August Newsletter Finance Tip

In his April 2004 Conference talk entitled Earthly Debts, Heavenly Debts Elder Joseph B. Wirthlin outlines five key steps to financial freedom. Over the next several months we’ll be taking a look at each of these steps in turn and exploring some helpful information to help us conquer our earthly debts. The five steps are these:

· 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.

Each of these steps offers great counsel, but I also love that Elder Wirthlin remembered heavenly debts in his talk because our heavenly debts cannot be forgotten. In his closing remarks he stated,

“We have earthly debts and heavenly debts. Let us be wise in dealing with each of them and ever keep in mind the words of the Savior. The scriptures tell us, “Lay not up for yourselves treasures upon earth, where moth and rust doth corrupt, and where thieves break through and steal: But lay up for yourselves treasures in heaven.” The riches of this world are as dust compared to the riches that await the faithful in the mansions of our Heavenly Father. How foolish is he who spends his days in the pursuit of things that rust and fade away. How wise is he who spends his days in the pursuit of eternal life.”

Upcoming Activities

Next Saturday, July 30th is a Christmas in July event at the District. Many stores will be giving away 'free' stuff if you bring in a can of food. I'm excited about Chick-Fil-A, Marble Slab, and Red Robin! Check out the website with the above link to see all participating merchants.

Also, August brings the Two Buck Tuesdays at Thanksgiving Point. Farm Country, Museum of Ancient Life and Thanksgiving Point gardens - all $2/person. Now, which one do we choose this year???

Chalk Art Festival

Sorry I'm so slow about posting this. Chalk Art Festival at the Gateway.

It starts today, but it's best to go on Saturday - more artwork to see and more free stuff!

Children's Book Review

I just came across a book at the local library titled "Cash, Credit Cards or Checks: A Book About Payment Methods" by Nancy Loewen. The ideal age for this book is probably 8 or older. It's a story of two kids and their dad on a shopping trip to prepare for school. It very clearly explains about the many different ways you can use to purchase items and how they work. It also has a few tips about saving and making wise purchases.



There are other books in the same series that I will be checking out in the future.

Free April Fun

Utah Fit Family program - free activities on Saturdays - check out the website. Last week was golf lessons at Junior Golf Academy in Draper. Next week is making a planter at Whole Foods in Cottonwood Heights and the end of the month is Reach for Fitness at the Momentum Indoor Climbing Gym.

Baskin Robbins 31cent scoop night - April 27th from 5-10pm

Learn and Earn from Scholastic Books - earn five free books (per household) for having your children fill out activity sheets.

Sunday School and Priesthood/ Relief Society Lesson Schedules

For your convenience, the Sunday School and Priesthood/ Relief Society lesson schedules are posted on a page that you can link to found above (at the top of the blog page). Now, we have no excuse for not reading our lessons!

Be Diligent, That thou Mayest be a Wise Steward

Be diligent . . . that thou mayest be a wise steward
D&C 136:27

The beginning of a new year is a time to start over, a time to set new goals and re-evaluate some old ones. Most of us still have some resolutions on our minds. Maybe you’ve even stuck to a few of them so far. If so, great!

As I was thinking about what I needed to rededicate myself to this year, scripture study was on the top of my list. While serving in the primary the past couple of years I’ve found that I have become less and less diligent in reading the lesson materials for Sunday school. I eventually found myself wondering, “What are we even studying this year, anyway?” That was my wakeup call.

I decided that even though I don’t attend the adult classes on Sunday, I was missing out if I didn’t follow along with the lesson material. I didn’t realize how much I needed that extra nourishment from the Spirit! It has helped me add structure to my personal scripture study, and been a stimulating addition to my usual primary material.

If you haven’t done so already, it’s not too late to make it a goal to keep up with the Sunday school & Priesthood/RS lesson materials. If you are able to attend class, read the lesson ahead of time so you can participate in the discussions. Be diligent in learning the doctrines of the church. Re-dedicate yourself to home and visiting teaching. Now is a great time to start if you’ve never done it. The monthly messages in the Ensign contain still more modern day revelation for us to feast upon.

