FINANCES
1.
"Frugality means to practice careful economy. The old couplet “Waste not, want not” still has much merit. Frugality requires that we live within our income and save a little for a rainy day, which always seems to come. It means avoiding debt and carefully limiting credit purchasing. It is important to learn to distinguish between wants and needs. It takes self-discipline to avoid the “buy now, pay later” philosophy and to adopt the “save now and buy later” practice."
Elder James E. Faust- General Conference April 1986 "The Responsibility for Welfare Rests With Me and My Family" https://www.lds.org/general-conference/1986/04/the-responsibility-for-welfare-rests-with-me-and-my-family?lang=eng&query=debt
2.
"Many young people have become so hypnotized by the rhythm of monthly payments they scarcely think of the total cost of what they buy. They immediately want things it took their parents years to acquire. It is not the pathway to happiness to assume debts for a big home, an expensive car, or the most stylish clothes... Payment of obligations is a sacred trust. Most of us will never be rich, but we can feel greatly unburdened when we are debt-free. First prescription: Practice thrift and frugality. There is a wise old saying: “Eat it up, wear it out, make it do, or do without.” Thrift is a practice of not wasting anything. Some people are able to get by because of the absence of expense. They have their shoes resoled, they patch, they mend, they sew, and they save money. They avoid installment buying, and make purchases only after saving enough to pay cash, thus avoiding interest charges."
Elder James E. Faust- General Conference April 1986 "The Responsibility for Welfare Rests With Me and My Family" https://www.lds.org/general-conference/1986/04/the-responsibility-for-welfare-rests-with-me-and-my-family?lang=eng&query=debt
3.
“If you are concerned about providing financially for a wife and family, may I assure you that there is no shame in a couple having to scrimp and save. It is generally during these challenging times that you will grow closer together as you learn to sacrifice and to make difficult decisions.”
President Thomas S. Monson- General Conference April 2011 "Priesthood Power" https://www.lds.org/general-conference/2011/04/priesthood-power?lang=eng
4.
“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!” There is an equally important principle underlying these lessons: we can learn much from communicating with our husbands and wives. As we counsel and work together in family councils, we can help each other become provident providers and teach our children to live providently as well.”
"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."
Elder Robert D. Hales, General Conference April 2009 “Becoming Provident Providers Temporally and Spiritually” https://www.lds.org/general-conference/2009/04/becoming-provident-providers-temporally-and-spiritually?lang=eng
5.
"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."
"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)."
Elder Robert D. Hales, General Conference April 2009 “Becoming Provident Providers Temporally and Spiritually” https://www.lds.org/general-conference/2009/04/becoming-provident-providers-temporally-and-spiritually?lang=eng
6.
"Acquire and store a reserve of food and supplies that will sustain life. Obtain clothing and build a savings account on a sensible, well-planned basis that can serve well in times of emergency... I know of no other way to prepare for these times of adjustment than to be certain that during times of employment, preparations are made for less prosperous times, should they occur. Start now to create a plan if you don’t already have one, or update your present plan. Watch for best buys that will fit into your year’s supply. We are not in a situation that requires panic buying, but we do need to be careful in purchasing and rotating the storage that we’re putting away. The instability in the world today makes it imperative that we take heed of the counsel and prepare for the future."
Elder L. Tom Perry, General Conference October 1995“If Ye Are Prepared Ye Shall Not Fear” https://www.lds.org/general-conference/1995/10/if-ye-are-prepared-ye-shall-not-fear?lang=eng&query=debt
7.
Avoid excessive debt. Necessary debt should be incurred only after careful, thoughtful prayer and after obtaining the best possible advice. We need the discipline to stay well within our ability to pay. Wisely we have been counseled to avoid debt as we would avoid the plague... Take the opportunity to compute how much you would add to your personal net worth if your home mortgage was only for ten or fifteen years instead of thirty. Compute the value of sweat equity if your time and your talents are invested in adding to the size and comfort of your home... It is so easy to allow consumer debt to get out of hand. If you do not have the discipline to control the use of credit cards, it is better not to have them. A well-managed family does not pay interest—it earns it. The definition I received from a wise boss at one time in my early business career was “Thems that understands interest receives it, thems that don’t pays it.”
Elder L. Tom Perry, General Conference October 1995“If Ye Are Prepared Ye Shall Not Fear” https://www.lds.org/general-conference/1995/10/if-ye-are-prepared-ye-shall-not-fear?lang=eng&query=debt
8.
One expert estimates that one-third of all American families are overextended. Last year tens of thousands of families filed for personal bankruptcy... These results demonstrate that today we as leaders need to teach our people that they must become efficient managers of their time and resources... My experience in the business community taught me that some people can get locked into a daily routine that can stifle their initiative, courage, and vision... 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.
...A positive attitude, a well-thought-out plan, and consistent self-discipline can help us improve our circumstances. Applying these keys in our daily work will help produce more income, and practicing them in our homes will help reduce expenses. When we combine these principles with keeping the commandments of God, we can learn to become better managers of our time and resources and become financially secure.
