12 Points for Proper Money Management

            Families, communities, and nations are stronger when they practice proper money management. Since the family is the core unit of society, it is important that families manage their money properly. Elder Marvin J. Ashton (1915-1994) of the Quorum of Twelve Apostles presented a talk titled “One for the Money” at Welfare Service meeting in April 1975. The material was printed in the July 1975 Ensign, and it was published as a pamphlet in 1992. 

            Quoting some statistics about the importance of “money management and finances in marriage and family affairs,” Elder Ashton says that somewhere between 75 percent and 89 percent of all divorces can be traced to differences over money. He says that 80 percent of families have “serious money problems.”

            Elder Ashton says that husband and wife should work together as partners and that they should involve the children on a limited-partner basis when they reach the age of accountability (eight years of age). He gives twelve points to follow in order to improve personal and family financial management and to live abundantly and happily together. The twelve points are briefly stated as follows.

1. Teach family members early the importance of working and earning.

2. Teach children to make money decisions in keeping with their capacities to comprehend.

3. Teach each family member to contribute to the total family welfare.

4. Teach family members that paying financial obligations promptly is part of integrity and honesty development.

5. Learn to manage money before it manages you.

6. Learn self-discipline and self-restraint in money matters.

7. Use a budget.

8. Make education a continuing process.

9. Work toward home ownership.

10. Appropriately involve yourself in an insurance program.

11. Strive to understand and cope with existing inflation.

12. Appropriately involve yourself in a food storage program.

            Elder Ashton gives additional information for each point and says that his “points and suggestions are not intended to be all-inclusive nor exhaustive. Rather, it is hoped that a need has been brought to the surface for our serious consideration. We need to recognize and be aware of these basic guidelines for wise money management.”

            Since a high percentage of divorces are caused by financial problems, it seems like a good thing for all couples to learn how to manage their money properly. It is said that much of the time money problems are not caused by lack of money but by lack of proper money management. We can do much to strengthen our families, communities, and nations by learning proper money management.