“We have been counseled again and again concerning self-reliance, concerning debt, concerning thrift. So many of our people are heavily in debt for things that are not entirely necessary. . . . I urge you as members of this Church to get free of debt where possible and to have a little laid aside against a rainy day” (Gordon B. Hinckley, “The Times in Which We Live,” Ensign, Nov. 2001, 73).
With careful planning and the guidance of the Spirit, you and your family will be able to enjoy a more secure financial future.
A number of calculators are available to help you make wise financial decisions. Consider the questions below and use the calculators provided to help you in your financial planning:
How soon could I pay off all my debts?
How much should I save for emergencies?
Where is my money going?
Would spending a little less and saving a little more make a difference?
How long will it take to pay off my credit card?
When will my loan be paid off?
What if I pay a little extra each month on my loan?
What would my payment be if I borrowed?
Should I refinance my home mortgage?
What would be my monthly payment on a new home?
How much should I save for retirement?
Are my current retirement savings adequate?
How much retirement income will I have if I save regularly?
How much should I save to reach my goal?
How much could I have if I saved regularly?
These financial calculators can help you make wise financial decisions if you use them appropriately. You may also want to consider meeting with a trusted individual or professional advisor.