L10 Fathers and Finances (Part 2)

Another interesting fact is that most dual earner households consume more unnecessary time and money. Their lack of time causes them to spend more money on conveniences such as eating out, childcare, and extracurricular activities. One woman from Utah realized this and decided that she wanted to be a stay-at-home mom. It was hard at first as she was earning 50% of their annual income. She and her husband decided the only way possible for her to stay at home was to down-size. Vandertoolen, AAA Fair Credit Foundation advisor gave 4 steps in order to accomplish this…

Step 1: Inventory

·         Tracking every expense and determining between needs and wants cut down 20% of ruthless spending habits.

Step 2: Advice

·         Get outside advice to look at finances, a reputable organization like VanderTollen’s foundation. Beware of fraudulent counseling agencies. Talk to bank or credit union financial advisor.

Step 3: Move quickly

·         Change habits now before you start pulling money out of savings when you change to 1 financial income.

Step 4: Make a budget

·         Based on inventory, separate categories in to things you can and cannot change. Can change is food, while cannot may be house bills. Then list items from largest to smallest changeable items.

The trick is to live as though you were living on one income before you decide to do so and put the rest of what you earn in savings for an emergency. Another smart way of managing resources is to get an in-home job or entrepreneurship to contribute to the income. Lastly, beware of part-time jobs that may increase expenses such as eating out, childcare, less time to shop sales, etc. Important questions to ask ourselves are “is the reason for doing what you’re doing more important than love for the thing you are giving up?” 

We are lucky to have prophets and leaders such as Elder Ashton to help us avoid financial difficulties. Prophets, through revelation, know what trials we will face in our day. He specifically mentions ways of how to build unity and stay out of debt. Money should be used for the benefit of everyone, not for selfish reasons. Satan is abroad in the land and he uses any means possible to distract us from accomplishing the Lord’s purposes. Living in vain will lead to destruction in our own lives as much as it had among the Jaredites. The pride cycle, for instance consists of a pattern of prosperity, wickedness, warning by prophets, destruction and suffering, and humility and repentance. Specifically, in the book of Ether, king Riplakish’s obsessions not only caused wickedness among the people, but later led to their rebellion and future wars. Selfishness inevitably leads to contention and segregation. If we focus on what is most important in building up Zion, we will be guaranteed peace and happiness. 

Fortunately, we have a merciful, unchanging Redeemer who, with welcoming arms yields us to come unto Him. His promises are sure that when we repent, He will deliver us. Unfortunately. for Coriantumr, he neglected Ether’s counsel to the point where he only realized his error when he saw with his very eyes prophesies that were fulfilled laying amidst not only his regret, but millions of bodies strewn upon the earth. Can you see now why faith in counsel is necessary? Do not wait until the last minute. Yes, finances are stressful, but if we have faith in following our prophets’ counsel, we will be safe. Moroni gives an inspiring remainder of faith in reaction to the failure of the people who did not believe because they could not see. He explains that faith precedes miracles. Examples of faith throughout the scriptures have included deliverance, conversion, and promises. It is also important to remember that our weaknesses or others’ should not discourage us. God gives men weakness so that they might be humble and come unto Him. When we do, he will make our weaknesses become our strengths. Thus, as we strive with all our might, mind, and strength to live righteously, and we teach our children, ours and future generations will continually live in peace and prosperity. Prophets foresee future events, or see things we cannot see on our own. Therefore, we can always be safe in following their counsel.