The Sunday School and Priesthood/RS classes are there to help us all learn, line upon line, and precept upon precept. As we dedicate a portion of our time to studying the teachings of the Lord, he will bless us with the knowledge that we need to be wise stewards in our lives and homes.

Additional Reading from the Ensign

Looking for inspiration and additional encouragement?

Check out the finance related articles in the February 2011 issue of The Ensign. There are real life experiences from members of the church that are dealing with the same challenges that you might be experiencing.

Learning to Be Content, pg. 62
How We Broke the Chains of Debt, pg. 63
My Tithing Couldn’t Wait, pg. 69
Growing Testimonies – and Mission Funds, pg. 73

'Quotable' from the Quorum of the Twelve . . .

“We control the disposition of our means and resources, but we account to God for this stewardship over earthly things. It is gratifying to witness your generosity as you contribute to fast offerings and humanitarian projects. Over the years, the suffering of millions has been alleviated, and countless others have been enabled to help themselves through the generosity of the Saints. Nevertheless, as we pursue the cause of Zion, each of us should prayerfully consider whether we are doing what we should and all that we should in the Lord’s eyes with respect to the poor and the needy.”

Elder D. Todd Christofferson of the Quorum of the Twelve Apostles, Care for the Poor, Ensign, Feb 2011, 71.

You Have the Choice: Your Path to Financial Freedom

In General Conference of October 2010, President Monson spoke to the brethren about The Three R’s of Choice. Wise council from a prophet can be applied to all areas of our lives and to all who are willing to listen. President Monson referred to Alice in Wonderland where Alice asks the Cheshire cat, “Which path shall I follow?” The cat answers, “That depends where you want to go. If you do not know where you want to go, it doesn’t matter which path you take.” President Monson comments, “Unlike Alice, we all know where we want to go, and it does matter which way we go, for by choosing our path, we choose our destination. Decisions are constantly before us. To make them wisely, courage is needed – the courage to say no, the courage to say yes.”

We all want to reach a destination of financial freedom where we no longer have to worry about money and where money, or the lack of, is not the dominating force in all of our decisions. In order to do that we have to set realistic goals and have the courage to say no, or yes, to those important decisions in how we manage our resources. President Monson reminds us that “Each of us has come to this earth with all the tools necessary to make correct choices. The prophet Mormon tells us, ‘The Spirit of Christ is given to every man, that he may know good from evil.’ ” We have all the resources we need to be able to make correct choices. We have access to the Spirit. As we are righteous, obedient and prayerful,the Lord will guide us in the paths that we should take – and that includes the path to financial freedom.

With that in mind, and the beginning of the New Year, it’s a good time to assess your financial health and set or re-evaluate your financial goals. Remember how important it is to make specific and realistic goals, both short term and long term. One of your goals may be to have the funds for a family vacation, but if you don’t have an emergency fund or are struggling to pay the monthly bills, a more realistic goal may be to build up your $1000 emergency fund. So, here’s a brief summary of some steps that you can take on your path to financial freedom.

• Pay Your Tithing
• Create a Budget: Stick to it and Review it
• $1000 Emergency Fund
• Get out of Debt!
• Expand Your Emergency Fund (3-6 months living expenses)
• Fund Your Retirement
• Prepare for Upcoming Events (car, mission, college)
• Save for Your Dreams

Also keep in mind that financial goals should be set as couples and as a family. Everyone that contributes to the decision making can also contribute to the decision keeping, so involve all members of the family that are mature enough to contribute. Having the support of our families and the Lord by involving them in our decisions will help us on our path to financial freedom.

Supplemental Income

In these tough economic times, we might just need a little extra income to pay the bills and to get or stay out of debt. Or you might need extra income to build up your emergency fund or pay for upcoming Christmas expenditures. No matter your reason, a small supplemental income can really make a difference.

