Family Finance Overview

May 10th, 2007  |  Published in Finances, Mormonism  |  3 Comments

In February, the leadership of the Mormon Church issued a pamphlet entitled “All is Safely Gathered In” to help families and individuals learn the basic principles of how to plan family finances. Although it does not go into a lot of detail, it provides basic principles on which finances can be rooted. Without this base, it is easy for us to become lost in debt or even bankruptcy. In explaining the purpose of this family finances overview, the First Presidency said:

“We encourage you wherever you may live in the world to prepare for adversity by looking to the condition of your finances. We urge you to be modest in your expenditures; discipline yourselves in your purchases to avoid debt. . . . If you have paid your debts and have a financial reserve, even though it be small, you and your family will feel more secure and enjoy greater peace in your hearts.”

I can echo this statement wholeheartedly. Although ours wasn’t a drastic change, since my wife and I began implementing these steps with a budget and an emergency reserve, we have been able to focus on living life rather than worrying about it. Although much of it is echoed on the Family Finances channel on Provident Living.org, each of these principles from the pamphlet is essential, and I will look at them in more detail over the coming few days:

I am very excited that the church has addressed this so straightforwardly. It has definitely become a problem in our credit card society where we can spend much more than we earn, so having a resource so straightforward as this pamphlet helps greatly as our families try to live debt-free.

Responses

  1. Building a Reserve » Above Yourself says:

    May 24th, 2007 at 10:58 am (#)

    […] a Reserve is the fourth step in the Family Finances series on Above […]

  2. Teaching your Family Members about Personal Finance » Above Yourself says:

    May 25th, 2007 at 7:01 am (#)

    […] post is the final step in the series Family Finance Overview. Be sure to read the other posts in this […]

  3. Stephen Palmer says:

    March 25th, 2009 at 10:45 pm (#)

    It’s amazing how prophetic counsel is simultaneously simple and profound, isn’t it? We make personal finance complex and violate the basic principles through justification. After doing so myself, it’s been very refreshing to get back to the basics.