Saving for Missions and Weddings Alan Olpin Brett Rawlins Dan Stirling

Saving for a Mission

In addition to the spiritual preparation necessary, there is also a temporal preparation. Financing missions places additional burdens on family resources. This would not be necessary if young priesthood bearers would decide early in life that they would carry this responsibility measurably themselves. The new Missionary Equalization Program has removed much of the guesswork about the financial resources which will be required for missionary service. One of the great blessings of this program is that missionaries and their parents can now project fairly accurately the cost of a mission. Savings accounts can then be planned based on this projection. Early proper planning can help missionaries become self-sufficient in financing their own missions. It also has the benefit of teaching early in life the rewards that come from honest labor.  Elder L. Tom Perry

Historical Planning 1800’s – No Planning Required Called on spur of the moment Serve without purse or scrip January 1, 1991 Prior to this date, planning very difficult Mission cost depended on mission call Example:Monthly mission cost during the 80s  South America:$150 - $175  England:$500

Current Costs $1500 not tax deductible Amount depends on mission call Clothing, medical exams, passports, etc. $375 per month tax deductible Amount independent of mission call 24 months for sons, 18 months for daughters Approximate total costs Sons: $10500 today$13500 in 20 years Daughters: $8250 today$10500 in 20 years

Monthly Savings for Son’s Mission Annual Pre-Tax Interest Rate Years Until Mission 3%4%5%6%7%8% 3$363$359$356$352$348$344 5$213$209$206$202$198$195 7$149$145$142$138$134$131 9$113$110$106$102$99$96 11$91$87$84$80$77$74 13$75$71$68$65$61$58 15$64$60$57$53$50$47 17$55$51$48$45$42$39 19$48$45$41$38$35$33

Monthly Savings for Daughter’s Mission Annual Pre-Tax Interest Rate Years Until Mission 3%4%5%6%7%8% 3$291$288$285$282$279$276 5$171$168165$162$159$156 7$119$116$113$110$107$105 9$91$88$85$82$79$77 11$73$70$67$64$61$59 13$60$57$54$52$49$47 15$51$48$45$43$40$38 17$44$41$38$36$34$31 19$38$36$33$31$28$26 21$34$31$29$26$24$22

Planning Suggestions Start sooner than later Create extended family missionary fund Borrow from fund and repay later Use insured account that meets needs LDS Church council on savings: Individual missionary first Family and close friends second General ward membership third

Saving for a Wedding

Average Cost of Traditional U.S. Wedding Mother of Bride’s Apparel$250 Invitations and thank you’s$400 Gifts for attendants$400 Officiant / Priest & Church Fee$400 Limousine$450 Wedding rings (bride & groom’s wedding bands)$500 Groom’s and groomsmen’s tuxedos$600 Rehearsal dinner$750 Flowers$800 Bridesmaid’s Apparel$900 Photography$1000 Videography$1000 Music / Entertainment$1000 Bride’s Gown & Veil$1100 Engagement Ring$3000 Wedding Reception$8000 Free entrance into LDS temple for eternal marriagePriceless

Breakdown of Wedding Expenses

Wedding Statistics Average Cost of Traditional US Wedding = $20,500 (not including honeymoon) Bride is responsible for approximately 75% of wedding expenses Average Age for 1 st time Brides = 24.5 Average Age for 1 st time Grooms = 26.5 Among couples who choose a traditional wedding, 99% take a honeymoon Average cost of honeymoon = $4000 (3x the amount of average US vacation) Average length of honeymoon = 9 days 37% of honeymoons are to a domestic location, 63% are to a foreign location

Start Saving Now Years to3%4%5%6%7%8% 25$14,328$11,254$8,859$6,990$5,527$4,381 20$16,610$13,692$11,307$9,354$7,753$6,436 15$19,256$16,658$14,431$12,518$10,873$9,457 10$22,323$20,267$18,417$16,752$15,250$13,896 5$25,878$24,658$23,506$22,418$21,390$20,417 At 3% inflation, the average cost of traditional US wedding in 25 years will be $43,000 The bride and her family can count on a bill of $32,000 PV of $30,000

Cutting Costs Pick 5 things you care about and do them well 1.Cut the guest list 2.Wedding planner?  Sanity vs. Cost 3.Rent or borrow the wedding dress  Shop in catalogs or online 4.Use inexpensive desserts  Small fancy cake for the pictures and a big sheet cake in back to serve the guests  Chocolate covered strawberries instead of a dessert buffet 5.Keep your flowers simple and in season

Cutting Costs 6.Involve your friends and family 7.Do it yourself  Arrange some flowers, bake a cake, make the centerpieces, etc. 8.Date and season matter 9.Photography  Use a photographer only for the “big important” pictures  Buy disposable cameras so your guests can take candid shots throughout the day 10.Invitations  Shop catalogs or online  Print your own  them!

What is the least necessary wedding expense? The wedding video  “When you look at pictures, you remember the best parts of the wedding. In a video you see the shiny forehead, too many teeth, and a double chin.” Live music  You don’t need a string quartet. Too many flowers  Use candles → cheap, elegant, romantic

Web References Ensign Articles: “I Have a Question?” Jerry Mason, Mar “Church Equalizes Costs for Single U.S. and Canadian Missionaries” News of the Church, Feb “Called to Serve” L. Tom Perry, May