Guidebook

Section 5: Q&As for the Young Professional (YP) and the Coach

YP: Questions to Ask Your Coach

• Did you go into debt to finance your education or when you started your career? Would you mind telling me how much you borrowed?
• What finance sources did you use to borrow money or get financial support? What did you do that you felt was good and what would you have done differently?
• When did you begin using a budget and how was it helpful to you in achieving true wealth?
• How has guidance from our General Authorities helped you manage debt?
• What resources did you use from your family or your ward to help you while you were in school or starting your career, such as help with child care, introductions to employers, part-time jobs?

Coach: Questions to Ask Your YP

• How do you plan to pay for your education? Can we identify two or three sources for you to consider?
• Have you ever created and used a budget? Would you be interested in learning how to do that?
• How could you increase your ‘income’ via scholarships, grants, part-time work or work study programs?
• How can you control your living expenses while in school to avoid going into debt?
• Would you like to create a financial plan to complete your education? (You, as the coach can help them or work with your local Young Professionals program to get someone to help them.)
• Do you understand the difference between gross pay and net pay?

Some people make relatively little money but are wealthy, while others make large amounts of money but are in grave financial danger. This is because income does not determine wealth. Instead, money management determines wealth.

• Observe your finances and spending habits. Identify how you spend money, what you spend it on, and why.
• Explore Church resources. Learn more about budgeting, eliminating debt, and planning for the future.
• Prepare a budgeting plan. Establishing a budget can help you plan how you will more effectively use your funds and control your spending. The Family Budget Worksheet can help you organize your income and expenses. Kay Przybille’s article, “Stretching Your Dollars,” (Ensign, June 2009, 36–37) can give you practical ideas for saving money and working within your budget.
• Create a plan to eliminate your debt. Get rid of your debt more efficiently by first paying off those debts that have higher interest rates or the earliest payoff dates, then paying off debts with lower interest rates or later payoff dates. A  Debt-Elimination Calendar can help you organize your debt and make a plan of how and when you will pay it off. “Power Tools for Family Finances” (Ensign, June 2009, 34–35) identifies tools that can help you eliminate debt quicker, including financial calculators.
• Avoid new debt. Regardless of how much you earn, find a way to decrease your expenses and live within your means. As you get out of debt, stay out of debt.
• Find a mentor. Look for someone who uses his or her money wisely. Learn his or her good spending and saving habits. Ask for advice.
• Keep trying. Creating a workable budget does not happen all at once. Exercise patience and persistence as you continue to perfect it. Improving your money management can help you cut back on expenses and give you a few extra dollars. In a year’s time, what seems like a small savings can be significant.

Maintain an eternal perspective. As you work on improving your financial situation, keep an eternal perspective. Identify your priorities and make sure you have them aligned with gospel principles.

Visit this site to learn more about the IntuitMint Budgeting resource and to find free budget templates.

Visit this site to learn more about EveryDollar, an online budgeting resource.

Visit this site to learn more about ways to pay for school (including grants, scholarships, loans, and more).