By Natalie J. Hale

When it comes to personal or family finances, staying out of debt, paying tithing and all the other duties that encompass wise money management, we would be wise to find out what the Lord has proclaimed:

“Behold, mine house is a house of order, saith the Lord God, and not a house of confusion.” (D&C 132:8)

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 (see www.providentliving.org, click on Family Finances). This pamphlet contains valuable advice on managing one’s finances and features a talk by President N. Eldon Tanner in which he gave a couple of principles to follow:

Paying an honest tithing.
Separating 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.” (N. Eldon Tanner, “Constancy Amid Change,” Ensign, Nov 1979, 80)

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 “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 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, they’ll have to save enough in their allowance for it. Or they might not get it at all. Or as a reward for answering correctly, buy it for them.

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:

“This is typified by young couples who expect to furnish their homes and provide themselves with luxuries as they begin their marriages, which their parents have managed to acquire only after many years of struggle and sacrifice. By wanting too much too soon, young couples may succumb to easy credit plans, thereby plunging themselves into debt. This would keep them from having the financial means necessary to do as the Church suggests in the matter of food storage and other security programs. (N. Eldon Tanner, “Constancy Amid Change,” Ensign, Nov 1979, 80)

Discerning needs from wants can be hard, and it can be even more painful to have to give up the things you want to make more room for the things you or your family need, but it is possible. Wise money management is key to our earthly and eternal success. Let us help ourselves and teach our children to be better stewards of this necessity.