Every family and individual is different; everyone has different needs, talents and abilities. The key to finding a supplemental income that works for you is to start by listing your needs and your strengths. What amount of income do you need? What kind of time commitment and hours can you allocate? Do you have to work out of your home or do you have flexibility to work at a business?

In listing your strengths and talents, consider what interests you. What are your hobbies? Do you have any unique skills that you can market? You will be more successful in earning a supplemental income if it is something you enjoy as well as something that you are good at. Get creative and involve the whole family!

Be cautious in considering work from home jobs. Do your research to make sure that what you decide on is legitimate and will work for the needs of your family. The Better Business Bureau and online forums can be of assistance. Any job that requires you to pay money to start is most likely not legitimate (with the exception of some home sales businesses that require you to purchase product or demonstration supplies).

Some ideas include:
• Sales – home shows, [Tupperware, Mary Kay, Pampered Chef, etc]
• Seasonal jobs – many retail stores and restaurants are hiring for the Christmas season and sometimes seasonal jobs can become more permanent
• Deliver newspapers or phonebooks
• Write freelance articles for local papers or online forums
• Keep a blog or website (earn income from advertising on the website)
• Create unique items to sell at farmers markets, craft fairs or online stores like ebay or etsy (Use those awesome crafting skills!)
• Sell your skills - music lessons, tutor, photography, handyman, electrician, face painting, balloon tying, catering, sewing/alterations, etc
• Sell plasma
• Substitute teach
• Clean homes or small businesses
• Be a companion for the elderly – cook, clean, etc
• Sell your stuff – your junk is someone else’s treasure
• Start a childcare or preschool from your home

Gratitude for What We Have

In speaking of the miracle of the loaves and fishes, President Thomas S. Monson said in October’s General Conference: “Notice that the Savior gave thanks for what they had—and a miracle followed: ‘And they did all eat, and were filled: and they took up of the broken meat that was left seven baskets full.’ (Matthew 15:32-38) We have all experienced times when our focus is on what we lack rather than on our blessings. Said the Greek philosopher Epictetus, ‘He is a wise man who does not grieve for the things which he has not, but rejoices for those which he has.’”
(The Divine Gift of Gratitude, October 2010 General Conference)

Let us be grateful for what we have been blessed with, instead of focusing on what we lack. We will be blessed as we acknowledge and express that gratitude to our Heavenly Father.

72-hour Kit Reminder

REMINDER:
Don’t forget to check your 72-hour kits and rotate out the perishable supplies. Update any clothing items as your family grows and make sure that all important medications are included and haven’t expired. Also, verify that all important information is current (insurance, credit card, etc).

October is also a great month to check your smoke and carbon monoxide alarms and change batteries.



Let’s be prepared!

’Tis Almost the Season!

The holidays are now upon us. What a fun and exciting time of year. Above all, there is the lingering question: How do we keep the true spirit of Christmas front and center in our families amidst all the hustle and bustle? For many, the pressure of finances can get in the way of feeling the spirit of Christmas. Here are a few tips that might help in your efforts to be a wise steward during the holidays:

#1 Agree on a budget. If you haven’t already, decide now how much you are going to spend on gifts, decorations, food, etc. Now for the hard part: STICK TO IT! If it’s not in the budget, do without. If you feel like it’s important, write it down so you can budget for it next year.

#2 Don’t go into debt. We’ve been counseled again and again not to go into debt for things we don’t need. A wise steward plans ahead. Saving money beforehand gives you freedom and peace of mind. If you didn’t save up this year, make it a priority for next year.

#3 Get the family involved. Especially in lean years it’s important to keep the whole family appropriately involved. Young members of the family can learn valuable lessons about service and frugality. They also might surprise you with innovative ideas to save money. Above all, it’s a great way to bring a family closer together when you are all working toward a common goal.

