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Smart Money Practices

Smart Money Practices

money jars

Purpose

Start some smart money practices like saving money and creating and following a budget. If you’re responsible with your money now, you can save up for things you need or want. You can also prepare to provide for yourself and your family in the future.

Goal Description

Create a budget and then follow it every time you earn or receive money.

Goal Ideas

  • Learn about tithing—why we pay it and how to pay it, for example—and commit to being a full tithe payer.

  • Work with your parents or another trusted adult to create a realistic plan for saving money for a mission, education, or something else. Find a container for saving your money or ask your parents to help you open a savings account.

  • Create a budget and assign a purpose for every dollar you earn or receive:

    1. Write down your available income for the month.

    2. List all your expenses for the month, including tithing, savings, and anything you need and want.

    3. Decide how much money you will spend on each expense.

    4. Once a week, review your spending to see if you’re following the budget you set. Make adjustments if you need to.

  • Look for opportunities to bless others with the money the Lord has given you. You can make other Church donations to your bishop or branch president, donate to a local group, or even surprise a sibling or parent with a treat.

  • Join a local self-reliance class or study one of these workbooks to help you learn how to better care for your money.

  • Create your own goal.

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