Lesson 46: Money Management

Young Women Manual 3, (1994), 166–68


Each young woman will learn the principles of managing money wisely.


Assign young women to present any stories, scriptures, or quotations you wish.

Suggested Lesson Development

The Lord Has Given Sound Financial Advice


Write on the chalkboard: The way we manage our finances affects all aspects of our lives.

  • What are some ways in which the management of our finances affects our lives?

Scripture discussion

Have the young women read Doctrine and Covenants 29:34.

  • In what ways could our financial management affect us spiritually?

Explain to the young women that learning how to manage finances wisely now will benefit them in the future. If we do our best, the Lord will help us to manage our money wisely. Through the leaders of his Church, he has given us guidelines for the use of our money.


Write on the chalkboard the six areas of sound financial management listed below. Ask young women to read the quotations listed in each area and discuss how they can apply the counsel in their lives and how it could be a blessing to them in the future. You may want to write some of the main ideas on the chalkboard.

Quotations and discussion

  1. 1.

    Church Contributions

    “I often wonder if we realize that paying our tithing does not represent giving gifts to the Lord and the Church. Paying tithing is discharging a debt to the Lord. The Lord is the source of all our blessings, including life itself.

    “The payment of tithing is a commandment, a commandment with a promise. If we obey this commandment, we are promised that we will ‘prosper in the land.’ This prosperity consists of more than material goods—it may include enjoying good health and vigor of mind. It includes family solidarity and spiritual increase. I hope those of you not presently paying your full tithe will seek the faith and strength to do so. As you discharge this obligation to your Maker, you will find great, great happiness, the like of which is known only by those who are faithful to this commandment” (N. Eldon Tanner, in Conference Report, Oct. 1979, p. 119; or Ensign, Nov. 1979, p. 81).

  2. 2.


    “The First Presidency would like to urge every member of the Church to follow the example set by the Church and to live within his income. Anyone who lives beyond his income is inviting disaster. Borrowed money is not income. … Borrowing to live on is unsound, whether it be an outright loan or installment buying. We urge the members to be frugal, thrifty, industrious, temperate, saving, and to live righteously” (J. Reuben Clark, Jr., quoted in “Making Money More Valuable,” Relief Society Magazine, Oct. 1957, p. 695).

    “You should do everything you can to get out of debt and to stay solvent. I realize you need credit to buy your homes, or possibly advance your education, and sometimes transportation, but outside of this, you should pay as you go” (Ezra Taft Benson, “The Gospel Teacher and His Message,” address given to religious educators, 17 Sept. 1976).

  3. 3.


    “If you wish to get rich, save what you get. A fool can earn money; but it takes a wise man to save and dispose of it to his own advantage” (Brigham Young, Discourses of Brigham Young, sel. John A. Widtsoe [Salt Lake City: Deseret Book Co., 1941], p. 292).

    “I would respectfully urge you to live by the fundamental principles of work, thrift, and self-reliance. … Live within your own earnings. Put a portion of those earnings regularly into savings” (Ezra Taft Benson, The Teachings of Ezra Taft Benson [Salt Lake City: Bookcraft, 1988], pp. 262–63).

    “Whether early in life or late, we must all eventually learn to discipline ourselves, our appetites, and our economic desires. How blessed is he who learns to spend less than he earns and puts something away for a rainy day” (N. Eldon Tanner, “Constancy Amid Change,” Ensign, Nov. 1979, p. 81).

  4. 4.


    “If you cannot obtain all you wish for today, learn to do without that which you cannot purchase and pay for; and bring your minds into subjection that you must and will live within your means” (Brigham Young, Discourses of Brigham Young, p. 293).

    “I have discovered that there is no way that you can ever earn more than you can spend. I am convinced that it is not the amount of money an individual earns that brings peace of mind as much as it is having control of his money. Money can be an obedient servant but a harsh taskmaster. Those who structure their standard of living to allow a little surplus, control their circumstances. Those who spend a little more than they earn are controlled by their circumstances. They are in bondage. … The key to spending less than we earn is simple—it is called discipline” (N. Eldon Tanner, “Constancy Amid Change,” p. 81).

  5. 5.


    “No matter how much or how little we have to live on each week or month, it needs to be used wisely. We need to decide on a budget and live within it. Some claim living within a budget takes the fun out of life and is too restrictive. But those who avoid the inconvenience of a budget must suffer the pains of living outside of it. The Church operates within a budget. Successful business functions within a budget. Families free of crushing debt have a budget. Budget guidelines encourage better performance and management” (Marvin J. Ashton, “It’s No Fun Being Poor,” Ensign, Sept. 1982, p. 75).

  6. 6.


    “Be honest in all your financial affairs. The ideal of integrity will never go out of style. It applies to all we do. As leaders and members of the Church, we should be the epitome of integrity” (N. Eldon Tanner, in Conference Report, Oct. 1979, p. 121; or Ensign, Nov. 1979, p. 82).

    “It is a sin to lie. Being trapped in the snares of dishonesty and misrepresentation does not happen instantaneously. One little lie or dishonest act leads to another until the perpetrator is caught in the web of deceit. …

    “In all of our words and deeds we should ask ourselves, ‘Is it right? Is it true?’ not ‘Is it expedient, satisfactory, convenient, or profitable?’” (Marvin J. Ashton, in Conference Report, Apr. 1982, pp. 11, 13; or Ensign, May 1982, pp. 9, 11).

We Can Find Greater Happiness by Wisely Handling Our Money

Teacher presentation

Explain that people throughout the world are in very different financial situations. But each person can find greater peace and happiness by wisely managing the financial resources available.


Tell the following stories about young women who learned to manage their money well.

Cheryl had dreamed of taking a trip to a big city that had always fascinated her. For nearly two years she had planned and saved for the trip. Two weeks before she was scheduled to leave, her dentist informed her that a tooth that had been bothering her needed to be treated. Fortunately, she had an emergency fund that covered some of the bill, but she had to take some money from her trip fund. In order to still go on her trip, she decided she would cut back on some of the things she had planned, but she would still be able to go. In two weeks she was happily on her way.

  • How did Cheryl handle financial emergencies? Why was she able to do so?

Jim and Connie were married while they were still in college. Even though their finances were limited, they were both anxious to finish their education. Jim worked during the summer while Connie went to school. He was able to make enough to pay their tuition for one more year.

In order for Jim to finish in that year, he had to take a heavy load of classes and work on Saturdays. They lived in a very small apartment that they could afford on a limited income and always paid their tithing and fast offerings first. They also tried to put a few dollars a month into savings.

Before the year was out, a baby boy was born to them. Jim studied hard and got good grades, and Connie was also able to finish her schooling.

After graduation, Jim was offered a teaching job. Because of their continued wise use of finances, they were now able to save even more. Within a few years, they were able to invest in a small home.


Ask the young women to describe examples of frugal and wise money management that they have seen. Ask them to suggest some things that young women in their area could do to become more wise in managing money.


Bear your testimony about the value of wise money management in your life. Encourage each young woman to make whatever changes are necessary in her life to begin managing her money more carefully.

Suggested Activity

With the approval of your priesthood adviser, invite a member of the ward who manages money well to share helpful hints on money management and budgeting.