Thanksgiving Point in August

Thanksgiving Point's August $2 Tuesdays Thanksgiving Point is cheaper in August! You can get into the Thanksgiving Point Gardens, Farm Country OR the Museum of Ancient Life (dinosaur museum) for $2 any Tuesday in August!

July Ensign Resources

Check out the great tips in July’s Ensign. There is an article titled “Way Beyond the Help-Wanted Ads” with information about LDS Employment Resource Services and also informational inserts about improving employment and surviving unemployment.

Life Insurance

One for the Money, a guide to family finance by Elder Marvin J. Ashton, recommends appropriately involving yourself in an insurance program. “It is most important to have sufficient medical, automobile, and homeowner’s insurance and an adequate life insurance program. Costs associated with illness, accident, and death may be so large that uninsured families can be financially burdened for many years.”


Since most of us are required by stipulations on loans and current laws to have homeowners and automobile insurance, we will focus on life insurance in this issue.

Why do I need life insurance?
Life insurance will not benefit you, but is a protection for your family and those that depend on your income or skills. Death is enough of a stress itself, you don’t want to leave your family and dependants wondering how they are going to survive. Don’t forget to insure those that may not be bringing home a paycheck but if something were to happen to them expenses would go up. For example, if the stay-at-home parent were to pass away, your expenses would increase to pay for child-care, cleaning, etc.

How much life insurance do I need?
All this depends on how much money you are currently making and spending and what you would want to use the life insurance for. To make an informed decision, discuss the future needs of your dependents and what your goals for the life insurance money would be. For example: consider funeral expenses, child care costs, whether you would want to pay off your house and other debts and a college education or mission for your children and how much it would cost to provide comfortably for those left behind. It might be helpful to talk to a financial advisor that can help you determine the right amount for your family. Some very general recommendations are 6-20 times your annual spending or about 10 times your income.

You may have access to life insurance through your employment, bank, credit union, etc. Sometimes this is a very affordable way to get life insurance, but be informed about all the conditions with this policy. Many policies through work are only available as long as you are working for that company, so you don’t want that to be your sole source of life insurance.

What type of life insurance should I get?
This is an ongoing debate: term or permanent life insurance. There are many different philosophies on this. What it boils down to is what your goals are, what you can afford and what works best for the needs of your family.

Term insurance is the most affordable insurance available. However, unlike permanent life insurance, it does not build any cash value. It will only benefit you if you pass away during the term of the insurance (anywhere from 5-30 years). It is truly just a protection plan for your dependents. When purchasing term, decide how long you anticipate needing it for, because the older you get, the more you will be paying for insurance.

Permanent insurance or cash value insurance is essentially term insurance combined with a forced savings plan. It is significantly more expensive than term insurance (5-10 times more) and takes a few years for the cash value to build (the first few years premiums are paying for the insurance portion). You can access the cash in your policies, if needed, for retirement and other financial needs but that will take away from the ‘death benefit’ available for your survivors. There are many varieties of permanent insurance available, so if this is of interest to you, talk to a professional or spend some quality time researching your options.

Many financial experts recommend ‘buying term and investing the difference’. You have more flexibility and control over your money and may get a better return by investing and saving elsewhere than you do by saving through a life insurance policy.

Things to keep in mind when buying life insurance:
· Make a Plan – Decide what you use the life insurance money for and how much you need
· Do Your Research – Decide what type of insurance you want and research the company you are considering (you can find ratings for companies online)
· Find Someone You Trust – If you are going through an agent, ask for recommendations from friends and family. Find someone who has been in the business for a while, knows what they are doing and you can trust.
· Just Do It – Don’t put it off. Life insurance is planning for the unexpected and you never know when you will need it.


Additional resources:
Smart Couples Finish Rich. Bach, David (pgs.162-170).



