"Financial strength is realized by keeping God's commandments, by the payment of an honest tithe, by developing habits of work, by being thrifty and living within one's income, as well as by using one's means wisely."

Franklin D. Richards

"Be prudent in all things, adopt the plan of keeping a strict account of all your expenses; by this you will not only understand what becomes of your money,  but it will also induce....habits and methods and correctness in financial dealings in...life."

Brigham Young

1. You must decide what you want.  Your financial goal is

__________________________________________.

a) Write down your current budget to include all expenses and income.

b) Line out all non-essentials.

c) Total the cost you spend during the month on non-essentials.

d) Decide if the goal is worth forsaking some or all non-essentials.

e) Remember you are free to choose, but you must live with your choices and be content.

f) Money that is not spent on non-essentials is then put into savings or applied to debt elimination.  It is advised to save some so that unexpected situations don't force you to use a credit card.

3. Make a debt elimination calendar.

                      Dentist                         Credit Card               Auto Loan

Nov.                $50                                $100                        $300

Dec.                $50                                $100                        $300

Jan.                                                       $150                       $300

Feb.                                                       $150                       $300

Mar.                                                                                     $450

After you have repaid the first creditor, add the amount of that monthly payment to your payment of the second creditor.  The example shows that the $50 dentist payment, when the debt was paid off, was then added to the credit card payment until it was paid off.  Then the additional $150 was added to the car loan each month until it is paid off.

4. Record all expenses every day.

5. Find new and creative ways to reduce essential as well as non-essential expenses.  Be prepared to sacrifice.

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