In his April 2004 Conference talk entitled Earthly Debts, Heavenly Debts Elder Joseph B. Wirthlin outlines five key steps to financial freedom. This month we’ll look at:
· First, pay your tithing.
· Second, spend less than you earn.
· Third, learn to save.
· Fourth, honor your financial obligations.
· Fifth, teach your children to follow your example.
Spending less than you earn may sound like a no brainer, but in order to do that you have to have a budget. Knowing what comes in and goes out is crucial. Throw in the fact that almost anything can be bought on credit and things get a little tricky. When you buy anything on credit, you are spending money that is not there. Some people think they can keep spending as long as they can make the payments. This is disaster in the making. Taking advantage of “introductory offers” or “no interest until 20xx” may sound like good deals at the time, but you never know what the future holds. Church leaders have pleaded with us to stay out of debt for good reason. Many honest people have found themselves in financial trouble because of unforeseen shortfalls, medical emergencies, and a myriad of other variables. Debt puts us into bondage and can be an unforgiving taskmaster. Whenever possible the wisest move is this: if the money isn’t there, don’t spend it!
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