Debt

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“Covenants save us from needless suffering. For example, when we obey the prophet’s guidance, we are keeping a covenant. He has counseled us to avoid debt, maintain a food supply, and become self-reliant. Living within our means blesses us beyond that obedience. It teaches us gratitude, restraint, unselfishness; it brings peace from financial pressures and protection from materialism’s greed. Keeping our lamps filled means that unforeseen circumstances do not hinder opportunities to declare with devotion, ‘Here am I; send me.’ ”

Bonnie D. Parkin, Relief Society General President
With Holiness of Heart,” October 2002 General Conference

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“A few years ago while we were serving in the mission field, a minister who was investigating the Church said, ‘I hear you talk about the benefit of a living prophet. What sort of pronouncements has he made lately?’ We replied, ‘The prophet has taught us that we need to live frugally. We need to stay out of debt, fix up our homes, and plant gardens that we may enjoy the fruit of our labor.’ The minister thought for a moment and then said, ‘That is not what I would have imagined a prophet to say, but as I consider it, what better advice could be given?’

“Often the advice that is given by our prophets is so simple and practical that we overlook it and fail to heed it.”

Barbara W. Winder, Relief Society General President
Becoming a Prepared People,” October 1987 General Conference

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“Women must learn to budget and to help their children learn to budget also. Women and children should know that, no matter how important or how worthwhile an item might seem to be, if they cannot afford it, it is an unwise expenditure. Such expenditures lead to debt; and unwise debt leads to economic insecurity, which most often causes stress in the family. You can make it easier for your children if you do as Elder Marvin J. Ashton suggests: ‘ ‘Save your money’ is a hollow pronouncement from a parent to a child. ‘Save your money for a mission, a bicycle, a doll house, a trousseau, or a car’ makes understandable sense.’

“Living on a budget is not a chore. It need not even be a deprivation. Budgeting should be a great learning experience.”

Barbara B. Smith, Relief Society General President
Reach for the Stars,” April 1981 General Conference

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