This is not a religious blog, but my religion is a big part of my life. It has also played a major role in shaping my attitudes on financial management, so I feel it would be difficult as well as misleading if I try to hide it or avoid talking about it. If you haven't picked up on it in my posts, I'm a member of the Church of Jesus Christ of Latter-Day Saints, more commonly referred to as Mormon. If you don't know much about it, you can learn more at mormon.org or lds.org. (As a Mormon and budding anthropologist, I highly favor first-hand sources for information about a group of people you may be unfamiliar with.)
As a born-and-raised Mormon, I've always learned that it's important to handle resources wisely and be prepared for rainy days and emergencies. Here are some basic Mormon attitudes about finances:
From LDS.org | Finances
From LDS.org | Food Storage
As a born-and-raised Mormon, I've always learned that it's important to handle resources wisely and be prepared for rainy days and emergencies. Here are some basic Mormon attitudes about finances:
From LDS.org | Finances
Living frugally
Elder Joseph B. Wirthlin (1917–2008) taught: “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” (“Earthly Debts, Heavenly Debts,” Liahona, May 2004, 42).
Debt
Spending less money than you make is essential to your financial security. Avoid debt, with the exception of buying a modest home or paying for education or other vital needs. If you are in debt, pay it off as quickly as possible. Some useful tools in becoming debt free are a debt-elimination calendar and a family budget worksheet.
We should avoid debt. There is nothing that will cause greater tensions in life than grinding debt, which will make the debtor a slave to creditors. A specific goal, careful planning, and determined self-discipline are required to accomplish this.
President N. Eldon Tanner (1898–1982) taught: “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” (“Constancy amid Change,”Liahona, Feb. 1982, 46).
Saving
Gradually build a financial reserve, and use it for emergencies only. If you save a little money regularly, you will be surprised how much accumulates over time.
President Gordon B. Hinckley (1910–2008) taught: “Set your houses in order. If you have paid your debts, if you have a reserve, even though it be small, then should storms howl about your head, you will have shelter for your wives and children and peace in your hearts” (“To the Boys and to the Men,” Liahona, Jan. 1999, 66; October 1998 general conference).
Giving
Successful family finances begin with the payment of an honest tithe and the giving of a generous fast offering. The Lord has promised to open the windows of heaven and pour out great blessings upon those who pay tithes and offerings faithfully (see Malachi 3:10 and Isaiah 58:6–12).
Tithing
If our tithing is the first obligation met, our commitment to this important gospel principle will be strengthened and the likelihood of financial mismanagement will be reduced.
Fast Offerings
On fast day, we go without food and drink for two consecutive meals, if physically able, and then give to the bishop a fast offering at least equal to the value of the food not eaten. If possible, we should be very generous and give more. The bishop uses the fast offerings to care for the poor and needy.
From LDS.org | Food Storage
Emergency Preparedness
“We encourage members worldwide to prepare for adversity in life by having a basic supply of food and water and some money in savings."
Living providently reflects our true eternal nature: we are “to act for [ourselves] and not to be acted upon” (2 Nephi 2:26). The Lord wants us to be responsible and independent (see D&C 78:14). He wants us to live providently because of who we become in the process: responsible, generous, mature, kind. For the more self-reliant we are, the better we can help our families and others. How can we feed the hungry if we ourselves are hungry? How can we impart knowledge if we ourselves lack knowledge? How can we build others’ faith if we ourselves lack faith? (source)
Our Welfare System
In rendering assistance to those in need, the Church officers should have one prime consideration in mind: namely, that relief, except to sick, infirm, or disabled, should not be extended as charity. Our faithful Church members are independent, self-respecting, and self-reliant; they do not desire charity. Our able-bodied members must not, except as a last resort, be put under the embarrassment of accepting something for nothing. In recognition of this wholly praiseworthy and admirable attitude of mind, Church officials administering relief must devise ways and means by which all able-bodied Church members who are in need may make compensation for aid given them by rendering some sort of service. It is believed that private and community enterprise in our wards and stakes can be found or created in sufficient quantities for this purpose.
~From a message sent out from the church during the Depression Era in 1933. This same policy holds for the welfare system today.
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