BYU Broadcasting | Living Essentials from BYU - Resource Management: An Introduction

RESOURCE MANAGEMENT: AN INTRODUCTION

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Resource management is more than just saving for a rainy day; it’s a modest and wise approach to life. This episode of Living Essentials from BYU follows three families who have found wise and creative ways of managing their resources. It also contains expert advice on items such as budgeting, saving and investing.

Featured Guests

Through a family fund, Nick and Irene Eastmonde were able to pay off their home mortgage within 4 years and provide security for their family. The Eastmonde's fund, which involved pooling resources to create greater financial freedom throughout the family, has excited many of our viewers. For more information on how you can set up a fund for your family click here!
The Eastmonde family also supports an organization called WorldFund. With donated money and resources, they were able to provide valuable support for this couple in Africa.

Cindy Nemrow and her husband Norm were able to establish a position of financial security early on in their marriage. However, they began to feel like their talents and resources were not being used as well as they could to bless the lives of others. Together they decided to downgrade their lifestyle and saw immediate improvements in family unity and productivity.

Kevin and Janelle Tucket set a goal when they were first married to be completely out of debt by the time that they were 40, particularly their home.
"It’s amazing when you start to get away from that debt-line and all the burdens of it, its amazing how much more you can breathe"
They did this through hard work and smart financial decisions, including setting a monthly goal of how much money they would save and keeping their homes at a 15 year mortgage and putting more money towards principle to increased equity.

Resource management expert Dr. Karen Hyer says:
“We are stewards of Heavenly Father’s resources and as stewards we need to learn how to handle them, how to manage them. And it is in the management of these resources that we exercise our agency.”
Karen offers the following recommendations:
Teach children that life can be happy and comfortable without every material possession.
After paying tithing, pay yourself. Set aside a specific amount each month for savings.
If you are in debt, don’t despair. Start resolving your financial concerns today by first listing all of your debts in order of severity and then set out a plan to pay them off.

Lynn Hoffman says:
"Everyone thinks that they just need a little bit more. 'If I had a little bit more time, a little bit more money, that would solve all my problems'. And so it really doesn’t matter how much you’re given, it’s how you use it that makes it successful or not."
Lynn gave the following suggestions:
Pay off your home and debt quickly. This will allow you to focus on the more important things in your life such as paying for missions or retirement.
Resist impulse spending. This will get you in trouble. Try limiting your spending by using cash-only. This will also show children good financial habits as they watch the dollars go out of your hand.
Engage in “record-keeping,” instead of budgeting. This will enable you to have a clear picture of where your money is going, without seeming so limited.
After establishing good savings habits, make wise decisions. Keeping savings in a low-interest bearing account that is easy to access may not be the best idea. Try a certificate of deposit or money market account.

Scott C. Marsh says:
"Most all of our financial decisions are based on what we perceive that we need."
Scott emphasized that budgeting and debt reduction does not have to be complex. Two simple steps can help you reduce debt more quickly:
Add just a little bit to whatever it is that you’re already paying for debts. Even a slight increase can make a big difference.
When one debt is paid off, use the resources you’ve been paying toward that debt to pay toward another debt. This is the multiplier effect.