The M&M Game Summary

[Dia Minha]

RAR really wanted to go our ward M&M game. She was unable to attend and asked me if I would be willing to share what was discussed. I thought I might as well post it on here so everyone else could join in with their thoughts and ideas.

We had a money management class on Friday for our ward. We started out by dividing into groups of about six and working through a made up scenario. Our group had a single father of three, who was a teacher. We had to all work together using each others thoughts and ideas to assess the financial situation and come up with a budget and long term plan.

We then discussed what we learned with the entire room. Some things that were brought up were:

Establish what your goals are so that you can come up with a plan.
Know the difference between needs and wants.
Assess goals and budget on a regular basis.
Find a way to budget that works for you.
Pay an honest tithing and a generous fast offerings.
Plan for the unexpected.
Be careful with debt.

The Bishop then asked us for ideas on what we could do to better work together as couples in financial matters. The main idea was the need for good communication. Look to each other for ideas. Work together to find the best way, don’t just compromise. Review finances together on a regular basis. Don’t be afraid to say you don’t know and be willing to ask for help or research for ideas. Make sure you are both heading in the same direction by reaching for the same goal. Let go of pride.

So, those of you that were there, did I miss anything? Do you have anything to add?

For those of you the weren’t there, what are your thoughts? Do you have anything to add?

[Dia Minha]

I have a few thoughts on finances I have been wanting to add.

One of the things that I have learned over the years is the importance of financial priorities. I think a lot of times I will say I don't have the money to do that, when in reality I do, I have just chosen to spend it elsewhere. I think I am better off by stating the positive. Instead of saying I don't have the money to finish my front yard, I need to say, I have choosen to keep my girls in dance, instead of putting that money toward the yard, because it is something they will enjoy the rest of their lives. A front yard would be nice, but it will be just as nice in a year or two.

I once had someone tell me that they would never wear the same thing to church two Sundays in a row. It wasn't really what she said, but how she said it. I think that for me I would rather have one beautiful outfit, that I felt and looked good in, and wear it to church every Sunday, than to have five. I can only wear one at a time, so why do I need more than that. Actually I like to have one backup, because there is a lot that can happen from the time I get dressed in the morning, until the time I'm out the door, but I don't "need" anymore than that. And to purchase more would be due to pride and worrying about what others might think of me, when I show up wearing the same thing every Sunday. I think every bad financial decision I have ever made was due to pride. One more humility lesson for me.

I also think that just because the Prophets have told us that it is ok to go into debt to buy a house, that I need to be realisitic. It is ok to go into debt for a house, but to purchase a $200,000 home that meets our needs, is always going to be better than a $400,000 that stretches our income to the max and prevents us from saving for the future.

Anyway, those are just a couple of things that I didn't get to bring up during the M&M game that I feel strongly about. Still waiting to here from all of you.

[Dia Minha]

The topic of going into debt for education and buying a house came up at the meeting. Someone mentioned that they heard a general authority say something about that a family vacation would also be reason for going into debt. I remember hearing this as well. I have been searching the LDS.org website and haven't been able to find prove. Does anyone else remember hearing this?

I did find several articles that talked about going into debt to meet necessities, but stay within your means and the ability to pay it off quickly. In other words you need means to cook your food. So going into debt for a stove/oven would be considered a need, but don't go out and buy a $2,000 stove when a $400 one would meet your needs and would be easier to pay off quickly.

I think a family vacation would also meet this criteria. Not that we should go out and buy a 8 day cruise for their entire family and spend the next 5 years paying it off. But to put gas on the credit card, when traveling to a family reunion in New Mexico and paying it off the next month or two wouldn't be so bad.

Anyway, one more thing to think about.

[runamyrun]

Thanks for posting this. It has been fun to read.