This past Sunday we had a combined R.S and Priesthood (I love those because that means I get to sit by Jay!) and the Bishop talked to us about budgeting. Did you know that 75% of the divorces are caused by financial problems? Isn’t that horrible? Here are some tips we’ve learned from the class.
Pitfall #1: EGO. EGO Criteria(selfish) vs. Happiness Criteria(unselfish).
(1) What will others think? vs. What can I do for others.
(2) Feels competition and pride vs. builds others, serves, co-operates.
(3) Focus on things, fun, pleasure vs. Focus on relationships and experiences that yield joy.
(4) Consumes and spends most of what they earn vs. Balances spending with saving.
(5) Thinks short term and is brand conscious vs. Sees money as a stewardship.
Pitfall #2. We look for short-cuts to financial-success.
(1) Apply the Law of the Harvest.
(2) Pay full Tithes and Offerings.
(3) Savings Plan. Spending first and then saving vs. Saving first and then spending what’s left. Save 10% plus an additional 10% tithing.
(4) Save for what you want and then pay cash. Avoid credit cards and debts except for home loan and for education.
(5) Engage in accelerated home loan pay-off plan.
(6) Budget efficiently and live within means.
(7) Teach children work and self-reliance. What we obtain too cheaply we esteem too lightly.(I will talk more of this later.)
Treatment Principles for those with Financial Problems
(1) Get out of debt! Stop using credit cards. Plan all your purchases, priority rank them, save for the highest priority and pay cash, and then move on to the next.
(2) Begin a ‘Debt Elimination Calendar’
(3) Simplify Liestyle. Can we do without cable? Timeshare? Expensive outings? Type of car, brand conscious? eating out, utilities and groceries.
(4) Don’t covet. The world judges us on what we have. God judges us on who we are as a person. (Okay so I added that last part in :P)
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