Guidance From Our Leaders
Our leaders and the scriptures regularly counsel us to be good stewards over the resources we have. Please read and study this counsel to help you make financial decisions.
Appropriate Use of Debt and Credit
Spending less money than you make is essential to your financial security. Avoid debt, with the exception of buying a modest home or paying for education or other vital needs.
Distinguish between Needs and Wants
We must learn to distinguish between wants and needs. We should be modest in our wants. It takes self-discipline to avoid the “buy now, pay later” philosophy and to adopt the “save now and buy later” practice.
Elder Joseph B. Wirthlin 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," Ensign, May 2004, 42)
*Information from ProvidentLiving.org.
Since the early days of the Church, the Lord's prophets have repeatedly warned against the bondage of debt. One of the great dangers of debt is the interest that accompanies it. When it is necessary to incur debt, such as a reasonable amount to purchase a modest home or to complete one's education, the debt should be repaid as quickly as possible.
True to the Faith, a Church publication, gives the following additional counsel regarding debt:
“Some forms of credit, such as credit cards, have particularly high interest rates. Once you are in debt, you find that interest has no mercy. It continues to accumulate, regardless of your situation—whether you are employed or jobless, healthy or sick. It never goes away until the debt is paid. Do not be deceived by credit offers, even if they make debt seem attractive by promising low interest rates or no interest for a certain period of time.
”Look to the condition of your finances. Discipline yourself in your purchases, avoiding debt to the extent you can. In most cases, you can avoid debt by managing your resources wisely. If you do incur debt, such as a reasonable amount in order to purchase a modest home or complete your education, work to repay it as quickly as possible and free yourself from bondage. When you have paid your debts and accumulated some savings, you will be prepared for financial storms that may come your way. You will have shelter for your family and peace in your heart“ (49).
—See True to the Faith (2004), 48-49
* Information from LDS.org.
Constancy Amid Change
President N. Eldon Tanner
First Counselor in the First Presidency
During World War II, a member of the Quorum of the Twelve, Elder Albert E. Bowen, wrote a book compiled from a series of radio addresses, which he entitled Constancy amid Change (Salt Lake City: Deseret News Press, 1944). The messages of these talks were very timely. We were a world in conflict, and people the world over needed a message of certainty, assurance, and stability. Read more...
Earthly Debts, Heavenly Debts
Elder Joseph B. Wirthlin
Quorum of the Twevle Apostles
"We have earthly debts and heavenly debts. Let us be wise in dealing with each of them."
My beloved brethren and sisters, what a glorious event it is to attend conference. We find that the words spoken are words of inspiration, and it’s a joy to be present.
I would like to talk about our heavenly debts and earthly debts. Read more...
Becoming Provident Providers Temporally and Spiritually
Elder Robert D. Hales
Quorum of the Twevle Apostles
"When we live providently, we can provide for ourselves and our families and also follow the Savior’s example to serve and bless others."