My oldest son is getting older, he’s 13, and I’ve known that we’ve needed to put together a more formal plan to get him on track for saving for his mission. In the mission prep checklist for youth that I put together last year, I recommended that youth start small and exponentially grow their savings each year. Still liking that idea, I thought I’d put more detail around it and I came up with the following plan for my son that I’d like to share with the wider Mormon Mission Prep community. Download it below. Check it out and let me know if you’d like to see any changes to it.
Instructions on how to use this schedule for saving for a mission is included in the downloadable PDFs above, but I’ll repeat it here. In short, there are a number of boxes in the printable handout, with each box representing $100. Youth should fill in each square, or somehow mark them, when they have saved each $100 increment. When all the squares on the sheet are filled, the youth will be, financially, ready to go on a mission.
The cost to serve a mission is $400 per month. That comes to $9,600 for a young man’s 24 month mission and $7,200 for a young woman’s 18 month mission. The main chart in the printout will have 96 boxes, or 72 boxes, for young men and women respectively, each square representing $100. When all boxes are marked off, the youth will have the money saved up that is needed to pay for a mission.
This plan recommends easing young people into saving by starting small and roughly doubling the amount saved each year and having them prepared to go by the time they reach 18 or 19. Of course, many people may end up getting a late start, so depending on when the youth starts saving, individual timing may vary. There is also a separate column on the right representing additional money the missionary may want to save to pay for clothes, suitcases, and other gear. Missionaries are expected to buy and bring this additional gear, which adds an average of around $2,000 to the cost of getting ready to go on a mission.
Try to Pay for Your Mission, but Don’t Let Money Stop You
When many youth and their parents first see the attached schedule, they may be a little overwhelmed. But remember, though youth should try to pay for their own mission, the lack of finances should not stop anyone worthy from serving. To help get youth started or to help them get caught up with the plan, parents, family, and friends may consider donating to the youth’s missionary savings fund. To get my son motivated to save and to help him get caught up, I’m telling him that I will put $100 in his mission fund when he comes with me to the bank to open up a savings account. Parents may also want to take a look at this list of ideas for earning money and saving for a mission.
Blessings of Paying for Your Own Mission
Living and past prophets have taught that God will greatly bless the young people who are financially prepared and have saved for their own mission. Elder M. Russell Ballard has said that young people preparing for a mission “ought to have a job and save money for their missions. Every mission president would concur with me that the missionary who has worked and saved and helped pay for part or all of his or her mission is a better prepared missionary” (How to Prepare to Be a Good Missionary, Liahona, Mar. 2007).
President Spencer W. Kimball said to the youth, “Every time money comes into your hands, through gifts or earnings, set at least part of it away in a savings account to be used for your mission.” He further said, “How wonderful it would be if every boy could totally or largely finance his own mission and thereby receive most of the blessings coming from his missionary labors.”