“Family Finances,” Topics and Questions (2026)
Overview
Family Finances
The way a family manages their money can have one of the greatest effects on their happiness and well-being.
The First Presidency has taught: “We encourage you wherever you may live in the world to prepare for adversity by looking to the condition of your finances. 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.”
Every family has the responsibility to provide for their own needs as best they can. Spouses are blessed as they manage their finances together with equality, openness, and trust. Managing your money well can help lead to financial security throughout your life.
Managing Money Wisely
To help you manage your money, keep a record of both your income and your expenses. Use these records to establish a family budget, or spending plan. Plan what you will give as Church donations, how much you will save, and what you will spend for things such as food, housing, utilities, transportation, clothing, insurance, school-related costs, debt payoff, and other expenses.
Take the Personal Finances for Self-Reliance course to learn how to better manage your money.
Avoiding Debt
Spending less money than you earn is essential to your family’s financial security. Avoid debt, with the possible exception of paying for education or buying a modest home, a necessary car, or other vital needs. Save up to pay for the things you need and want, including larger purchases such as electronics or vehicles. If you are in debt, pay off the debt as quickly as possible.
The Lord’s modern-day prophets have repeatedly warned against the bondage of debt. One of the great dangers of debt is that because of interest, you typically pay back not only what you owe but a great deal more. Once you are in debt, interest accrues relentlessly, no matter your circumstances.
Saving More Money
To save more money, first look for ways to reduce your spending. It is important to learn to spend less before you increase your income—because you can always outspend your income, no matter how large it is. Start to budget if you are not doing so already.
Then look for ways to make more money. This might mean finding one or more additional means of income for a time. A long-term solution may be to receive more training or education to increase your skills, which can help you increase your income or find better employment.
Acquiring savings happens little by little over time as we patiently and regularly put money aside for future needs.
Giving Tithing and Other Offerings
Paying an honest tithe (10 percent of our income) and giving a generous fast offering can help us learn to be more disciplined as we prioritize our spending. Paying tithing before other expenses can help us to spend our remaining money more intentionally.
The Lord has also promised that we will be blessed when we follow His commandment to pay our tithes and offerings faithfully. We may be blessed financially, or we may be blessed in other ways.
As we pay a full tithing and give generous offerings, our commitment to and testimony of this important gospel principle will be strengthened. President Russell M. Nelson has taught, “Paying tithing requires faith, and it also builds faith in God and His Beloved Son.”
Teaching Our Family Good Financial Habits
Involve your family in creating and following a budget (or spending plan) and setting financial goals together.
Also teach your children the principles of responsibility, hard work, frugality, avoiding debt, having adequate insurance (where possible), and saving and investing for the future. Help your children learn the importance of paying tithing, and help them get into that habit. Talk with them about the importance of getting an education that will help them find good employment in the future.
Wise use of money is a powerful tool to help build safety and self-reliance for your family. It can also bring many blessings to other people as you become more capable of using your financial means to help others.