Earthly Debts, Heavenly Debts

Elder Joseph B. Wirthlin
Of the Quorum of the Twelve Apostles

Joseph B. Wirthlin, “Earthly Debts, Heavenly Debts,” Liahona, May 2004, 40–43

...May I suggest five key steps to financial freedom for your consideration.

First, pay your tithing...

Second, spend less than you earn.This is simple counsel but a powerful secret for financial happiness. All too often a family’s spending is governed more by their yearning than by their earning. They somehow believe that their life will be better if they surround themselves with an abundance of things. All too often all they are left with is avoidable anxiety and distress.

Those who live safely within their means know how much money comes in each month, and even though it is difficult, they discipline themselves to spend less than that amount...

Third, learn to save...

Fourth, honor your financial obligations...

Fifth, teach your children to follow your example...

...Teach them the principles of hard work, frugality, and saving...