Today's Sooth the Soul: Sunday post is a recap on our Relief Society Mid-Week Meeting. The Jones Family in our Ward are a particularly awesome family. When my husband and I grow up I hope we will be just like them. They are especially well known for their darling children, the fact that they are somewhat recent converts, and that they know how to manage their money.
I have known that the economy was bad... but, because I had an amazing job when I needed one, and my Anthony also had a pretty good job when we were newly weds... I always just thought people should stop complaining. Then my husband and I moved to Turlock, CA. We love it here so don't get me wrong. But we have now been out of work for 2 and 1/2 months. Not to mention the fact that we have both been busting our butts to try and find something. Unfortunately... it's not my fault that I can't get a job; but rather the fact that I live in a place that has a horrible economy.
Needless to say... my husband and I have been having a very tough time trying to manage our fiances and trying to stay a float when there is no income. {Hoping to get some very soon}
So... I found Brother Sherman Jones' advice to be very helpful and a great ease to my troubled heart.
Here is what I got out of it:
-Every dollar that you earn needs a name
You need to make sure that every thing you earn has a label, a place to go. Otherwise it will just disappear. For example... tithing, groceries, rent, utilities, other bills, savings, ect.
-Finances and Budgeting are a team sport
If you can communicate through your finances you will improve the communication in other aspects of your marriage. Financial problems are the main cause for divorce... so it needs to be a team effort.
-You should schedule a monthly budget meeting
Try to decide where the money is going before you receive it. If you receive different amounts of money per month -decide a budget as soon as you get the check.
-Build up a financial reserve for times of trouble
If your household yearly income is $20,000 or less save at least $500. $20,000 -$70,000 save at least $1,000. And if you make more than $70,000 per year save at least $2,000
Only use money from here if it's an emergency. Ask your spouse before using it. If one of you says no -they win.
-Avoid Bad Debt. If you don't have the money for it... don't buy it. This doesn't apply to mortgages, purchasing a car, or student loans.
-To pay off debt use the debt snowball method
-Keep good records
Train your hubby to put all his receipts in one designated place (a shoe box, or a folder), plan a time to type them into a system so you can keep track of expenses.
I hope that in these hard times we can all find a way to find peace. I know that the blessings of tithing and fast offerings are real. I know that my husband and are are blessed because we try to use are money wisely and especially because we saved as much as we could. I hope for brighter days in the future when our family finds employment. We hope the same for all those who are unemployed at this time.
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