THERE ARE A LOT OF

OTHER MARITAL
TOPICS. WHY FOCUS
ON MONEY?
 INDULGENT, ME-
ORIENTED,
MATERIALISTIC
SOCIETY.” MARVIN J.
ASHTON, OVER 40 YEARS
AGO (1975)
ONE FOR THE MONEY

• “Money management should take

precedence over money productivity.”
• Why?
WHICH OF THE FOLLOWING BEST
DESCRIBES YOUR BUDGETING
PRACTICES?
A.I keep a very thorough and active budget
B. I kind of keep a budget, but I'm not a big spender so I don't
manage it as actively as I could
C. I don't keep a budget, but I'm not a big spender
D.I don't keep a budget and I spend a little more than I probably
should
E. I don't keep a budget and I spend a lot more than I should. I LOVE
to buy things!
ELDER ASHTON

• “Whether we are anticipating marriage or are well

into it, today is the time for all of us to review and
repent as necessary to improve our money
management skills and live within our means.”
• Why is this an issue of repentance?
• If you answered anything other than “A” on the
previous slide, when are you going to do this?
 WHY FOCUS ON MONEY?

• It has become “normal” to expect the newest, best, thing.

• Even if parents can afford to provide the newest, best
thing-there is wisdom in holding back.
• What your children experience as normal will come to be
expected…even if one day they themselves can’t afford it.
• “Children who always get what they want will want as
long as they live.” (Fred Gosman)
Why is it that so many
people are comfortable
going into debt?

How does that happen?

SOCIETAL NORMS ≠ “USE IT UP, WEAR IT
OUT, MAKE IT DO, OR DO WITHOUT.”

• How do societal norms impact our individual spending

habits?
• It has always been part of the Lord’s way to sacrifice and at
times “go without.”
• Just because times have changed, does not mean the Lord’s
expectation for his people has changed.
• “Instant gratification generally makes for weak people.”
(Elder Christensen)
WHAT DOES IT MEAN TO BE GIVEN AN
APOSTOLIC OR PROPHETIC WARNING?
• “There is a portent of stormy weather ahead to which we had better give heed.”
– President Hinckley (1998)
• Portent = a sign or warning that something calamitous is likely to happen
• D&C 101:54
• Why did they not build the tower? To apply it to us, why did they not follow the
prophet?
• D&C 101:50
• Is it possible to be a hard worker in one part of your life, but slothful in another?
Are you slothful in following the counsel to keep a budget?
 • “From our collected experience, we would guess
that in marriage, financial matters are often
neglected or rarely discussed unless there is a
problem.”
WHY ARE COUPLES NOT MORE
PROACTIVE AND INTENTIONAL ABOUT
THIS?
A SYMPTOM OF DEEPER ISSUES?
• Poor money management is often (not always) a symptom of
other, deeper issues.
• What might poor money management be a symptom of?
• Entitlement issues: “the more we make, the more we want.”
• Poor impulse control
• Unwillingness to delay gratification
• Lack of wisdom
• Limited perspective (no goals)
• No sense of direction
• Idol worship
SOME BASIC PRINCIPLES
• Budget • Sacrifice
• But how do you do that? • Delay gratification; feel scarcity
• In short, give every dollar a • Prioritize your money:
home. 1. Earn
• This will build accountability. 2. Give
3. Save
• Save
4. Protect
• Be open with desires 5. Invest
• Goals! 6. Spend
• Be reasonably flexible
SOME THINGS TO CONSIDER AS A COLLEGE
STUDENT…
• If you are living off of a LOAN, you are POOR. So make your decisions accordingly.
• If you get a lump sum (summer sales, loan, etc.), make your decisions based on
the reality that that money is going to have to last.
• What does this money need to do before I get paid again?
• Break up large sums of money into smaller, more manageable portions (e.g.,
monthly)
• “How you handle this loan—how you handle this influx of cash—will have long-
term impact on your financial future.” –YNAB
• “Don’t fall for the lie that you have to take on the loan. But if you do have to, if it
is the only way and you’ve exhausted all other avenues, then make sure that you
do not think, for even one second of a moment, that you suddenly have a lot of
money.” -YNAB
RESOURCES

• YNAB.com
• Free while college student, cost money afterwards
• www.mint.com
• Free, easy
• www.mhriley.com
• A lot of great apps for money management
• www.comparecards.com
• Compare credit card rates/fees/perks
• www.bankrate.com
• Can run a national comparison on bank rates/fees
• www.providentliving.org
• A lot of useful resources, including a budget sheet and financial calculators.