Family Finances

Yesterday we enjoyed another lesson by Alida Abbott, this time during a combined Priesthood/ Relief Society third-hour meeting in the chapel. The topic of the class was family finances. All of the information presented to us was found by Alida on the Church's new financial website (www.lds.org - go to "home and family" - click on "family finances"). Each family in attendance received a budgeting worksheet, a debt repayment worksheet, a new pamphlet put out by the church called "All Is Safely Gathered In", and an outline of Alida's notes at the end of class. I think the best way to review what was covered in the lesson would be to email Alida and ask her for an electronic copy of her notes. There may be more copies of the new pamphlet at church this week. Otherwise, you can get it free of charge through the Distribution Center. Here are some of the highlights from the lesson:

Quote by the First Presidency: "We encourage you wherever you live in the world to prepare for adversities 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, if you have a financial reserve, even though it be small, you and your family will feel more secure and enjoy greater peace in your hearts."

Here are the 5 principles of a healthy financial plan, as outlined by the First Presidency:

1) Pay tithing and offerings
2) Avoid debt
3) Use a budget
4) Build a reserve
5) Teach family members