As I’ve said recently, we’ve started learning about finances as a family. One of our favorite talks is Elder Marvin J. Ashton’s Guide to Family Finance, which was given to us by Julia’s bishop just before we got married. Another great resource is a handout from Education Week at BYU (pdf). These resources break it down financial basics very well. The principles in here are simple and easy to understand, but they take some personal conviction to implement.
The great part about these ideas is that they’re based on proven principles and common sense. Here are some of the basics
- Start a budget
- Set money aside for emergencies
- Get out of debt
- Save money for the future
These items all start with action words. If you want more information, a professor at BYU has set up a great financial website to help you learn about financial basics. It’s set up like a class, but all of the information is free and very rewarding. Although religion is deeply rooted in these resources, they certainly ring true for people of all faiths.