"In addition to the spiritual preparation necessary [for a mission], 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, 1991)"

Many Church leaders have encouraged young men and young women to finance their own missions.  Below are some suggestions on how to save for a mission.  A 2-year mission today costs approximately $10,000.

1.  When you are 18 or 20 and planning a mission, $10,000 can seem like a lot of money, which is why it is so important to plan ahead!  Get a part-time job while you are still in High School, working full-time during summers if possible.  Budget what you earn, allow your self some spending money but save at least 50% of each pay check.

2.  If you are a parent and want to set up a mission account for your child, start when they are infants.  I have a friend whose daughter Alexis is 10 months old, her daughter is rarely fascinated by new toys, she really likes to play with paper and the current toys she has.  Grandma and Grandpa send a check to their little grand-daughter for EVERY Holiday, instead of buying new toys that Alexis doesn't need my friend puts these checks into a bank account.  This is a great way to save if you are on a tight budget and can't spare any extra saving money from the household budget.  Later when your children get older just save 10% of the money they receive for gifts and allow the child to buy a gift with the remainder of the money.  This is a great way to teach your child from an early age that you expect him or her to serve/finance a mission.