Yesterday, a friend reminded me about the Power of 3 as it applies to money ($1) for Spending including 10% for tithing ($1) for Savings ($1) for Investing...and because I'd like my children to have a bright future, this is something I will now apply more fervently in our family.
"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. When we live providently, we can provide for ourselves and our families and also follow the Savior’s example to serve and bless others." -- Elder Robert D. Hales, Quorum of the Twelve Apostles, April 2009 General Conference
Elder Ezra Taft Benson stated: “A large proportion of families with personal debt have no liquid assets whatsoever to fall back upon. What troubles they invite if their income should be suddenly cut off or seriously reduced! We all know of families who have obligated themselves for more than they could pay.” (Pay Thy Debt, and Live, Brigham Young University Speeches of the Year, Provo: 28 Feb. 1963, p. 10.)
"The first hard rule of fixing our scale of living below our means is to budget, planning first for basic needs and then for other desired items. We should help all women enjoy the peace of mind that comes from making and following a plan for spending. Their lives will begin to have an aura of serenity when their expenses stay within their income." -- Barbara B. Smith, "Reach For The Stars" April 1981
