He further states that we should, “Organize [ourselves]; prepare every needful thing, and establish a house , even a house of prayer, a house of fasting, a house of faith, a house of learning, a house of glory, a house of order, a house of God” (D&C 109:8).
How have the Lord's prophets counseled us to set our houses in order — and particularly our finances?
If you are married, sit down with your spouse and make a honest evaluation of what your family's needs really are. Separate them into orders of priority. The Church has recently released a new pamphlet on finance management.
This the lds.org website contains valuable advice on managing one's finances and features a talk by President N. Eldon Tanner, where he gave three points of consistency to follow:
- Pay an honest tithing.
- Live on less than you earn.
- Learn to separate needs from wants.
Number one is to pay an honest tithing. On this President Tanner states, “I often wonder if we realize that paying our tithing does not represent giving gifts to the Lord and the Church. Paying tithing is discharging a debt to the Lord. The Lord is the source of all our blessings, including life itself.”
Tithing is a very simple concept to understand. It is 10% of our earnings. We can choose to live it and gain the rewards, or we can choose not to live it and merit the consequences.
Number two is to “live on less than you earn.” President Tanner said that people who spend just a little less than they earn are “in bondage.” Anyone who has ever been shocked by the finance charges on the monthly credit card bills can attest to what kind of bondage he meant.
Number three is to “Learn to distinguish between needs and wants.” President Tanner reveals that, “ Consumer appetites are man-made. Our competitive free enterprise system produces unlimited goods and services to stimulate our desire to want more convenience and luxuries. I do not criticize the system or the availability of these goods or services. I am only concerned about our people using sound judgment in their purchases. We must learn that sacrifice is a vital part of our eternal discipline.” (N. Eldon Tanner, “Constancy Amid Change,” Ensign , Nov 1979, 80)
The key is to know the difference between a need and want. This can be better understood and evaluated with the following scriptures. Read them, ponder them, and come to an understanding with your own life situation what are your needs really are. See Mosiah 4: 26 and D&C 82:17.
Children also need to know the difference between needs and wants. For example, let's say you take your four-year-old to the grocery store and she sees a candy bar and asks for it. This is a perfect teaching moment. Take advantage of it by making a fun game of the situation. Have your daughter or son label the item as a need or want. If it's a want, he'll have to save enough in their allowance for it. Or he might not get it at all. Or as a reward for answering correctly, you may choose to buy it for him.
By teaching your children from the time they are young, you will set them on the right path for their futures. Even young couples face this problem of not knowing what a need is versus a want. President Tanner addresses this issue when he states:
