Prepare Every Needful Thing

“Prepare Every Needful Thing: Family Finances,” Prepare Every Needful Thing: Family Finances (2007), 2–4


Message from the First Presidency

Dear Brothers and Sisters:

Latter-day Saints have been counseled for many years to prepare for adversity by having a little money set aside. Doing so adds immeasurably to security and well-being. Every family has a responsibility to provide for its own needs to the extent possible.

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. Pay off debt as quickly as you can, and free yourselves from this bondage. Save a little money regularly to gradually build a financial reserve.

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.

May the Lord bless you in your family financial efforts.

The First Presidency

The Basics of Family Finances

Pay Tithes and Offerings

Successful family finances begin with the payment of an honest tithe and the giving of a generous fast offering. The Lord has promised to open the windows of heaven and pour out great blessings upon those who pay tithes and offerings faithfully (see Malachi 3:10).

Avoid Debt

Income

Debt

Spending less money than you make is essential to your financial security. Avoid debt, with the exception of buying a modest home or paying for education or other vital needs. Save money to purchase what you need. If you are in debt, pay it off as quickly as possible.

Use a Budget

Keep a record of your expenditures. Record and review monthly income and expenses. Determine how to reduce what you spend for nonessentials.

Use this information to establish a family budget. Plan what you will give as Church donations, how much you will save, and what you will spend for food, housing, utilities, transportation, clothing, insurance, and so on. Discipline yourself to live within your budget plan. (See the Budget Worksheet on the back page.)

Build a Reserve

Gradually build a financial reserve, and use it for emergencies only. If you save a little money regularly, you will be surprised how much accumulates over time.

Teach Family Members

Teach family members the principles of financial management. Involve them in creating a budget and setting family financial goals. Teach the principles of hard work, frugality, and saving. Stress the importance of obtaining as much education as possible.

Budget Worksheet

Budget For (month/year)

Income

Planned

Actual

Wages/Salaries (after taxes)

   

Other income

   

Total income

   

Expenses

Planned

Actual

Tithes and offerings

   

Savings

   

Food

   

Mortgage or rent

   

Utilities

   

Transportation

   

Debt payments

   

Insurance

   

Medical

   

Clothing

   

School expenses

   

Other

   
   
   

Total expenditures

   

Income less expenditures

   
  • Budget for a specified period of time (such as weekly, biweekly, monthly).

  • Review your budget regularly.

  Listen