Elder M. Russell Ballard, General Conference April 1981“Providing For Our Needs” https://www.lds.org/general-conference/1981/04/providing-for-our-needs?lang=eng&query=finances#watch=video
9.
As we live the law of tithing, we often receive significant but subtle blessings that are not always what we expect and easily can be overlooked... Such blessings can be discerned only if we are both spiritually attentive and observant... For example, a subtle but significant blessing we receive is the spiritual gift of gratitude that enables our appreciation for what we have to constrain desires for what we want. A grateful person is rich in contentment. An ungrateful person suffers in the poverty of endless discontentment... The blessing that comes to us through heavenly windows may be greater capacity to act and change our own circumstances rather than expecting our circumstances to be changed by someone or something else...
Sometimes we may ask God for success, and He gives us physical and mental stamina. We might plead for prosperity, and we receive enlarged perspective and increased patience, or we petition for growth and are blessed with the gift of grace. He may bestow upon us conviction and confidence as we strive to achieve worthy goals. And when we plead for relief from physical, mental, and spiritual difficulties, He may increase our resolve and resilience.
Elder David A. Bednar, General Conference October 2013 "The Windows of Heaven" https://www.lds.org/general-conference/2013/10/the-windows-of-heaven?lang=eng&query=finances
10.
"Brothers and sisters, every one of us has the potential to improve and increase his earning capacity. We are far better off if we can improve and become more valuable on our full-time jobs than if we attempt to hold two jobs or to have mothers leave home to join the work force."
"When we learn to expect more success than failure in life, we soon will develop an attitude of success."
"Parents need to teach children very early that a solid financial base is a very important element in a happy home. We can do much with our young people to help them find satisfying, rewarding employment. We should encourage them to do well in their schoolwork and to learn to take advantage of opportunities that will help build a solid base for their future security. Children need to explore many employment opportunities when they begin high school. Then when they marry and establish a home, they will be well on their way to a vocation or a trade that will return an income that will be sufficient to meet their basic needs."
Elder M. Russell Ballard, General Conference April 1981“Providing For Our Needs” https://www.lds.org/general-conference/1981/04/providing-for-our-needs?lang=eng&query=finances#watch=video
"Frugality means to practice careful economy. The old couplet “Waste not, want not” still has much merit. Frugality requires that we live within our income and save a little for a rainy day, which always seems to come. It means avoiding debt and carefully limiting credit purchasing. It is important to learn to distinguish between wants and needs. It takes self-discipline to avoid the “buy now, pay later” philosophy and to adopt the “save now and buy later” practice."
Elder James E. Faust- General Conference April 1986 "The Responsibility for Welfare Rests With Me and My Family" https://www.lds.org/general-conference/1986/04/the-responsibility-for-welfare-rests-with-me-and-my-family?lang=eng&query=debt
2.
"Many young people have become so hypnotized by the rhythm of monthly payments they scarcely think of the total cost of what they buy. They immediately want things it took their parents years to acquire. It is not the pathway to happiness to assume debts for a big home, an expensive car, or the most stylish clothes... Payment of obligations is a sacred trust. Most of us will never be rich, but we can feel greatly unburdened when we are debt-free. First prescription: Practice thrift and frugality. There is a wise old saying: “Eat it up, wear it out, make it do, or do without.” Thrift is a practice of not wasting anything. Some people are able to get by because of the absence of expense. They have their shoes resoled, they patch, they mend, they sew, and they save money. They avoid installment buying, and make purchases only after saving enough to pay cash, thus avoiding interest charges."
Elder James E. Faust- General Conference April 1986 "The Responsibility for Welfare Rests With Me and My Family" https://www.lds.org/general-conference/1986/04/the-responsibility-for-welfare-rests-with-me-and-my-family?lang=eng&query=debt
3.
“If you are concerned about providing financially for a wife and family, may I assure you that there is no shame in a couple having to scrimp and save. It is generally during these challenging times that you will grow closer together as you learn to sacrifice and to make difficult decisions.”
President Thomas S. Monson- General Conference April 2011 "Priesthood Power" https://www.lds.org/general-conference/2011/04/priesthood-power?lang=eng
4.
“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!” There is an equally important principle underlying these lessons: we can learn much from communicating with our husbands and wives. As we counsel and work together in family councils, we can help each other become provident providers and teach our children to live providently as well.”
"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."
Elder Robert D. Hales, General Conference April 2009 “Becoming Provident Providers Temporally and Spiritually” https://www.lds.org/general-conference/2009/04/becoming-provident-providers-temporally-and-spiritually?lang=eng
5.
"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."
"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)."
Elder Robert D. Hales, General Conference April 2009 “Becoming Provident Providers Temporally and Spiritually” https://www.lds.org/general-conference/2009/04/becoming-provident-providers-temporally-and-spiritually?lang=eng
6.
