Ballard - Providing for Our Needs - April 1981

Elder Ballard instructs us on providing for our needs financially.  He points out three things that will help us get control of our finances and put us inline with gospel teachings about money.

• What can we do to improve our family finances? May I suggest three important keys that will help us. They are attitude, planning, and self-discipline.
  

He discusses the first key, attitude.

• The first key is to have a positive attitude toward ourselves.
  • Attitude is an important part of the foundation upon which we build a productive life. In appraising our present attitude, we might ask: “Am I working to become my best self? Do I set worthy and attainable goals? Do I look toward the positive in life? Am I alert to ways that I can render more and better service? Am I doing more than is required of me?”
  • Remember, a good attitude produces good results, a fair attitude fair results, a poor attitude poor results. We each shape our own life, and the shape of it is determined largely by our attitude.

He notes that we need to learn to love work.  Work is an eternal principle and is expected of each of us.

• The love for work needs to be re-enthroned in our lives. Every family should have a plan for work that touches the lives of each family member so that this eternal principle will be ingrained in their lives.

He discusses the second key, planning.

• Let us discuss the second key, planning, which means to think out beforehand how we intend to reach our goals in life. Do we all have a plan to increase our value where we are employed? Have we taken the time to write down specific goals, and have we designed a plan of action to become more effective and productive?
  

Elder Ballard gives advice about children,promotions, and starting our own business.

• Children need to explore many employment opportunities when they begin high school. Then when they marry and establish a home, they will be well on their way to a vocation or a trade that will return an income that will be sufficient to meet their basic needs.
• We might feel that we have gone as far as we can go in our present job. If so, we should outline a plan of action, fast and pray for confirmation, and then move forward and make the change in employment.
• A business of our own might increase our income. We must be wise, however, and analyze all factors and seek sound counsel from an attorney, accountant, banker, and most importantly, from a businessman who is successfully managing his own company. After developing a plan, we should pray for guidance; and when we receive an inward assurance that we should begin our own business, then we should do it. Remember the counsel of the Lord: “For which of you, intending to build a tower [and I add, or business], sitteth not down first, and counteth the cost, whether he have sufficient to finish it?”
  

Elder Ballard discusses the third key, self-disciple.

• The third key is to practice self-discipline both at our work and as we attempt to reduce our expenses in our homes. Regarding the latter, Church leaders should set the example by seeing that stake and ward financial requests are kept to a minimum. Members should--
  
  • Avoid debt-pooling where exorbitant fees are charged. We may want to consolidate debts using a bank or credit union loan that can be repaid at a sensible interest rate over a reasonable length of time. We may need to stop using our credit cards.
    
  • Exercise self-discipline by telling ourselves “We can’t afford it” and refusing to take on further credit obligations.
    
  • Make a budget and stick to it.
    
  • Cut expenses by distinguishing between wants and needs. Economize by controlling the use of goods, services, and energy.
  • Increase homemaking skills and have family members complete home and car repairs, when feasible.
  • Invest wisely. Avoid speculations and get-rich-quick schemes.

Elder Ballard encourages us to consider improve our current employment instead of looking for a solution in a second job.

• Every one of us has the potential to improve and increase his earning capacity. We are far better off if we can improve and become more valuable on our full-time jobs than if we attempt to hold two jobs or to have mothers leave home to join the work force. When we learn to expect more success than failure in life, we soon will develop an attitude of success.
  

In summary, Elder Ballard recaps the things that he has taught and shared.

• Remember—a positive attitude, a well-thought-out plan, and consistent self-discipline can help us improve our circumstances. Applying these keys in our daily work will help produce more income, and practicing them in our homes will help reduce expenses. When we combine these principles with keeping the commandments of God, we can learn to become better managers of our time and resources and become financially secure.
  

The prophets and apostles have been teaching us how to take care of our families for generations.  Elder Ballard shares great advice on managing our homes, careers, and the things the Lord has blessed us with.  I have learned that family finances need to be discussed openly between spouses.  It does no good for one person to have a plan and the other person is in the dark about goals and responsibilities of the family.   We would be wise to determine if we have room for improvement in our financial learning and review these principles to better manager our finances.  If we are wise with these things on a personal level, the Lord will be able to use us to bless his children.