"One for the Money"

Marvin J. Ashton, (1915–94)“One for the Money,” Ensign, Sept. 2007, 36–39

  How important are money management and finances in marriage and family affairs?

May I make some recommendations for improved personal and family financial management, since proper money management and living within one’s means are essential in today’s world if we are to live abundantly and happily. I believe the following 12 points will help each of us achieve this goal.

1. Teach family members early the importance of working and earning.

2. Teach children to make money decisions in keeping with their capacities to comprehend.

3. Teach each family member to contribute to the total family welfare.
4. Teach family members that paying financial obligations promptly is part of integrity and honesty development.

5. Learn to manage money before it manages you. 

6. Learn self-discipline and self-restraint in money matters.

7. Use a budget.

8. Make education a continuing process. 

9. Work toward home ownership. 

10. Appropriately involve yourself in an insurance program.
11. Strive to understand and cope with existing inflation. 

12. Appropriately involve yourself in a food storage program. 

These few points and suggestions are not intended to be all-inclusive nor exhaustive. Rather, it is hoped that a need has been brought to the surface for our serious consideration. We need to recognize and be aware of these basic guidelines for wise money management.
God help us to realize that money management is an important ingredient in proper personal welfare. Learning to live within our means should be a continuing process. We need to work constantly toward keeping ourselves free of financial difficulties. It is a happy day financially when time and interest are working for you and not against you.
Money in the lives of Latter-day Saints should be used as a means of achieving eternal happiness. Careless and selfish uses cause us to live in financial bondage. We can’t afford to neglect personal and family involvement in our money management. God will open the windows of heaven to us in these matters if we will but live close to Him and keep His commandments.

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