Savings and the Scriptures
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“Savings and the Scriptures,” Ensign, Apr. 2005, 73

Savings and the Scriptures

Family finances can quickly spiral out of control, in part because of worldly influences encouraging materialism. To more effectively resist these temptations, we use scriptural guidelines to help our family maintain an eternal perspective. Our favorites include the following:

“The borrower is servant to the lender” (Prov. 22:7). “Pay the debt. … Release thyself from bondage” (D&C 19:35).

To enjoy financial freedom, our family has researched and discussed the realities of debt and interest payments. We also encourage saving for a particular purchase, “making do” with what we have, or doing without items that would require going into debt.

“Let us cheerfully do all things that lie in our power” (D&C 123:17). “A merry heart maketh a cheerful countenance” (Prov. 15:13).

Having a good attitude helps us do our part to live within a budget. Our family focuses on three key areas:

  • Knowledge. As clearly and simply as possible, we share the household income and expense information with our children. As a family, we then set specific goals to reduce spending.

  • Responsibility. With our goals clearly stated, we then assign each family member one area of the budget to oversee. For a week or a month (rotating as needed), our family budgeters learn how to creatively save money for their particular category.

  • Rewards. As an incentive, we let family members keep a portion of their budget savings as long as family needs are met. Pooling savings to purchase a special item or fund a family vacation is also an effective reward.

Though Nephi was largely referring to spiritual growth when he said we should “liken all scriptures unto us, that it might be for our profit” (1 Ne. 19:23), I believe we can benefit temporally as well. By following scriptural counsel in our efforts to live within our means, we can know the peace of financial freedom.

Eileen Christensen, Hillcrest Ward, Murray Utah South Stake