Wise planning helps weather financial crises

Faced with a six-month period of unemployment about a year ago, the family of Bishop Roger P. Kroshus of the Dover (Del.) Ward got the chance to hone financial principles that serve as well in times of plenty as in lean times.

"Our number one priority, of course, is tithing, right off the top," he said. "Whatever remains after that is what we live on."Bishop Kroshus and his wife, Susan, work with a written budget and are careful to stay within the allocated amounts for individual categories.

"There are so many ways to limit spending," he said. "For example, if we go to the beach for the day, we pack our lunch instead of buying it at the beach."

In providing for their three children, the couple is careful not to buy on impulse. If they buy name-brand clothing, they wait until supply forces the cost down, Bishop Kroshus said.

Jeff and Carol Theurer, pictured on this week's cover, plan ahead in their budget for the Christmas season or for such high cost items as auto repairs or, when the time comes, an auto purchase.

"We know financial crises will arise from time to time, but we try to make sure there is some kind of cushion in place," Sister Theurer explained. "It may not take care of the whole need, but at least it's a good foundation, a good start."

Thus, the Theurers, members of the Monument Park 14th Ward in Salt Lake City, have been able to minimize debt.

The Theurers are also careful to teach their five children the virtues of saving. They match the amounts their children put away, and explain that the bank will pay them a certain amount for keeping their money in savings. The parents point out that they have been able to purchase certain items through their frugality. - R. Scott Lloyd

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