MSN Money
The Raging Debate Over Term vs. Whole Life
5 Life Insurance Blunders to Avoid
Your 5-minute Guide to Life Insurance
http://articles.moneycentral.msn.com/Insurance/InsureYourLife/InsureYourLife.aspx


Check Life Insurance Company’s Ratings http://www.insure.com/articles/interactivetools/ratingslookuptool/sandp/newtool1.jsp

Free Fun Ideas

Here are some ideas for fun activities in the area. This is certainly not a complete list, just a compilation of our favorites. If you have any to add, please leave a comment.

FREE Fun Available in:

Salt Lake City:
· Sweet’s Candy Factory – free tours, http://www.sweetcandy.com/
· Downtown Historic Tours – Temple Square, Cathedral of the Madeleine, Governor’s Mansion, State Capitol, Daughters of the Utah Pioneers Museum, Church History Museum - http://www.utah.com/cities/slc_walking.htm
· Clark Planetarium – the displays are all free but there is a charge for the shows, http://www.clarkplanetarium.org/
· Gateway – kids love to play in the water fountain
· Utah Museum of Natural History – free on the first Monday of every month, http://www.umnh.utah.edu/
· Red Butte Gardens – free days http://www.redbuttegarden.org/plan-your-visit/FreeGardenGiftDays
· Concerts in the Park - Brigham Young Historic Park - http://www.lds.org/placestovisit/location/0,10634,1893-1-1-1,00.html
· Salt Lake City movies in the parkhttp://www.slcityevents.com/friday_night_flicks.htm
· West Jordan movies in the park and events - http://www.wjordan.com/Visitor.aspx?pgID=6.1
· West Jordan Historical Museum - http://www.wjhistory.org/
· Salt Lake City Library – Exploration Passes – admittance for 4 to a number of local parks or museums for a month’s time period http://www.slcpl.lib.ut.us/details.jsp?parent_id=10&page_id=250
· Hiking in the canyons
· Jordan River Parkway – parks, paths, playgrounds - http://www.parks.slco.org/html/jordan.html
· Lowes Build and Grow Clinics - https://www.lowesbuildandgrow.com/
· Barnes and Nobles storytimes and events - http://store-locator.barnesandnoble.com/store/2137


Provo:
· BYU Museum of Art - http://cfac.byu.edu/index.php?id=194
· Monte L. Bean Museum (at BYU) – http://mlbean.byu.edu/home/


Park City:
· Utah Olympic Park - http://www.olyparks.com/uop/tours.asp
· Rail Trail – great biking trail http://www.americantrails.org/nationalrecreationtrails/trailNRT/unionpacific-ut.html

Quotes from "Becoming Provident Providers Temporally and Spiritually"

Elder Robert D. Hales, of the Quorum of the Twelve Apostles, spoke during the Saturday morning session of General Conference. His talk, titled “Becoming Provident Providers Temporally and Spiritually” was definitely for our time and day and has many suggestions and counsel for us all. It can be found in the May 2009 Ensign or online. It is well worth the time to read and re-read it and to study it with our families for Family Home Evening.

Some quotes from his talk:

All of us are responsible to provide for ourselves and our families in both temporal and spiritual ways. 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.

When faced with the choice to buy, consume, or engage in worldly things and activities, we all need to learn to say to one another, “We can’t afford it, even though we want it!” or “We can afford it, but we don’t need it—and we really don’t even want it!”

Vacation Cheaply

The end of the school year and summer is fast approaching us. Have you planned a family vacation this year? Even if the budget for vacationing is small, you can still plan a fun family outing that will create lasting memories. The most important thing about your vacation is not where or for how long you go or how much money you spend, it is about the time you spend with your family and the memories that you create together.

Utah is abound with wonderful places to visit and things to see. Pick a city, a national park or landmark that you haven’t visited recently, or ever, and plan an overnighter or a few days around that location. If you do your research, you can have a well-planned and cheap vacation. Make sure that you budget for your trip and all expenditures (including small souvenirs) and stick to your budget.

