In his April 2004 Conference talk entitled Earthly Debts, Heavenly Debts Elder Joseph B. Wirthlin outlines five key steps to financial freedom. This month we’ll look at:
· First, pay your tithing.
· Second, spend less than you earn.
· Third, learn to save.
· Fourth, honor your financial obligations.
· Fifth, teach your children to follow your example.
Last month we set the goal to spend less than we earn. Here is where we prove ourselves. Not only will we reign in our desire to overspend this holiday season, were going to “learn” to save. Anyone can and should learn to save. Whether you are collecting loose change for your rainy day fund, or maximizing company fund matching for future retirement, saving is a learned behavior. One tip to help you succeed with saving is to have an emergency safety net. This should be kept full at all times. You decide on the amount, but $1000 is a good goal. After that, start saving for specific things. If you know your water heater is on its last leg, start saving for that. The safety net comes in handy when little Billy falls through the picture window in the living room and breaks his arm. You’ll be grateful for the safety net you had in place when the water heater does goes out a week later. This example also shows how saving can help you stay true to step #2, spending less than you earn. Make it a goal this holiday season to spend a little less and save a little more. After all, a Christ centered holiday season doesn’t have to cost a dime.
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