Planning a Financially Stable Future

The American Bar Association has proven that 89 percent of all divorces can be traced to quarrels and accusations over money. That being said, having a financially stable young family requires careful planning and wise financial habits.

Some tips to help achieve financial stability include:


  • Pay an honest tithe: Successful financial management in every LDS home begins with an honest tithe. Paying an honest tithe shows your obedience and dedication to fulfilling God's work. "When we pay tithing we show gratitude for all that God has given us and return to Him a portion of what we have received" (The Church of Jesus Christ of Latter-Day Saints).
  • Create a Budget: Start by tracking your income and expenses to create a realistic budget. Allocate your income towards essential expenses like housing, utilities, food, and transportation. Set aside a portion for savings and investments, and establish limits for discretionary spending.

19 Budget templates ideas in 2023 | budgeting worksheets, budgeting, budget planner

  • Emergency Fund: Build an emergency fund that covers at least three to six months of living expenses. This fund acts as a safety net in case of unexpected events like job loss, medical emergencies, or home repairs.
  • Teach Family Members Early the Importance of Working and Earning. One of the greatest things parents can do for their children is to teach them to work.
  • Live Below Your Means: Avoid lifestyle inflation and resist the temptation to spend excessively. Consider making frugal choices by distinguishing between what is a want, and what is a need. Find affordable alternatives for shopping, entertainment, and options for eating out.
  • Plan for Education: If you have children, start saving early for their education. Look into options such as 529 plans or education savings accounts, which offer tax advantages for education-related expenses.
  • Insurance Coverage: Protect your family's financial well-being with appropriate insurance coverage. Consider health insurance, life insurance, disability insurance, and homeowners or renters insurance. Review your coverage periodically to ensure it aligns with your family's needs.
  • Save and Invest: Develop a habit of saving regularly. Set aside a portion of your monthly income towards short-term goals (e.g., vacations) and long-term goals (e.g., retirement). Explore investment options such as stocks, bonds, mutual funds, or real estate, based on your risk tolerance and financial goals.
  • Manage Debt: Minimize and manage your debt responsibly. Prioritize high-interest debts like credit cards and loans, paying them off as quickly as possible. Avoid unnecessary debt and live within reasonable means. Below is a debt-elimination calendar. In the columns to the left, you write the names of the months. At the columns at the top, you write the name of the creditor you want to pay off first--preferably the highest interest rate debt or the earliest pay-off date. Continue this with all your creditors, and List the monthly payment for that and after you have repaid the first creditor, add the amount of that monthly payment to your payment to the second creditor. 

Debt Elimination Calendar | Debt reduction, Credit card debt relief, Debt

  • Increase Income: Look for opportunities to increase your income. This may involve seeking promotions, switching jobs, acquiring new skills, or starting a side business. Consider multiple sources of income to provide more stability.


Lastly, communicate and collaborate. Establish open and honest communication about financial matters within your family. As a father, include your wife in financial decisions and work together towards common financial goals. Discuss major purchases, savings strategies, and long-term plans. Remember, financial stability is a journey that requires discipline, patience, and consistent effort. By following these steps and adjusting them to your unique circumstances, you can pave the way for a financially secure future for your young family.

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