The internet is an incredible resource for planning vacations (and is available free at the library). Many online visitors bureaus and city tourist websites will mail you information, brochures and coupons to help you plan your vacation. Ask other people about where they have vacationed and what they like to do in certain cities. Sometimes the most enjoyable and free outings are not always listed in the brochures.

Also, the Salt Lake County Libraries have state park passes available for check-out. They are available for one week, (check-out on Wed and due back the following Tues). The passes allow free day use at almost all state parks and a discount on camping fees. Each library location has only one pass available on a first-come, first-served basis.

Tips for Vacationing Cheaply:

• Travel close, save on gas
• Pack your lunch
• Stay somewhere that includes a continental breakfast
• Stock the hotel fridges with breakfast and lunch supplies
• Use coupons
• Plan in advance what your activities will be and budget for them
• Contact the city, county or state you will be vacationing for travel info
• Look into passes for zoos, museums, etc – sometimes local ones are reciprocal in other states
• Search around for great deals – sometimes you can get package deals (airfare, rental car, etc)
• Don’t forget the library – travel books, atlases, state park passes, local exploration passes, etc

Just a few Utah Travel Websites:
http://www.visitsaltlake.com/visit/
http://www.2chambers.com/tourist40.htm - Lists major cities in Utah and websites for their visitors bureaus
http://www.utah.com/
http://travel.utah.gov/

Spring Cleaning

It’s that time of year again – spring cleaning! As you are cleaning your baseboards and blinds, don’t forget your files. What do you really need to keep and for how long should you keep it???

• Taxes – 7 years, just to be safe.
• IRA contributions – don’t toss! Keep permanently.
• Retirement/ savings plan statements – Keep the quarterly statements until you receive the annual statement, but keep the annual statements until you close the account.
• Bank records/utilities – Keep for a year and then you only need to keep those related to taxes, business expenses, home improvements and mortgage payments after that.
• Brokerage statements – Keep until you sell the securities.
• Credit card receipts and statements – Keep seven years if it documents tax related things, otherwise you can shred after you receive your statement.
• Paycheck stubs – Keep until you receive your W2. If they match, you can shred.
• House records – Keep all records regarding permanent improvements until you sell, expenses incurred in buying and selling keep for six years.
• Receipts – It’s a good idea to have a filing system for all those receipts that accumulate. I like to file them by date after they are recorded in my finance software. I just staple them all together. That way, if I need to return something, I can find the receipt. Periodically clean them out (monthly – quarterly) and keep only those related to business expenses, taxes and large purchases.

Resources:
http://www.bankrate.com/brm/news/mtg/20000518h.asp
http://www.kiplinger.com/columns/ask/archive/2002/q0325.htm
http://www.bluesuitmom.com/career/getorganized/receipts.html

Employment Quotes and Tips

These quotes and tips were found in the March issue of the Wise Stewards Newsletter:

The Church’s website: http://www.providentliving.org/ is a wonderful resource for employment help. There is even a new section with job search tips (for ex: Networking, Interview Techniques, Resume Writing and much more). It also has links to many other resources that can assist you in a job search. If you don’t need it, tell someone else about it!

Four steps which are important in obtaining the right employment. They are: first, to invite the Lord’s help in this important search; second, to plan ahead carefully; third, to gather all possible necessary information; and fourth, proper vocation or education preparation.
Howard W. Hunter, “Prepare for Honorable Employment,” Ensign, Nov 1975, 122

In these days of worldwide heavy unemployment, we should not allow ourselves, when we are out of work, to sit back and wait for “our type of job” if other honorable interim employment becomes available.
Marvin J. Ashton, “One for the Money,” Ensign, Sep 2007, 36–39

Tax Time

Either you have already done them or you will soon. April 15th . . . and filing your taxes is coming quickly. You won’t be getting a rebate check like last year, but you still might be getting a refund. So, what are you going to do with your refund? Here are some ideas, BUT keep in mind your financial goals and be sure that you and your spouse agree on how to SAVE or spend your refund.