#4 Start Now! Now is the time to put plans into action. If cutting back on what you spend on gifts is in your plan, start now to prepare for creative ways to get into the spirit of giving. Homemade gifts, gifts of service, even letters of kind thoughts, these can be more memorable and meaningful than a toy or a sweater.

The following is a quote by Pres. Thomas S. Monson from his Christmas devotional message from December 2003: “There is no better time than now, this very Christmas season, for all of us to rededicate ourselves to the principles taught by Jesus the Christ. It is the time to love the Lord our God with all our heart and our neighbors as ourselves. It is well to remember that he who gives money gives much, he who gives time gives more, but he who gives of himself gives all.”

If you have money to give, Great! If you have time to give, Even Better! To give of ourselves is our goal and the surest way to keep the principles Christ taught in our homes during this wonderful time of year.

Free Theatre and Museum Tickets

This Saturday, September 25, you can print a ticket to get two people into select museums for free. Check out this link to print the ticket and see which museums are participating. [Our family LOVES the America West Heritage Museum in Wellsville/Logan. It is like Deseret Village at This Is the Place State Park and in my opinion, is worth the drive. But if that's too far to drive, there are a few museums in SLC, including the Utah Museum of Natural History.]


Check out this link to get two free tickets to a theater performance on Thursday, Oct 14th. There are a number of different shows available and tickets can be reserved starting September 28 at 11am. Enjoy!


A BIG thanks to Cherish for sharing this info!

$2 Tuesdays - Thanksgiving Point

Thanksgiving Point is having their $2 Tuesday promotion in August. You can get into Farm Country, Thanksgiving Point Gardens or the Museum of Ancient Life for $2/person (ages 2 and under are free). Check out their website! Also, the website says you can get a half pound of fudge for $2 too! Cheap fun and chocolate - don't miss it!

Saving For College

With ‘back-to-school’ quickly approaching, the cost of schooling is more on our minds and it all quickly adds up: school clothes, school supplies, fees, school lunch, etc. Have you considered how quickly the costs of college add up? Tuition, books, fees, room and board. They can be even more costly and the cost of tuition is quickly rising. How do you plan for sending your children to college?

The first step would be to decide what, if anything, your family can save towards future college expenses. Saving for college should not detract from saving for more immediate family needs. For example, you should have a fully funded 3-6 months emergency savings before saving for college. Also, don’t neglect saving for your retirement. You can always hope your child gets great scholarships, but there are no scholarships for retirement.

After deciding how much you can contribute, decide what option works best for you. The Utah Educational Savings Plan (UESP) is ranked by Morningstar in the Top 5 of college savings plans (529). It is a very flexible plan that boasts low fees and expenses, no minimum amounts to open an account and no minimum monthly contributions. There are also many options for allocating your contributions. You can choose how aggressively you want your money to grow (keep in mind aggressive growth means increased risk). There are also options for age-based investments. You can specify the age of the child you are saving for and the account automatically adjusts to more conservative funds as your child grows. The money is accessed tax free as long as it is used for qualified expenses and you can get a tax credit of 5% on your state taxes.

The funds can only be used for qualified higher education expenses (tuition, fees, books, supplies, room and board). If your child decides not to attend college, the account can be transferred to another family member or the money can be withdrawn for other uses (earnings subject to federal and state taxes with an additional 10% federal penalty tax).

Another option for savings is a Uniform Transfer to Minors custodial account (UTMA). There are fewer restrictions on what this money can be used for in regards to your child. It can be used at any time to benefit your child as long as it isn’t considered regular ‘parental obligations’ (feeding, clothing, housing, etc). However, the earnings from this account must be reported on the child’s tax return. Depending on how much you are saving, the earnings usually aren’t enough to require filing a tax return. Another thing to consider is the parent is only a custodian of this account and the minor child can take control of the funds at age 18-21. Hopefully your child is responsible enough to manage this resource appropriately. Also, because the money belongs to your child, it may impact their ability to receive financial aid. Depending on where you choose to establish the UTMA, there may be minimum amounts required to open and contribute to the account.

