Building a Reserve
"If ye are prepared ye shall not fear"
D&C 38:30
“The wise understand the importance of saving today for a rainy day tomorrow.”
Joseph B. Wirthlin May 2004
Lesson Objectives:
1. Help families follow the prophets counsel to prepare for a time of need
2. Commit each family member to resolve to start building a reserve
Why Teach about Building a Reserve:
If we follow the prophets counsel, we will find a peace that comes from being prepared when the famines or times of trial come into our lives. “When you have paid your debts and accumulated some savings, you will be prepared for financial storms that may come your way. You will have shelter for your family and peace in your heart.[1]"
Elder Joseph B. Wirthlin counseled “Too often, people assume that they probably never will be injured, get sick, lose their jobs, or see their investments evaporate. To make matters worse, often people make purchases today based upon optimistic predictions of what they hope will happen tomorrow. The wise understand the importance of saving today for a rainy day tomorrow. They have adequate insurance that will provide for them in case of illness or death. Where possible, they store a year’s supply of food, water, and other basic necessities of life. They set aside money in savings and investment accounts. They work diligently to reduce the debt they owe to others and strive to become debt free. Brothers and sisters, the preparations you make today may one day be to you as the stored food was to the Egyptians and to Joseph’s father’s family.[2]”
As part of Heavenly Father’s plan adversity and trials will be part of our life. “A most important part of that plan is that we ourselves—each one of us—shall learn to become self-sustaining, that we accept the principle that we must look ahead, save a little, build up some reserves, live within our income, and make every effort to sustain ourselves in good times and bad.[3]” The prophets have counseled to build a reserve.
Lesson:
Save on a regular basis no matter how small.
The prophets have encouraged members “Gradually build a financial reserve ... If you save a little money regularly, you will be surprised how much accumulates over time.[4]” Saving should be a regular part of our budget. “As members of the Church, we have been counseled to regularly save a portion of our income. If we make up our minds to regularly save even a small part of our earnings, whether they be money or materials, we will someday be glad we did so.[5]”
Food Storage
For years the prophets and apostles have counseled to “Appropriately involve yourself in a food storage program. Accumulate your basic supplies in a systematic and an orderly way. Avoid going into debt for these purposes. Beware of unwise promotional schemes.”[6] As members of the church we should gradually build our food storage. The church has recently come out with a pamphlet called “All Is Safely Gathered In: Family Home Storage” that suggests that food storage should be divided into short term and long term supplies.
a. Three Month Supply:
“Build a small supply of food that is part of your normal, daily diet. One way to do this is to purchase a few extra items each week to build a one-week supply of food. Then you can gradually increase your supply until it is sufficient for three months. These items should be rotated regularly to avoid spoilage.[7]”
b. Long Term Supply:
“For longer-term needs, and where permitted, gradually build a supply with food that will last a long time and that you can use to stay alive, such as wheat, white rice, and beans. These items can last 30 years or more when properly packaged and stored in a cool, dry place. A portion of these items may be rotated in your three-month supply.[8]”
Save with a Purpose
Elder Wirthlin taught an important principle for adults and children when he said “ ‘Save your money’ is a hollow pronouncement from a parent to a child. ‘Save your money for a mission, bicycle, doll house, trousseau, or car’ makes understandable sense. Family unity comes from saving together for a common, jointly approved purpose.[9]” It is important that we don’t get caught saving just to save. Saving can be fun as we see our progress towards our goals. The prophets have given some guidance on what the purpose of some of the savings should be. “In setting up a savings program, we are providing financial security for our families as we plan for the future. We can also save for a special purpose, such as going on a mission or traveling to the temple.[10]”
An Emergency Fund
Some money should be set aside that is available in case of an emergency. “What if you lose your job and cannot find employment for several months? What if you have to pay unforeseen medical expenses? What if you are injured and cannot return to work for a long time? Or the washing machine and the car break down at the same time? Or a family member is hospitalized, and although you have medical insurance, the deductible amounts and the copayments are costly? Do you have enough money set aside to help cover such financial emergencies? If not, it’s important to establish an emergency savings account—a reserve fund that will lessen the shock of financial hardship.[11]” “Gradually build a financial reserve, and use it for emergencies only.[12]”
Teaching Methods:
1. Review how much it costs to go to school or on a mission. Make a plan for family members to contribute monthly or yearly in order to achieve those goals. (A mission is currently $400 a month or $9,600 for the two years plus another $1,000 for suits luggage etc. Pick a couple of colleges that your children might be interested in and find out how much tuition and housing is on the internet.)