• Pay off your debt – especially credit card or consumer debt
• Build your emergency fund – a great goal is to have 3-6 months living expenses saved in an emergency fund (for example a money market account)
• Open a money market account or CD– start earning interest, instead of just paying it
• Build up your food storage
• Add to your retirement savings
• Fix that home improvement problem that has been waiting for the funds
• Save for your children’s missions or colleges
• Start or add to your car savings account so that you can pay cash for your next car
• Go on a small family vacation and make some memories

Surviving Unemployment - Tips from the Survivors

Hopefully this isn’t a trial that you are dealing with right now, but many in our ward and circle of acquaintances are. And even if you aren’t, you can never be too prepared for the future. Thanks to Becky J.and Cynthia A.for sharing advice gained from their own survival of unemployment.

Financially

• Get rid of all unnecessary spending. For example: internet, cell phones, cable, music lessons, sports, eating out, gym memberships, new clothes, etc.
• Avoid spending temptations – don’t go to stores or look at ads.
• Be willing to work anywhere while you look for the right job. Temporary jobs help pay the bills.
• Consider pulling money out of your 401k or retirement accounts.
• Have a garage sale or sell any big money items you own. For example: pianos, antiques, boats, RVs
• Use your food storage.
• Be creative in your entertainment. “We found joy in creativity. We explored new ways of using our food storage, disguised ourselves in costumes to teach our kids, learned new ways to make our resumes more exciting, and thought up creative free dates.”

Emotionally

• Be as self sufficient as possible, it will give you confidence in yourself.
• Take walks or other enjoyable and free stress relievers.
• Be honest when people ask how you are and know the friends that you can talk to for support.
• Remember your blessings and think positively.
• Don’t give up your dates and time together as a couple. Just get creative in how you accomplish them. The temple is always free.

Spiritually

• Keep up your spiritual routines—reading scriptures, prayer, Family Home Evening and attending church.
• Pay an honest tithing. The Lord will keep His promises.
• Pray often and honestly. Share your frustrations and specific needs with the Lord and let Him lighten your load.
• Go to the temple often and put your name on the prayer roll. “In the temple, we found great peace and realized that there is so much more to life than earning money. Sometimes when it was too hard to pray at home, I escaped to the temple, where it was much easier.”
• Serve in your calling faithfully.
• Trust in the Lord. He will abide by His promises, but on His time table.
• Meet with the bishop often and be honest about where you are at.

Tips on Finding a Job

• Maintain a daily routine. Get up early and work a full day, just like you have a job. It gives you a sense of normalcy and helps fight discouragement.
• Dress for the day and your job search, even if you are only at home on the internet or phone.
• Let people know you are looking for work. You're more likely to find a job when many people are helping you look for one. It’s not only what you know, but who you know that can help you find employment.
• Take advantage of all the resources available to you: the Ward Employment Specialist, LDS Employment Resource Service Centers (career classes and counseling), http://www.providentliving.org/, Department of Workforce Services and the library (free internet, books to help with resumes, job hunting, etc). These are just a few.
• Be flexible . . . about your job title, how much you want for wages or salary, benefits, and where you'll find work. You may end up finding work that is quite different from your previous job.
• Be organized. Use a 3-ring binder to keep track of jobs you have applied for and places you have left resumes. Refer to and follow up often.
• Be a supportive spouse by continuing to show love and confidence. Be careful at how involved you get: “I had to learn not to ask too many questions about the job hunt so I wouldn't come across as critical.”

If you want more information and tips, read these articles in past issues of the Ensign.

Joy K. Young, “Surviving Unemployment,” Ensign, Feb 1991, 42
Faye B. Woolley, “Our Unemployment Survival Kit,” Ensign, Jun 1985, 47
“Helping Marriage Survive Unemployment: Seven Principles,” Ensign, Apr 2004, 62

Online Course - Peace in Your Hearts

Have you checked out http://www.providentliving.org/ lately? There is a new online course available to help manage your household finances wisely entitled “Peace in Your Hearts”. It has audio clips of prophetic counsel, specific tips and examples on budgeting and saving, additional articles to read, and great resources to calculate where you are financially and where you need to be. Take a few minutes or spend a Family Home Evening watching and listening to this course.

