Family Finances

I often hear various opinions about debt, regarding what is appropriate and what is not. I loved doing a mini research on what our living prophets have counseled regarding this topic. I have found that often consumer debt often coincides with pride. When we are prideful, we feel 'entitled' to getting more, and getting more right now. I have loved the council about living within ones means. It is important to always pay tithing, and also to save money each month. I loved President Kimball's council that every family should have a budget. Often families live paycheck to paycheck, but with a tight budget that must be strictly followed, there will be no room for reckless spending. Dustin and I have been searching for a home the last three months. We want a place where our children will have enough room to play and friends in the neighborhood to play with. While our budget is small, we loved President Hinckley's council to buy a modest home, because those mortgage payments never ease up. It has been wonderful council to us and is very applicable to our lives right now.

Here are the quotes I have found regarding this topic:


"All too often a family's spending is governed more by their yearning than by their earning." -Elder Joseph B. Wirthlin

"If there is any one thing that will bring peace, ... it is to live within ones means." -President Heber J. Grant

"If there is any one thing that is grinding it is to have debts and obligations that one cannot meet." -President Heber J. Grant

President Spencer W. Kimball said, "Every family should have a budget."

Deiter F. Uchdorf, April 2011 "There once was a man whose lifelong dream was to board a cruise ship and sail the Mediterranean Sea. He dreamed of walking the streets of Rome, Athens, and Istanbul. He saved every penny until he had enough for his passage. Since money was tight, he brought an extra suitcase filled with cans of beans, boxes of crackers, and bags of powdered lemonade, and that is what he lived on every day."

Elder Hales, October 2002, "I know of a couple who lived thousands of miles from the nearest temple. Although they earned little, they faithfully paid their tithing and saved all that they could to journey to the house of the Lord. After a year, the husband’s brother—not a member of the Church—unexpectedly came forward and offered them two airplane tickets. This temporal blessing made possible the spiritual blessings of their temple endowments and sealing. An additional spiritual blessing came later as the brother, touched by the couple’s humble faithfulness, joined the Church."

Elder Perry, "On a daily basis we witness widely fluctuating inflation wars; interpersonal conflicts; national disasters; variances in weather conditions; innumerable forces of immorality, crime, and violence; attacks and pressures on the family and individuals, technological advances that make occupations obsolete; and so on. The need for preparation is abundantly clear. The great blessings of being prepared gives us freedom from fear, as guaranteed to us by the Lord in the Doctrine and Covenants: 'If ye are prepared ye shall not fear' (D&C 38:30).
"Just as it is important to prepare ourselves spiritually, we must also prepare ourselves for our temporal needs. Each of us needs to take the time to ask ourselves, What preparation should I make to care for my needs and the needs of my family?
"We have been instructed for years to follow at least four requirements in preparing for that which is to come.
"First, gain an adequate education....
"Second, live strictly within your income and save something for a rainy day...
"Third, avoid excessive debt...
"Fourth, acquire and store a reserve of food and supplies that will sustain life."
-Conference Report Sept-Oct. 1995)

Elder Packer
"Do not ever belittle anyone, including yourself, nor count them, or you, a failure, if your livelihood has been modest. Do not ever look down on those who labor in occupations of lower income. There is great dignity and worth in any honest occupation. Do not use the word menial for any labor that improves the world or the people who live in it."
(Conference Report, April 1982)

Elder Ballard
"Brothers and sister, what can we do to improve our family finances? May I suggest three important keys that will help us. They are attitude, planning, and self-discipline."
(April 1981)

President Hinckley, "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. This is a part of the temporal gospel in which we believe. May the Lord bless you, my beloved brethren, to set your houses in order. If you have paid your debts, if you have a reserve, even though it be small, then should storms howl about your head, you will have shelter for your wives and children and peace in your hearts."
(Conference, October 1998)