The Church of Jesus Christ of Latter-Day Saints' take on
Finances through quotes from prophets and leaders, along with my thoughts.
"I speak to all whose freedom to choose has been diminished by the effects of ill-advised choices of the past. I speak specifically of choices that have led to excessive debt and addictions to food, drugs, pornography, and other patterns of thought and action that diminish one’s sense of self-worth. All of these excesses affect us individually and undermine our family relationships. Of course some debt incurred for education, a modest home, or a basic automobile may be necessary to provide for a family. Unfortunately however, additional debt is incurred when we cannot control our wants and addictive impulses. And for both debt and addiction, the hopeful solution is the same—we must turn to the Lord and follow His commandments. We must want more than anything else to change our lives so that we can break the cycle of debt and our uncontrolled wants."
"All of us are responsible to provide for ourselves and our families in both temporal and spiritual ways. To provide providently, we must practice the principles of provident living: joyfully living within our means, being content with what we have, avoiding excessive debt, and diligently saving and preparing for rainy-day emergencies. When we live providently, we can provide for ourselves and our families and also follow the Savior’s example to serve and bless others."
"Being provident providers, we must keep that most basic commandment, “Thou shalt not covet” (Exodus 20:17). Our world is fraught with feelings of entitlement. Some of us feel embarrassed, ashamed, less worthwhile if our family does not have everything the neighbors have. As a result, we go into debt to buy things we can’t afford—and things we do not really need. Whenever we do this, we become poor temporally and spiritually. We give away some of our precious, priceless agency and put ourselves in self-imposed servitude. Money we could have used to care for ourselves and others must now be used to pay our debts. What remains is often only enough to meet our most basic physical needs. Living at the subsistence level, we become depressed, our self-worth is affected, and our relationships with family, friends, neighbors, and the Lord are weakened. We do not have the time, energy, or interest to seek spiritual things."
"These two lessons are the essence of provident living. When faced with the choice to buy, consume, or engage in worldly things and activities, we all need to learn to say to one another, “We can’t afford it, even though we want it!” or “We can afford it, but we don’t need it—and we really don’t even want it!”"
"The foundation of provident living is the law of the tithe. The primary purpose of this law is to help us develop faith in our Heavenly Father and His Son, Jesus Christ. Tithing helps us overcome our desires for the things of this world and willingly make sacrifices for others. Tithing is the great equitable law, for no matter how rich or poor we are, all of us pay the same one-tenth of our increase annually (see D&C 119:4), and all of us receive blessings so great “that there shall not be room enough to receive [them]” (Malachi 3:10)."
"In addition to our tithes, we should also be an example with the payment of fast offerings. A fast offering is at least the cost of the two consecutive meals from which we fast each month. By not eating these two meals, we draw close to the Lord in humility and prayer and also participate in anonymous giving to bless our brothers and sisters all over the world."
"Another important way we help our children learn to be provident providers is by establishing a family budget. We should regularly review our family income, savings, and spending plan in family council meetings. This will teach our children to recognize the difference between wants and needs and to plan ahead for meaningful use of family resources."
"It is in the home where fathers and mothers can teach provident living to their children. Sharing of tasks and helping one another set a pattern for future families as children grow, marry, and leave home. The lessons learned in the home are those that last the longest. President Gordon B. Hinckley continues to stress the avoidance of unnecessary debt, the fallacy of living beyond one’s means, and the temptation to let our wants become our necessities."
"In the financial operations of the Church, two basic and fixed principles are observed. First, the Church lives within its means and does not spend more than it receives. Second, a portion of the annual income is set aside as a reserve for contingencies and unanticipated needs. For decades the Church has taught its membership the principle of setting aside additional food, fuel, and money to take care of emergencies that might arise. The Church as an institution simply follows the same principles that are taught repeatedly to the members."
"The honest payment of tithing is much more than a duty; it is an important step in the process of personal sanctification. To those of you who pay your tithing, I commend you. To those of you who presently are not obeying the law of tithing, I invite you to consider your ways and repent. I testify that by your obedience to this law of the Lord, the windows of heaven will be opened to you. Please do not procrastinate the day of your repentance. I testify spiritual and temporal blessings come into our lives as we live the law of tithing. I bear witness that such blessings often are significant but subtle."
"Are we generous in the payment of our fast offerings? That we should be so was taught by President Spencer W. Kimball, who urged that “instead of the amount saved by our two or more meals of fasting, perhaps much, much more—ten times more [be given] when we are in a position to do it.” (Ensign, Nov. 1977, p. 79.) Are we prepared for the emergencies of our lives? Are our skills perfected? Do we live providently? Do we have on hand our reserve supply? Are we obedient to the commandments of God? Are we responsive to the teachings of prophets? Are we prepared to give of our substance to the poor, the needy? Are we square with the Lord?"
The Savior refused to take sides on this issue, but He did teach an important lesson. “Beware of covetousness,” He told him, “for a man’s life consisteth not in the abundance of the things which he possesseth.” 1
Brothers and sisters, beware of covetousness. It is one of the great afflictions of these latter days. It creates greed and resentment. Often it leads to bondage, heartbreak, and crushing, grinding debt.
"The number of marriages that have been shattered over money issues is staggering. The amount of heartbreak is great. The stress that comes from worry over money has burdened families, caused sickness, depression, and even premature death."
"In spite of the teachings of the Church from its earliest days until today, members sometimes fall victim to many unwise and foolish financial practices. Some continue to spend, thinking that somehow the money will become available. Somehow they will survive. Far too often, the money hoped for does not appear. 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."
"I urge you, brethren, to look to the condition of your finances. 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."
"In the home, money management between husband and wife should be on a partnership basis, with both parties having a voice in decision- and policy- making. When children come along and reach the age of accountability, they too should be involved in money concerns on a limited partnership basis. Peace, contentment, love, and security in the home are not possible when financial anxieties and bickerings prevail. Whether we are anticipating marriage or are well into it, today is the time for all of us to review and repent as necessary to improve our money management skills and live within our means."
"Married couples show genuine maturity when they think of their partner's and their family's needs ahead of their own spending impulses."
"God help us to realize that money management is an important ingredient in proper personal welfare. Learning to live within our means should be a continuing process. We need to work constantly toward keeping ourselves free of financial difficulties. It is a happy day financially when time and interest are working for you and not against you. Money in the lives of Latter-Day Saints should be used as a means of achieving eternal happiness. Careless and selfish uses cause us to live in financial bondage. We can't afford to neglect personal and family involvement in our money management. God will open the windows of heaven to us in these matters if we will but live close to Him and keep His commandments."
Money management is crucial, yet it can be increasingly difficult in this debt-ridden world we live in. Debt is a form of bondage, and once in that prison, those chains only bind tighter and tighter, making it increasingly more difficult to get out - it is better to just stay out. I find it especially important that when we do get into one of the better forms of debt: buying a house, that we make sure to be modest in that purchase. Don't be extravagant. The most important principle to learn regarding finances I feel is making sure we do not covet. Coveting will get us nowhere except into a cloud of misery and woe. It does us no good. We need to be wise in all of our financial aspects. We need to be modest and prepare for the future. Most importantly, is that we need to pay God back first - pay your tithing and fast offerings, and be generous. We will only be blessed for it.
