefully record
each check when written and balance the checkbook with the
monthly bank statement.
5. T E A C H F A M I L Y M E M B E R S E A R L Y T H E
I M P O R TA N C E O F W O R K I N G A N D E A R N I N G
“In the sweat of thy face shalt thou eat bread” is not outdated counsel. It is basic to personal welfare. One of the greatest favors parents can do for their children is to teach them to work. Much has been said over the years about children and monthly allowances, and opinions and recommendations vary greatly. I’m
from the “old school.” I believe children should earn their money needs through service and appropriate chores. Some financial rewards to children may also be tied to educational effort and the accomplishment of other worthwhile goals. I think it is unfortunate for a child to grow up in a home where the seed is planted in the child’s mind that there is a family money tree that automatically drops “green
stuff ” once a week or once a month.
6. T E A C H C H I L D R E N T O M A K E M O N E Y
D E C I S I O N S I N K E E P I N G W I T H T H E I R
C A P A C I T I E S T O C O M P R E H E N D
Based upon appropriate teaching and individual experience, children should be
responsible for the financial decisions affecting their own money and suffer the consequences of unwise spending. “Save your money” is a hollow pronouncement from a parent to a child. “Save your money for a mission, bicycle, doll
house, trousseau, or car” makes understandable sense.
7. T E A C H E A C H F A M I L Y M E M B E R T O
C O N T R I B U T E T O T H E T O TA L F A M I L Y W E L F A R E
As children mature, they should understand the family financial position, budget and investment goals, and their individual responsibility within the family. Encourage inexpensive fun projects, understandable to the children, that contribute to a family goal or joy. Some families miss a tremendous financial and spiritual experience when they fail to sit together, preferably during family home
evening, and each put in his share of the monthly amount going to the son or daughter, brother or sister, who is serving in the mission field. When this monthly activity is engaged in all at once, he or she becomes “our” missionary, with pride becoming a two-way street.
8. M A K E E D U C AT I O N A C O N T I N U I N G P R O C E S S
Complete as much formal, full-time education as possible, including trade schools and apprentice programs. This is money well invested. Based on potential lifetime earnings,the hours spent in furthering your education will be very valuable indeed. Use night school and correspondence classes to further prepare.Acquire some special skill or ability that could be used to avoid prolonged unemployment.
The ability to do basic home and auto repairs can frequently be helpful, as well as a source of family savings. Periods of unexpected unemployment can happen to anyone. We should not allow ourselves, when we are out of work, to sit back and wait for “our type of job” if other honorable interim employment becomes available.
1 0. A P P R O P R I AT E L Y I N V O L V E Y O U R S E L F
I N A N I N S U R A N C E P R O G R A M
It is most important to have sufficient medical, automobile, and
homeowner’s insurance and an adequate life insurance program.
Costs associated with illness, accident, and death may be so large that uninsured familiescan be financially burdened for many years.
1 1 . U N D E R S TA N D T H E I N F L U E N C E
O F E X T E R N A L F O R C E S O N F A M I L Y
F I N A N C E S A N D I N V E S T M E N T S
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. Beyond the emergency liquid savings, families should plan for and utilize a wise investment program preparing for financial security, possible disability, and retirement. Avoid all proposals for
high-risk investments and get-rich-quick schemes.
1 2. A P P R O P R I AT E L Y I N V O L V E Y O U R S E L F I N A FO O D S T O R A G E A N D E M E R G E N C Y P R E P A R E D N E S S P R O G R A M
Accumulate your basic food storage and emergency supplies in a systematic and orderly way. Avoid going into debt for these purposes. Beware of unwise food storage promotional schemes. Planting and harvesting a garden annually is helpful to the family in many ways, including the food budget. Eat nutritious foods and exercise appropriately to improve health, thus avoiding many medical costs.
Source:
https://magazine.byu.edu/article/family-work/
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