| FAMILY FINANCES |
HOME PAGE FAMILY EMERGENCY PLAN FAMILY FINANCES LONG TERM FOOD STORAGE 5 DAY SURVIVAL KIT SURVIVAL GUIDE LONG TERM SURVIVAL FIRST AID COMMUNICATIONS GARDENING TERRORIST ATTACKS EARTHQUAKE SURVIVAL SANITATION KNOT TYING DUTCH OVEN COOKING GUN MAINTENANCE AMMUNITION RELOADING "Attitude is a little thing that makes a big difference" - Winston Churchill |
FAMILY FINANCES 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. If you are in debt, pay it off as quickly as possible. Some useful tools in becoming debt free are a debt-elimination calendar and a family budget worksheet. Distinguish between Needs and WantsWe must learn to distinguish between wants and needs. We should be modest in our wants. It takes self-discipline to avoid the “buy now, pay later” philosophy and to adopt the “save now and buy later” practice. Getting and Staying out of DebtWe should avoid debt. There is nothing that will cause greater tensions in life than grinding debt, which will make the debtor a slave to creditors. A specific goal, careful planning, and determined self-discipline are required to accomplish this. 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 stay within your budget plan. A budget worksheet is a useful tool to help you with your plan. 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. Abundant resources are available—from classes, to books, to other resources
such as One for the Money: Guide to Family Finance. |