August 2006 Ensign - The Church of Jesus Christ of Latter-day Saints

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I am not referring to those who use credit cards as
a convenience, paying the balance in full each month.
Rather, I am referring to those who use credit to live a
debt-based lifestyle. Many people find themselves unable
to pay more than the minimum payments each month.
The credit card companies like these people because they
make the most money from them.
For example, if only the minimum
payment is made each month, a $2,500
Christmas shopping spree—with a
credit card that charges 18 percent
interest and requires a minimum payment
of interest plus 1 percent of the
balance—will take 20 years and 4
months to pay off. And that’s assuming
that no additional charges are made
during the 20 years and 4 months. With
interest, that $2,500 shopping spree will
end up costing about $5,865.
In Proverbs we read that “the borrower
is servant to the lender” (Proverbs
22:7). Consumer debt not only creates
financial and emotional bondage, but it
strains marriage and family relationships
and prevents spiritual progression.
In April 2004 general conference,
Elder Wirthlin reminded us: “The wise
understand the importance of saving
today for a rainy day tomorrow. They
have adequate insurance that will provide
for them in case of illness or death.
Where possible, they store a year’s
supply of food, water, and other basic
necessities of life. They set aside money
in savings and investment accounts.” 4
Principle 8: Teach children sound
money-management skills.
Elder Wirthlin also noted that “too many
of our youth get into financial difficulty
because they never learned proper principles
of financial common sense at home.
Principle 7: Save for the future.
Teach your children while they are young.
The Lord counseled the early Saints,
Teach them that they cannot have some-
“Save all the money that ye can . . . that in
thing merely because they want it. Teach
time ye may be enabled to purchase land
them the principles of hard work, frugality,
for an inheritance” (D&C 48:4). The basic
and saving.”
concept of inheritance is providing for future needs. The
Old Testament story of Joseph in Egypt illustrates the wisdom
of saving for future events, for times may come when
financial and material resources are scarce or beyond our
ability to obtain (see Genesis 41). The Lord’s command to
save still applies to each of us today.
5
Bishop H. David Burton, Presiding Bishop of the
Church, observed that parents, especially those parents
who can afford to say yes, “have a difficult time saying no
to the demands of overindulged children. Their children
run the risk of not learning important values like hard
work, delayed gratification, honesty, and compassion.” 6
In the story of Joseph in
Egypt, he interprets the
Pharaoh’s dream to mean
that Egypt would have seven
years of plenty followed by
seven years of famine. This
story illustrates the wisdom
of saving for the future.
LEFT: JOSEPH MAKES HIMSELF KNOWN TO HIS BRETHREN; RIGHT: DETAIL FROM THE DISCIPLES PLUCKING CORN ON THE SABBATH, BOTH BY GUSTAVE DORÉ