If you want to option of funding a mission as well as college, you might want to consider saving in a UTMA account. Every family and situation is different, so discuss your goals and research your options to find the best savings plan for your individual circumstances.

http://www.uesp.org/index.html [Utah Education Savings Plan]
http://www.statefarm.com/mutual/acct_types/custodial.asp [info about custodial accounts]

With All Your Getting, GIVE

“I plead with you that with all your getting, you should also give to make the world a little better.” (Pres. Hinckley, quoted by Jon Huntsman, Sr at a BYU Commencement, Aug. 1999)

We have such abundance and can easily share our bounties with others. We certainly don’t want to go into debt to help others, but if we have the means, then we should give. With back-to-school sales starting, an affordable and fun way to involve the family in giving is to assemble school kits for the Humanitarian Center.

Here is a list of what should be included (see the website for instructions on how to make the cloth bag).

Humanitarian School Kits
· 4 unsharpened pencils
· 1 pencil sharpener
· 1 box assorted colored pencils (approximately 7" long, about 12 pencils to a box)
· 1 pair blunt-nosed scissors with metal blades
· 1 rubber pencil eraser (approximately 1" by 2")
· 1 straight edge ruler—not to exceed 12", with metric measurements
· 450 pages of lined paper in glued or spiral-bound notebooks (no more than 6 notebooks or pads per kit).
· 1 durable cloth bag made of heavy fabric

Another affordable way to give is to assemble hygiene kits. Our ward has been asked to gather the supplies for hygiene kits prior to the General Relief Society Broadcast in September. If you can assist with this in anyway, please donate the supplies to Sister A. Beck or someone in the RS Presidency.

Humanitarian Hygiene Kits
· 2 unbreakable combs (no sharp handles)
· 4 toothbrushes (packaged)
· 1 tube of toothpaste (6-8 oz., no pumps)
· 2 bars of soap (approximately 4 to 5 oz.)
· 2 hand towels (new towels, approximately 15" by 25". Please do not use dish towels or washcloths)


“It was always a privilege to assist those less fortunate than we, even when we had virtually nothing ourselves.”
--Jon Huntsman, Sr (BYU Commencement, Aug. 12, 1999)

Humanitarian Kit Lists and instructions

www.providentliving.org/content/display/0,11666,4598-1-3263-1,00.html

Book Recommendations

Check out your local library for great, FREE resources to enhance your financial knowledge . . .


Children’s Picture Book Recommendations:

Rock, Brock and the Savings Shock by Sheila Bair: teaches children about saving money


Jenny Found a Penny by Trudy Harris: teaches children about saving for a goal






Adult Recommendations:

Live Your Life for Half the Price by Lyle and Tracy Shamo: great tips and suggestions for cutting your budget, living on less and surviving tough economic times.


If you have additional suggestions for book recommendations, leave a comment on the blog.

Free Activities

Here are a few upcoming FREE activities that you might want to consider . . .

Kennecott Copper Bingham Canyon Mine Visitors Center is free July 16 - July 25. It is normally $5 per passenger vehicle. If you've never been, it's quite interesting. They show a short video, have displays in their visitors center and huge tires you can stand next to. It is mind-boggling how large their equipment is.

There are also some fun activities surrounding the Days of 47 events.

July 17th Youth Parade and Festival - [some of our cub scouts will be marching in this parade]
The parade is at 10 and the festival follows it until 2:00 at Washington Square City/County building downtown.

Days of 47 Float Preview at South Towne Expo Center - July 19, 20 from 11am-9pm
Great opportunity to see and vote for the floats that will be in the July 24th parade (and it's air conditioned!) Our stake even has a float this year, so go and vote for ours!

July 24th Days of 47 Parade