Continue building financial self-reliance with BYU-Pathway’s guiding principles
In their first course, BYU-Pathway Worldwide students learn steps to become self-reliant. Following the principles they are taught from the
1. Pay tithes and offerings
The Lord has said that “all things unto [Him] are spiritual.”Imose Cynthia Feliz from Nigeria learned about the importance of tithing through her BYU-Pathway courses. She said, “Before I joined BYU-Pathway, I would always pay for my current needs and wants before paying my tithe, but BYU-Pathway has helped me to build a self-reliant approach. Now when I receive my income, I pay my tithes and offerings, and it helps me build financial and spiritual security before my other needs.”
These sacrifices can be difficult, but sacrificing a little today will lead to great blessings tomorrow — so many “that there shall not be room enough to receive it.”2. Prepare for future financial needs
Elder David A. Bednar said, “You can read in the Old Testament about seven years of famine and seven years of plenty. It’s a good idea to prepare.”
Life can change very quickly — we never know when natural disasters, wars, or layoffs are going to hit. To prepare, you can:
Build up savings. Ever heard the saying "Save for a rainy day"? This means to set aside additional funds for unexpected expenses or financial hardship. Start with enough savings to cover needs for one month. Ideally, build up savings to cover six months.
Acquire adequate insurance. Take time to assess the benefits of health, life, or other insurances. They offer you an extra layer of protection from large, unexpected bills.
3. Eliminate debt
Debt is a burden that will only grow when not quickly addressed.
First, assess your debt. How much debt do you have? What are the interest rates? What’s your total balance, and how long will it take to pay it off? For example:
Once you’ve assessed your debt, follow these steps:
- Pay extra. When possible, paying extra toward debt will save you money on long-term interest.
- Decide where to pay more. Decide whether it’s more convenient to start with the largest or smallest debt. Starting with a small debt will reduce your number of creditors quickly, while paying off the larger debt will eliminate your highest expenses first. Choose which method is right for your situation and stick to it.
- Use the rollover method. Once a debt is paid off, “rollover” the money you were paying towards that debt and apply it to the next one.
4. Save and invest for the future
Even after eliminating debt and finding a balance, continue preparing for your future by following these steps:
Save money. Invest in a savings account to earn interest and grow your money.
Seek education. Earn certificates and a bachelor's degree that will help you develop marketable skills and increase your salary.
Set a retirement goal. Invest in a retirement account to avoid depending on government programs.
5. Continue to give and bless others
Once you secure a financially stable condition for you and your family, show gratitude to the Lord by heeding His commandment to “succor the weak, lift up the hands which hang down, and strengthen the feeble knees.” The skills you have learned and achieving financial self-reliance will help you to bless others.