Save or Pay Off Debt?

I enjoy Daily Worth emails. Today's tip reinforced what my instinct told me and I'm working on it...

A common dilemma: Should you put all your spare cash toward paying down debt, or build up your emergency savings - or a little of both?

It's a serious question now. If you lost your job, the average length of unemployment is about 33 weeks—or eight months. That means your emergency fund must be a priority.

But should it come first? Let's run some numbers.

Your monthly expenses: $4,000
Your debt: $5,000 on a card at 14% interest
You have: $500 to apply to debt, savings or both each month.

If you stashed $400 each month in your emergency fund, and made only the minimum payment on your card—that's $100, assuming a 2% minimum payment—it would take you more than six years to build up eight months' of expenses ($32,000).

And you'd still owe about $2700 on your card.

Now let's flip it. If you put $400 per month toward your card, and $100 toward savings, you'd be debt free in about 14 months—and you'd have a tidy $1,400 start to your emergency fund.

Now that's real savings, on every front.

A resolution for the new year

I plan to become prepared for possible disasters. We have been informed of required furlough days at work (10 hours every month without pay or compensation). This will cut into my budget significantly. I read this article and recommitted to doing as the prophets have asked (and as Joseph did in Egypt) and will complete my storage this year. It will be challenging, of course, along with the pay cuts. But, as the woman in the story said, obedience brings blessings. Obviously this means more than wheat in the basement. We attend seminars in emergency planning at work and the number one advice for us there is to get our own homes in order. See Be Ready Utah. There is no way to supply the demand for an entire community in a disaster. There is no room to store for all as in ancient Egypt. But, if every home has a supply of food and other needs, we can survive and render assistance to others in need.

There are hundreds of sites to help. Here are a few: The church has an online food storage calculator here. More information on disaster planning and survival can be found here. Some bulk buying tips can be found here. Shelf life is listed here. Red Cross kits are here. Once you get going you will get lost in all the available helps and information from the Red Cross, FEMA, CDC, etc.

Out with the Old

When looking at Debbie Harman’s food storage recipes, consider your own supplies.

Often we are quick to assume that our unperishables are . . . unperishable. But many of those items sitting in your food storage will not last forever. Here are guidelines for when some of the basics need to be thrown out:

Pancake mix: 6-9 months

Crackers: 6 months

Pasta (without egg solids): 1 year

Cereals: 6-12 months (but they can go stale quickly if opened)

Plain white rice, in airtight container: 2 years

Popcorn: 1-2 years

Canned fruit: 12-18 months (unopened)

Baking powder and soda: 6 months (opened)

Flour: 6-8 months

Sugar: 2 years (indefinite if kept free of moisture)

Prepared cake, pudding, and biscuit mixes: 9-12 months

Shortening: 18 months (unopened)

Vanilla extract: 1 year (opened)

(Source: LDS Living)

NLC - more nursing stuff

The states in blue participate in the Nursing Licensure Compact (NLC). This means they accept each others' credentialing in nursing, making it easier to relocate. It also makes a lot of sense in case of emergency. They learned from Katrina that volunteers and outside help is useless if the state doesn't recognize or can't verify licensure of professionals. This meant that doctors and nurses came to help but weren't allowed. Of course we have to protect patients from fraud in times of crisis but obviously someone had overlooked an important detail in preparedness. Even local (possibly not currently working) doctors had trouble volunteering because the hurricane destroyed some official records needed to verify their credentials. So much to think about in trying times. My question is, why don't the other states get on board for the security of our nation. We are a very mobile society now and we should be able to pool our resources to help each other out.

Sabbath

Daylight savings time started today!! It means spring really is around the corner and more daylight is appreciated. It seems to help everything. I was able to sleep in today, something I don't often do. Then I enjoyed Stake Conference and with these two meetings I do feel renewed.

Our State President reminded us of the story of Elijah in I Kings:17 (KJV)

10 So he arose and went to Zarephath. And when he came to the gate of the city, behold, the widow woman was there gathering of sticks: and he called to her, and said, Fetch me, I pray thee, a little water in a vessel, that I may drink.

11 And as she was going to fetch it, he called to her, and said, Bring me, I pray thee, a morsel of bread in thine hand.

12 And she said, As the Lord thy God liveth, I have not a cake, but an handful of meal in a barrel, and a little oil in a cruse: and, behold, I am gathering two sticks, that I may go in and dress it for me and my son, that we may eat it, and die.

13 And Elijah said unto her, Fear not; go and do as thou hast said: but make me thereof a little cake first, and bring it unto me, and after make for thee and for thy son.

14 For thus saith the Lord God of Israel, The barrel of meal shall not waste, neither shall the cruse of oil fail, until the day that the Lord sendeth rain upon the earth.

15 And she went and did according to the saying of Elijah: and she, and he, and her house, did eat many days.

16 And the barrel of meal wasted not, neither did the cruse of oil fail, according to the word of the Lord, which he spake by Elijah.

17 ¶ And it came to pass after these things, that the son of the woman, the mistress of the house, fell sick; and his sickness was so sore, that there was no breath left in him.

18 And she said unto Elijah, What have I to do with thee, O thou man of God? art thou come unto me to call my sin to remembrance, and to slay my son?