"Acquire and store a reserve of food and supplies that will sustain life. Obtain clothing and build a savings account on a sensible, well-planned basis that can serve well in times of emergency... I know of no other way to prepare for these times of adjustment than to be certain that during times of employment, preparations are made for less prosperous times, should they occur. Start now to create a plan if you don’t already have one, or update your present plan. Watch for best buys that will fit into your year’s supply. We are not in a situation that requires panic buying, but we do need to be careful in purchasing and rotating the storage that we’re putting away. The instability in the world today makes it imperative that we take heed of the counsel and prepare for the future."
Elder L. Tom Perry, General Conference October 1995“If Ye Are Prepared Ye Shall Not Fear” https://www.lds.org/general-conference/1995/10/if-ye-are-prepared-ye-shall-not-fear?lang=eng&query=debt
7.
Avoid excessive debt. Necessary debt should be incurred only after careful, thoughtful prayer and after obtaining the best possible advice. We need the discipline to stay well within our ability to pay. Wisely we have been counseled to avoid debt as we would avoid the plague... Take the opportunity to compute how much you would add to your personal net worth if your home mortgage was only for ten or fifteen years instead of thirty. Compute the value of sweat equity if your time and your talents are invested in adding to the size and comfort of your home... It is so easy to allow consumer debt to get out of hand. If you do not have the discipline to control the use of credit cards, it is better not to have them. A well-managed family does not pay interest—it earns it. The definition I received from a wise boss at one time in my early business career was “Thems that understands interest receives it, thems that don’t pays it.”
Elder L. Tom Perry, General Conference October 1995“If Ye Are Prepared Ye Shall Not Fear” https://www.lds.org/general-conference/1995/10/if-ye-are-prepared-ye-shall-not-fear?lang=eng&query=debt
One expert estimates that one-third of all American families are overextended. Last year tens of thousands of families filed for personal bankruptcy... These results demonstrate that today we as leaders need to teach our people that they must become efficient managers of their time and resources... My experience in the business community taught me that some people can get locked into a daily routine that can stifle their initiative, courage, and vision... 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.
...A positive attitude, a well-thought-out plan, and consistent self-discipline can help us improve our circumstances. Applying these keys in our daily work will help produce more income, and practicing them in our homes will help reduce expenses. When we combine these principles with keeping the commandments of God, we can learn to become better managers of our time and resources and become financially secure.
Elder M. Russell Ballard, General Conference April 1981“Providing For Our Needs” https://www.lds.org/general-conference/1981/04/providing-for-our-needs?lang=eng&query=finances#watch=video
9.
As we live the law of tithing, we often receive significant but subtle blessings that are not always what we expect and easily can be overlooked... Such blessings can be discerned only if we are both spiritually attentive and observant... For example, a subtle but significant blessing we receive is the spiritual gift of gratitude that enables our appreciation for what we have to constrain desires for what we want. A grateful person is rich in contentment. An ungrateful person suffers in the poverty of endless discontentment... The blessing that comes to us through heavenly windows may be greater capacity to act and change our own circumstances rather than expecting our circumstances to be changed by someone or something else...
Sometimes we may ask God for success, and He gives us physical and mental stamina. We might plead for prosperity, and we receive enlarged perspective and increased patience, or we petition for growth and are blessed with the gift of grace. He may bestow upon us conviction and confidence as we strive to achieve worthy goals. And when we plead for relief from physical, mental, and spiritual difficulties, He may increase our resolve and resilience.
Elder David A. Bednar, General Conference October 2013 "The Windows of Heaven" https://www.lds.org/general-conference/2013/10/the-windows-of-heaven?lang=eng&query=finances
10.
"Brothers and sisters, every one of us has the potential to improve and increase his earning capacity. We are far better off if we can improve and become more valuable on our full-time jobs than if we attempt to hold two jobs or to have mothers leave home to join the work force."
"When we learn to expect more success than failure in life, we soon will develop an attitude of success."
"Parents need to teach children very early that a solid financial base is a very important element in a happy home. We can do much with our young people to help them find satisfying, rewarding employment. We should encourage them to do well in their schoolwork and to learn to take advantage of opportunities that will help build a solid base for their future security. Children need to explore many employment opportunities when they begin high school. Then when they marry and establish a home, they will be well on their way to a vocation or a trade that will return an income that will be sufficient to meet their basic needs."
Elder M. Russell Ballard, General Conference April 1981“Providing For Our Needs” https://www.lds.org/general-conference/1981/04/providing-for-our-needs?lang=eng&query=finances#watch=video
MY THOUGHTS
I never really thought about having a testimony about finances. I had a testimony of tithing and the blessings I have received when I pay my tithes and offerings, but I figured the rest of finances were a temporal thing. But part of my spiritual calling as a father is to provide temporally for my family, and Heavenly Father would not give me that calling without giving direction and help. The scriptures and modern day apostles teach financial principles and give promised blessings for following them. After studying these talks with my wife, and having the spirit witness to us that this is what we need to to do for our family, we have begun working to implement these principles in our family's finances. We are trying to "live providently". I know that as we seek guidance and exercise faith we will receive blessings for our family.
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