Are You Financially Fit?

To determine how well you and your family manage resources, ask yourselves the following questions.

Are we preparing for our eternal well-being by paying tithes and offerings?
Do we follow a budget so we can keep spending under control?
Do we save or invest some of the money we earn?
Do we establish spending goals and priorities?
Does our family avoid the high interest rates of credit cards and installment contracts?
Are we disciplined against impulse buying?
Do we wait for sales on clothing, furnishings, equipment, etc.?
Are each of us developing comparative shopping skills?
Are we investing enough in education to develop or maintain occupational and/or professional skills?
Is the breadwinner in our family contributing to or qualifying for a retirement program?
Does the breadwinner have adequate life-insurance coverage to pay debts, educate children, and provide adequate income?
Are our home, car, and other possessions adequately insured?
Do we have an inventory, including photographs, of personal and household items to help us make an insurance claim in case of fire or theft?
Do we maintain and repair our home, car, and equipment to the extent of our ability?
Do we develop and use home-production skills and arts such as sewing, canning, and baking?
Are we progressing on a year’s supply of food and clothing?
Do we buy foods that have maximum nutritional value?
Do we work and live in ways that help maintain our physical and mental health?
Have we prepared an estate plan, such as a trust, a last will and testament, a living will, and a letter of instructions for our heirs?

Now that you are aware of some areas of concern, set realistic goals that will help you to change your habits. Become competent money managers and wise consumers in order to face the future with confidence.—Gary D. Hansen, Provo, Utah

Illustrated by Rob Magiera