Common Cents

A lot of stress that appears in marriage comes from finances. Over 70% of divorcees have said that financial troubles played a role in their separation. So how do we combat the potential financial spats with our spouses and avoid stress for our families?

Marvin J. Ashton, a leader of The Church of Jesus Christ of Latter-day Saints, gave an address that laid out 12 principles to financially live by. (I’ve attached the link to the full pamphlet at the end of this post so you can study the twelve principles more in depth).

These 12 principles include:

•   Pay an honest tithe (donation to the church)
•  Learn to manage your money before it manages you
• Learn self-discipline and self-restraint
•  Use a budget
• Teach family members early the importance of working and earning
• Teach children to make money decisions according to their understanding
• Teach each family member to contribute to the total family welfare
• Make education a continuing process
• Work toward home ownership
• Appropriately involve yourself in an insurance program
• Understand the influence of external forces on family finance and investments
• Appropriately involve yourself in food storage and emergency preparedness program

Some of these principles would seem like no-brainers to most people and some of these principles are foreign concepts to others. You would be surprised how many people do not live by the no-brainers. They go about their lives spending without a purpose or a plan, and then at the end of the month, they find themselves in a bind. Having financial trouble is like being enslaved. It’s this dark cloud that constantly hovers over you, but what everyone wants is a clear, sunny day. Money management leads to freedom.

One piece of counsel I have learned to live by is “Live within your means.” It’s simple, you don’t spend more than you earn. As a college student, life is frugal and you learn to be creative with how you spend your time and your money. I am grateful for this time in my life where I can develop good financial habits to be perpetuated into my future.

One for the Money