President N. Eldon Tanner’s “five principles of economic constancy”:
1. Pay an honest tithing.
2. Live on less than you earn.
3. Learn to distinguish between needs and wants.
4. Develop and live within a budget.
5. Be honest in all your financial affairs.
“The payment of tithing is a commandment, acommandment with a promise. If we obey thiscommandment, we are promised that we will ‘prosperin the land.’ This prosperity consists of more than material goods—it may include enjoying good health and vigor of mind. It includes family solidarity and spiritual increase. I hope those of you not presently paying your full tithe will seek the faith and strength to do so. As you discharge this
obligation to your Maker,you will find great, great happiness, the like of which is known only by those who are
faithful to this commandment” (in Conference Report, Oct. 1979, 119;or Ensign, Nov. 1979, 81).
“I have discovered that there is no way that you can ever earn more than you can spend. I am convinced that it is notthe amount of money an individual earns that brings peace of mind as much as it is having control of his money.
Money can be an obedient servant but a harsh taskmaster. 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. President Heber J. Grant once said: ‘If there is any one thing that will bring
peace and contentment into the human heart, and into the family, it is to live within our means. And if there is any one thing that is grinding and discouraging and disheartening, it is to have debts and obligations that one cannot
meet’(Gospel Standards, sel. G. Homer Durham , 111).
“The key to spending less than we earn is simple it is called discipline. Whether early in life or late, we must all eventually learn to discipline ourselves, our appetites, and our economic desires. How blessed is he who learns to spend less than he earns and puts something away for a rainy day” (see Conference Report, Oct. 1979, 119; or Ensign, Nov. 1979, 81).
Gordon B. Hinkley:
“The time has come to get our houses in order.
“So many of our people are living on the very edge oftheir incomes. In fact, some are living on borrowings. …
“I am troubled by the huge consumer installment debt which hangs over the people of the nation, including our own people. …
“I urge you … 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 Conference Report,Oct. 1998; 70, 72; or Ensign, Nov. 1998, 53–54).
“Overindulgence and poor money management place a heavy strain on marriage relationships. Most marital problems, it seems, originate from economic roots—either insufficient income to sustain the family or mismanagement
No matter what their resources are, each married couple should work together to develop a family budget. A budget is an outline of planned income and expenses for a certain amount of time. It helps families ensure that their expenses do not exceed their income. Married couples should discuss their budget as they determine their needs, wants, and financial goals. For example, after estimating their income for the next two weeks, a married couple may determine how much money they will use in different categories, such as tithing and other Church donations, savings, food, and mortgage or rent. During the two-week period, they record all their income and expenses. They counsel together before making large purchases or doing other things that affect the budget they have established.After the two week period they can compare their actual income and expenses with their initial plan.
“It has been my observation in interviewing many people through the years that far too many people do not have a workable budget and have not disciplined themselves to abide by its provisions. Many people think a budget robs them of their freedom. On the contrary, successful people have learned that a budget makes real economic freedom possible” (in Conference Report, Oct. 1979, 121; or Ensign, Nov. 1979, 82).