Teaching your Family Members about Personal Finance

May 25th, 2007  |  Published in Finances, Mormonism

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Talking to your family members about finances can be intimidating. Different family members have different backgrounds and preferences when it comes to finances, and we all worry about coming off a little opinionated, especially if their views are very different from ours. Here are a few tips to remember when discussing personal finances with others.

Share Personal Experiences

If you want to share something that you know, you can bear witness or testimony of that thing. Just like it can be difficult to share your testimony with others, it can also be difficult to share your experiences with personal finances. Don’t be afraid that your personal finances will make you look different from others. In a world where everyone tries to keep up with the Joneses, you can show them that we’re not all Joneses. Sharing personal experiences is something I’ve set a personal goal to do, and that’s a major motivation I have for writing here.

Act Your Wage

This is a phrase stolen from personal finance extraordinaire Dave Ramsey. If you don’t live up to the principles you learn about personal finance or even about being a good, upstanding person, you negate any influence your testimony may have. If you try to advocate staying out of debt but you buy things you just can’t afford, your testimony means nothing.

Be Sensitive to Others

Don’t offend others with strong words, but use them to stir others to action. If you wish to use strong words, follow the teachings of Doctrine and Covenants 121:43, “Reproving betimes with sharpness, when moved upon by the Holy Ghost; and then showing forth afterwards an increase of love toward him whom thou hast reproved, lest he esteem thee to be his enemy”.

Among all these ideas, you can also help them get started by giving them a copy of the pamphlet “One for the Money: Guide to Family Finance” from Provident Living.

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

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