Our current stage of the life includes both Stage 5 Married with Children Launched (Yes!) and Stage 6 Marriage and Retired. (Poduska, B. 2000) It was interesting as I read about the different stages of life cycles, how true to life they were for us.
I can honestly say that Stage 3: Married with Children Ages 10-19 was the most financially demanding. Up to this point, we felt in control of our budget and expenditures. The expenses for our family seemed to be doable and we still felt like we could enjoy life on our budget. However, once all five of our children were older it was another story altogether. Athletic shoes cost more than I would ever have spent on a clothing item. Lessons, team registrations, uniforms, school registration, clothes, every day shoes, prom, special dresses, dances, cheerleading, offices, transportation, double insurance, health issues, glasses, surgeries, college exploration trips, college tuition, books and dorm costs, etc. and etc., all began to add up in ways for which we were not prepared.

Our children were 16 years apart, so once it started, it seemed to never end. Although I had chosen to be a stay-at-home mom, I did work part time as much as possible to help make ends meet. This was the time that the dad was just beginning to get settled in his career but had not get produced a large enough income to accommodate for these added expenses.
We had tried to live within our budget to this point and been rather successful, but was not prepared for the onslaught of expenses that hit our budget at Stage 3. Another reason we were not prepared, was we did not know about the Church’s financial guidelines of spending one penny less than you make, and we were not able to start that now. The understanding of buying what you need, not what you want, was suddenly blurred. We found it difficult to say “We can pay for that team registration after we have saved enough, which should be in about three months.” Or “School registration has come at a bad time, so we will have to wait to pay it until we have saved enough.” Or “We can’t pay for cheerleading until we have saved enough, so you will have to decline.” Therefore, this Stage 3 of Married with Children, was not our finest hour financially.
We did survive, with strong warnings to our adult children to avoid doing what we had done, but to plan ahead and stay completely out of debt. After Stage 5 Married with Children Launched we did return to a budget covering tithing, savings, retirement etc., and not spending more than we earned. We managed to recover from the debt we gained and become debt free. Now at the “Empty Nest Full of Life Stage,” (Poduska 2000, p. 205), we are financially prepared to enjoy.

Being debt free is probably the most exhilarating feeling after having experienced the bondage that comes with financial debt. The feeling of being controlled by your money is not worth anything we might have purchased. It created anxiety and fear of the future. The secret is to say no to things that aren’t needs, but to plan ahead so that those things that feel like needs i.e., team registrations and uniforms, can be purchased with previously allotted funds.
Here are some of my favorite financial advice to live by from LDS Conference talks:

Joseph B. Wirthlin, April 2004. “All too often a family’s spending is governed more by their yearning than by their earning. They somehow believe that their life will be better if they surround themselves with an abundance of things. All too often all they are left with is avoidable anxiety and distress.”
Elder Robert D. Hales, April 2009. “To provide providently, we must practice the principles of provident living: joyfully living within our means, being content with what we have, avoiding excessive debt, and diligently saving and preparing for rainy-day emergencies.”
Eldon Tanner, October 1979, “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.”
Tom Perry, October 1995. “A well-managed family does not pay interest—it earns it.”
Gordon B. Hinckley, October 1998. “I urge you, brethren, to look to the condition of your finances. I urge you to be modest in your expenditures; discipline yourselves in your purchases to avoid debt to the extent possible. Pay off debt as quickly as you can, and free yourselves from bondage.”
Reference:
Poduska, B. (2000). Till Debt do us Part, (Chapter 11). Salt Lake City, Utah: Shadow Mountain.











