Perhaps its because I am at college and am more aware of all the knowledge out there and try my best to soak it up, but it seems to me that themes are occurring and repeating. Possibly because I really need to know this information for some strange reason. It amazes me that if you are open to inspiration, you learn things that would be most beneficial. It seems to me that one of the most ideal times in which to learn and gain wonderful habits are in our college years. However, I also think that in all stages of our lives is the best time to be learning more and gaining better habits.
In anycase, yesterday was Fast Sunday and some of the young men from our ward go around to our homes to collect Fast Offerings (which I didn’t know and so turned them in earlier at church). As they do so they also drop off an Ensign for our home: one per home. I began to read it and near the beginning was the Visiting Teaching Message which is entitled “Managing Resources Wisely and Staying out of Debt.” Then today, in my College Success class, the lesson of the day was entitled “Financial Awareness” taught by a Senior who’s major is accounting and who works in the financial advising department. It was very interesting and enlightening.
As a result, I now have some new goals. I’m more knowledgeable about what these goals should approximately be and how to accomplish them. That’s my problem sometimes; the lack of knowledge, also known as ignorance, causes me to not know what it is that I want to attain.
But first, let’s continue with what I have learned and perhaps you may learn something as well, or come to a better understanding with me as I rewrite what it is I have acquired from these different sources.
Why should I care about my financial state? Personally, I think that is a stupid question. I mean, money matters. Not in the way of wealth and ambition and greed, but rather in the way of taxes, bill payments, education, food and other necessities. As it does matter we need to be wise about the money we are given. It’s not actually ours anyways. It’s our stewardship, we are to manage and be responsible over it. Use it for righteous means. Money is a blessing, but it can be used for evil as all things can be.
Another reason as to why we should care: the Deficit effects the economy. Less jobs for those of us who are looking for them, even after graduation from college with a major.
What we do with our money depends on our perspective. There are three words that people don’t really like to hear or do: “Debt”, “Budgeting” and “Savings”.
DEBT
What is debt to the average American? An everyday thing. Something you run up everytime you go shopping. It’s a normal occurrence. Debt is something that defines life in the normal way of the world, at least in America.
What is debt to many LDS members? Something bad and to be avoided at all costs. However, there are good debts. What? you ask. Good debts? Why, what is that? Good debts are debts that are made as a result of education, housing, and transportation. Although, it has to be reasonable and not overboard on buying some topnotch super expensive car just because it’s cool and whatnot. But there are somethings that it is acceptable to have a debt for.
BUDGETING
To many people, budgeting is something you do when you are poor and broke. That is a False Statement, as budgeting is something in all actuality is an asset to making you far more prosperous. Budgeting, in my own words, controls the “natural man” to spend. Budgeting is just telling our money where to go. It is also a collection of financial goals. Another false statement: Without goals any failures can be looked at as a success. No progressing equals no improvement and no achievement and no success.
SAVINGS
This is something Americans just do not do. In fact, we are in the negatives of saving. Meaning we spend that which we do not have. We need to plan ahead as we don’t put into account all that we should. For example, what is the estimated cost of education? $1640 for tuition. Then an high estimate of the cost of books at $500. Housing off campus at an average of $900, many places are higher. $700 for food. Possible $150 cost of transportation of gas if owning a vehicle, and even if not, for other kinds of transportation. So an estimated total of $3890 per semester. Do we college students keep that in mind as we are home from school and working, of the amount we should be saving for only one semester of college. For one year, or two semesters, its an estimated total of $7780. And this is only at BYU-Idaho. (Now, hopefully, my parents are freaking out right now. :P) Another something to be aware of as we try to plan ahead is the resources available to us. The free financial advisors, the scholarships and grants, and such. Sacrifice is a huge part of planning ahead. How? Well, explain to me when it is convenient to save. When you are single? When you are newly weds? When you have children? When your children are older? Is it truly convenient at any of these times? No. But we should do it anyways. Even if is just a small amount. At least something should be saved. Excuses shouldn’t really be accepted as to why you can’t save. Although, obviously the amount depends on the situation of each household.
“To provide providently, we must practice the principles of provident living: joyfully living within our means, being content with what we have, avoiding excessive debt, and diligently saving and preparing for rainy-day emergencies. When we live providently, we can provide for ourselves and our families and also follow the Savior’s example to serve and bless others.
‘. . . Of course some debt incurred for education, a modest home, or a basic automobile may be necessary to provide for a family. Unfortunately however, additional debt is incurred when we cannot control our wants and addictive impulses.” So says Robert D. Hales in “Becoming Provident Providers Temporally and Spiritually”.
I like this. The Principles of Provident Living:
Joyfully living within our means
Being content with what we have
Avoiding excessive debt
Diligently saving and preparing for rainy-day emergencies
What does Provident Living implies?
President Spencer W. Kimball says that provident living implies:
Conversing of our resources
Wise planning of financial matters
Full provision for personal health
Adequate preparation for education and career development
Giving appropriate attention to home production and storage
Development of emotional resiliency
It’s interesting to learn all these things and then try to apply them into our lives.
Elder Joseph B. Wirthlin has 5 key steps to financial freedom:
Pay your tithing
Spend less than you earn
Learn to save
Honor your financial obligations
Teach you children to follow your example
That is a lot of information and there is even more out there. But it honestly just amazes me the financial information that I gained in these last few days. I really shall be making goals and keeping to them.
Gotta love learning. :D
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