19 And he said unto her, Give me thy son. And he took him out of her bosom, and carried him up into a loft, where he abode, and laid him upon his own bed.

20 And he cried unto the Lord, and said, O Lord my God, hast thou also brought evil upon the widow with whom I sojourn, by slaying her son?

21 And he stretched himself upon the child three times, and cried unto the Lord, and said, O Lord my God, I pray thee, let this child’s soul come into him again.

22 And the Lord heard the voice of Elijah; and the soul of the child came into him again, and he revived.

23 And Elijah took the child, and brought him down out of the chamber into the house, and delivered him unto his mother: and Elijah said, See, thy son liveth.

24 ¶ And the woman said to Elijah, Now by this I know that thou art a man of God, and that the word of the Lord in thy mouth is truth.

President Hanks reminded us that it must have been difficult for Elijah to ask this of the woman in her state of devastation, but it was required that she give service first; then she was greatly blessed for her faith and sacrifice. He advised us to do the same. He asked us to increase our fast in order to help others and if we have none and even the last drops of oil are gone, we should give service. By doing so, we will be blessed in these difficult economic times. Staying strong and faithful will reap blessings. He challenged us to increase our offerings - giving to those in need, doing service, growing produce in our gardens, volunteering at canneries that supply the Bishop's Storehouses, which since January have noticed a 70% increase in demand. We are charged with caring for one another, and this is the way we do it in the Church.

We also must do all we can to prepare ourselves so we will be able to help our families and others in need. Welfare services in the Church encompass many aspects of preparedness including employment, counseling, temporal needs such as food, clothing and shelter. We are also counseled to get out and stay out of debt. I can attest that following this counsel brings freedom. providentliving.org

It is difficult to care for each other sometimes and it is not always comfortable to share our blessings but I am reminded of one of my favorite hymns. Music solidifies and testifies truth to me:

Because I have been given much, I too must give;
because of thy great bounty, Lord, each day I live,
I shall divide my gifts from thee with every brother that I see
Who has the need of help from me.

Because I have been sheltered, fed by thy good care,
I cannot see another's lack and I not share
My glowing fire, my loaf of bread
My roof's safe shelter over head,
That he too may be comforted.

Because I have been blessed by thy great love, dear Lord,
I'll share thy love again according to thy word,
I shall give love to those in needs;
I'll show that love by word and deed:
Thus shall muy thanks be thanks indeed.
(Grace Noll Crowell, Hymns, Church of Jesus Christ of Latter Day Saints # 219)

"If ye are prepared ye shall not fear"

We've been counseled for years to prepare for emergencies, whether act of nature of economy, health, and employment problems. Here are a couple of articles about the increased need for the church's storehouses and canneries: St.Louis and Greensboro. They are scattered around the country; not just in Utah. Another archived article explains the system here: Benson

We are advised to put our grocery stores in our homes where truck strikes, famine, and lack of money won't keep us from being able to eat. The church can't store enough for all of us but if we store enough we can be prepared to take care of ourselves, our families and neighbors.

To read the church's program for preparedness, check out providentliving.org.

My challenge now is to be sure that what I store is really what I would use and to learn how to use more dehydrated foods like TVP and grains that store for a long time. In this case the trick is to have the right spices and accompaniments to make these foods palatable. I also need to prepare with alternative cooking sources in case utilities are limited.

A New Year's Resolution

This guy in American Fork has inspired me to recommit to being better prepared. (Read his story by clicking on the post title) Completing a food storage stock is something I can do to prepare for a natural disaster. Besides learning a lot about Katrina at a conference I attended in Washington, D.C. and knowing we are sitting on a natural fault just waiting for the big one, there are plenty of other reasons to keep a stock of food items. Unemployment has hit many of us and we've seen what happens even with a limited time-frame truck strike. Shelves empty quickly at the supermarkets and what looks like an endless supply of available items actually disappears within days if not hours.

Our prophets have encouraged this for years. Most of us as members of the LDS Church have some food storage. The trouble is we rarely take inventory to determine if we have the right things stored to actually use the grains and dry goods we have.

Water is a very important commodity to have on hand in case of natural disaster since the public supply could be interrupted and/or contaminated. Water is easy to store and something everyone can do, regardless of income. Each time I have moved to a new house we have emptied and tossed hundreds of water bottles. Then we start over. Just wash out and refill 2 liter soda bottles, rugged juice bottles like apple and cranberry juices come in. I also refill bleach bottles without rinsing them. I label them "water" and would not use those for drinking.

We tend to deny that anything bad will happen to us or rely on the government/church to be able to take care of us. The truth is we should all have our own mini grocery store because no agency can take care of everyone and the hurricanes, tornadoes, and earthquakes have shown us that even when help arrives, it can take a while. I know we run the risk of losing our storage in such a disaster, but if everyone has it, there will be accessible resources we can share with one another should the need arise. If we are blessed to be one who can share with others, God has cared for us well and will help us to replenish our stock again.

Speaking of resolutions...if you're looking for family-friendly, free fun on First Night (New Year's Eve) in Salt Lake, Temple Square is hosting some wonderful musical entertainment in the Assembly Hall. Click here to see the featured artists: http://www.mormontimes.com/mormon_living/health_lifestyle/?id=5619 No tickets or buttons required for this event.