2. Review and discuss the story below
· How well would your family react in a similar situation?
In February of 1971 an earthquake shook California’s San Fernando Valley. Sister Ina Easton described some of the conditions following the earthquake:
“From early Tuesday morning, February 9—shortly after the earthquake hit—to late Friday afternoon, February 12, we had in our home 17 [to] 22 guests to care for. We had no electricity for a day and a night and no gas for heating and cooking or sufficient water for the time they were here.
“… It was a real challenge to care for so many with limited space and facilities. We were able to manage well under the circumstances, thanks to our wonderful guests and the Church food and water storage plan. … All of the stores were down that were near us. Roads were broken. We could not go to the grocery store. We were thankful and grateful for the food and water that we had stored. …
“We learned many things. Among them were good storage items: soap and detergents that dissolve in cold water; old towels … ; toilet tissue and paper towels; toothbrushes and toothpaste. … What about extra clothing—one change for each member of the family? First-aid materials are a must. We had cut feet and injuries everywhere. Some of them were not serious, but they became so because there were not supplies to bandage and care for them. Many children cried because they were hungry and uncomfortable. Babies were especially unhappy. Baby food, bottles, blankets, formula, and disposable diapers would have made the difference. … Some things people forgot in their hurry were heart pills and diabetic medicine. In some cases, it was really tragic.
“We found that a portable gas stove is a valuable thing to have. Its fuel is safe and easy to store. A gas lantern gives wonderful light when the electricity is gone. …
“There is much more that could be said, but the important thing for all of us to remember is that the Lord has told us to store food, water, clothing, and money, because someday we will need them. My testimony is that we did need them. By obeying the commandments given to us by our leaders, we had plenty and enough to share with our wonderful friends and ward members that were forced to leave their homes.[13]”
3. Discuss the principles above while assembling 72-hour kits.
Assignments:
· Each family should set up a savings plan that is specific to their goals.
· Commit and create a plan to gradually build a finance and food storage reserve.
· Create and discuss a family emergency plan. Plan where you would meet and what items you would need (scriptures, matches, 72 hour kit, radio, etc). Set a goal with a timeline of when you will have all of the necessary items.
Opening and Closing Songs:
· As Zion’s Youth in Latter Days (Hymn 256)
· Come, Ye Thankful People (Hymn 94)
· I Believe in Being Honest (Children’s Songbook 149)
Other Resources and Ideas:
· lds.org
· “All Is Safely Gathered In: Family Finances,” All Is Safely Gathered In: Family Finances,(2007),1–4
· “All Is Safely Gathered In: Family Home Storage,” All Is Safely Gathered In: Family Home Storage,(2007),1–4
· Vaughn Cox, “Emergency Savings the ‘Centsible’ Way,” Ensign, Feb. 1992, 65
This Family Home Evening lesson was developed by Dallin Anderson, December 2008.
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[1] True to the Faith (2004), 48–49
[2] Joseph B. Wirthlin, “Earthly Debts, Heavenly Debts,” Ensign, May 2004, 40
[3] Mark E. Petersen, “Blessings in Self-Reliance,” Ensign, May 1981, 61
[4] “All Is Safely Gathered In: Family Finances,” All Is Safely Gathered In: Family Finances,(2007),1–4
[5]Duties and Blessings of the Priesthood: Basic Manual for Priesthood Holders, Lesson 21: Managing Family Finances,”, Part A,153
[6] Marvin J. Ashton, “One for the Money,” Ensign, Sep 2007, 36–39
[7] “All Is Safely Gathered In: Family Home Storage,” All Is Safely Gathered In: Family Home Storage,(2007),1–4
[8] “All Is Safely Gathered In: Family Home Storage,” All Is Safely Gathered In: Family Home Storage,(2007),1–4
[9] Marvin J. Ashton, “One for the Money,” Ensign, Sep 2007, 36–39
[10] Duties and Blessings of the Priesthood: Basic Manual for Priesthood Holders, Lesson 21: Managing Family Finances,”, Part A,153
[11] Vaughn Cox, “Emergency Savings the ‘Centsible’ Way,” Ensign, Feb. 1992, 65
[12] “All Is Safely Gathered In: Family Finances,” All Is Safely Gathered In: Family Finances,(2007),1–4
[13] Relief Society Courses of Study 1977–78, 78–79.