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

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.