Finances

FINANCIAL

Elder Joseph B. Wirthlin (1917–2008) taught: “All too often a family's spending is governed more by their yearning than by their earning. They somehow believe that their life will be better if they surround themselves with an abundance of things. All too often all they are left with is avoidable anxiety and distress” (“Earthly Debts, Heavenly Debts,” Liahona, May 2004, 42).

President N. Eldon Tanner (1898–1982) taught: “Those who structure their standard of living to allow a little surplus, control their circumstances. Those who spend a little more than they earn are controlled by their circumstances. They are in bondage” (“Constancy amid Change,” Liahona, Feb. 1982, 46).

“We encourage you wherever you may live in the world to prepare for adversity by looking to the condition of your finances. We urge you to be modest in your expenditures; discipline yourselves in your purchases to avoid debt. … If you have paid your debts and have a financial reserve, even though it be small, you and your family will feel more secure and enjoy greater peace in your hearts”

“Provident living means not coveting the things of this world. It means using the resources of the earth wisely and not being wasteful, even in times of plenty. Provident living means avoiding excessive debt and being content with what we have.”

“To pay our debts now and to avoid future debt require us to exercise faith in the Savior—not just to do better but to be better. It takes great faith to utter those simple words, “We can’t afford it.” It takes faith to trust that life will be better as we sacrifice our wants in order to meet our own and others’ needs.”

“Preparing for the future includes making a spend- ing and savings plan with our income. Carefully mak- ing and keeping a family or personal budget can help us recognize and control the difference between our wants and needs. Reviewing that budget in a family council will allow our children to learn and practice wise spending habits and to participate in planning and saving for the future.”

 – Elder Robert D. Hales

“Remember this: debt is a form of bondage. It is a financial termite. When we make purchases on credit, they give us only an illusion of prosperity. We think we own things, but the reality is, our things own us.

Some debt—such as for a modest home, expenses for education, perhaps for a needed first car—may be necessary. But never should we enter into financial bondage through consumer debt without carefully weighing the costs.”

“Do not leave yourself or your family unprotected against financial storms. … Build up savings.”

“I urge you to be modest in your expenditures; discipline yourselves in your purchases to avoid debt to the extent possible. Pay off debt as quickly as you can, and free yourselves from bondage.”

“First, pay your tithing, Second, spend less than you earn, Third, learn to save, Fourth, honor your financial obligations, Fifth, teach your children to follow your example,

“We have earthly debts and heavenly debts. Let us be wise in dealing with each of them and ever keep in mind the words of the Savior. The scriptures tell us, “Lay not up for yourselves treasures upon earth, where moth and rust doth corrupt, and where thieves break through and steal: But lay up for yourselves treasures in heaven.” The riches of this world are as dust compared to the riches that await the faithful in the mansions of our Heavenly Father. How foolish is he who spends his days in the pursuit of things that rust and fade away. How wise is he who spends his days in the pursuit of eternal life.”

-Joseph B. Whirthlin

“The foundation and perspective then are these: We must first seek the kingdom, work and plan and spend wisely, plan for the future, and use what wealth we are blessed with to help build up that kingdom. When guided by this eternal perspective and by building on this firm foundation, we can pursue with confidence our daily tasks and our life’s work, which must be carefully planned and diligently pursued.”

-President N. Eldon Tanner

By reading these quotes I have realized that material possessions are wonderful, but not essential. I know that I have much to learn with budgeting, spending, and saving. I know that through these quotes I can with prayer, and self-control that I will be able to create a lifestyle for myself. I want to be able to create a life of proper spending to carry on respectively to my children.