5. Family Finances

Another aspect of provident living is wisely managing income and expenses. The First Presidency has counseled:

"We urge you to be modest in your expenditures; discipline yourselves in your purchases to avoid debt. …

"If you have paid your debts and have a financial reserve, even though it be small, you and your family will feel more secure and enjoy greater peace in your hearts."10

Successful family finances begin with the payment of tithes and offerings. When members put the Lord first, they are better able to care for themselves and others.

Another part of successful financial management involves knowing your income and expenses and controlling money rather than letting it control you. When Devon and Michaela Stephens of Arizona, USA, created a budget, they had only a vague idea of how much money they spent each month. But making a budget with specific categories helped them "come out of the clouds and down to earth," Michaela says. "It was alarming to find we had less money than we thought, but it was also intensely exhilarating to suddenly feel that we had firm control of what we had."

For more information, visit the Family Finances section of providentliving.org or refer to the pamphlet All Is Safely Gathered In: Family Finances.

"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."

Elder Robert D. Hales of the Quorum of the Twelve Apostles, "Becoming Provident Providers Temporally and Spiritually," Liahona and Ensign, May 2009, 8.