How Do We Weather This Turbulent Economy?

The news stations seem to be bombarding us with the bad news of our current economic situation. It inspires fear, dread and uncertainty in our lives. How concerned should we be? Is this a disaster waiting to happen? I am no expert, but I do know that if we are prepared, we shall not fear (D&C 38:30).

The experts from Investing In An Uncertain Economy for Dummies say: “Uncertain economic times come and go. These times can be especially challenging if you aren’t prepared for them. No one knows exactly when a major economic event will occur or what it’ll look like, but if you’re prepared, you stand a good chance of weathering it.”



How can we prepare for what is to come? Follow the counsel given from the First Presidency found in the All Is Safely Gathered In pamphlet. If you don’t have a copy, look online at http://www.providentliving.org/ or ask a member of the bishopric, Relief Society or Elder’s Quorum presidencies. Another great resource from the church is the One for the Money (pamphlet by Marvin J. Ashton) that can also be found online.

If you have the basics under control and are still concerned about how to invest in this economy, here are a few tips from Investing In An Uncertain Economy for Dummies:

· Make sure you have a cash reserve (emergency fund) in a safe, secure, accessible place such as a savings account or money market account.
· Stay out of debt. Pay off your mortgage as soon as possible.
· Keep your job skills current and broad.
· Diversify your investments. Mutual funds are an easy way to diversify.
· Avoid the next hot investment. Follow the church’s advice to “Avoid all proposals for high-risk investments and get-rich-quick schemes.” (One For The Money)
· Keep investing on a regular basis. Automate your savings - if you are investing regularly regardless of the economy, you are taking advantage of the lower prices. “A decline in prices means investments are on sale.” (Investing in an Uncertain Economy for Dummies)
· Don’t panic. If you sell now, you will eventually be buying again (buying high, selling low). “Don’t watch, listen to, or read too much commentary. During a downturn, the news media has plenty of disheartening stories. The talking heads and bloggers are there for infotainment, not to make you money.” (Investing in an Uncertain Economy for Dummies)

New Year's Resolutions

It’s the start of a new year and with that comes the tradition of making New Year’s Resolutions. When you are making your resolutions and setting your goals, don’t forget your finances. Financial goals are just as important! Maybe you have already made your financial goals and instituted a plan for achieving them. If that’s the case – congratulations! Now would be a good time to review your goals and check your progress. If you feel at a complete loss – here are some ideas for financial goals:

Build your emergency fund: a good target is 3-6 months of living expenses, but start with just a month if that is too overwhelming.

Dump your debt: start paying as much as you can afford on your lowest debt amount. When that is paid off, use that amount to pay off the next largest debt.

Save for that future expense: don’t forget your car, washing machine, etc (you name it) doesn’t last forever. If you know that yours is getting close to the end, save for the next one so you can pay cash!

Plan for retirement, college, vacations: Determine what is important to your family and make a plan to pay for it!

Create and live by your budget: if you don’t have one, make a goal to create your budget and then use it.

The key is to prioritize your goals, make a plan, stick to it and review your plan periodically. Just as with any goal, it won’t get accomplished if you don’t set the goal, write it down and review your progress. Good Luck!

Welcome

This blog is a resource of financial information and tips that we have gathered and ways that you can be financially prepared for the challenges of life. Please feel free to browse the posts, links, etc. If you have any suggestions or know of any great deals, websites, advice, please feel free to leave a comment. However, any comments will have to be approved by the moderators before being posted.

Most of the posts will be from the Wise Stewards Newsletters published every quarter. So, if you have lost your newsletters (or thrown them away already) but want to refer to the information, it will be available here. We will also attempt to post great deals, upcoming free events and in general, ways to save money. Enjoy!