1. Avoid debt-pooling where exorbitant fees are charged. We may want to consolidate debts using a bank or credit union loan that can be repaid at a sensible interest rate over a reasonable length of time. We may need to stop using our credit cards.
2. Exercise self-discipline by telling ourselves “We can’t afford it” and refusing to take on further credit obligations...Please be patient and carefully control your purchases so that you will not become enslaved to your creditors.
3. Make a budget and stick to it.
4. Cut expenses by distinguishing between wants and needs. Economize by controlling the use of goods, services, and energy.
5. Increase homemaking skills and have family members complete home and car repairs, when feasible.
6. Invest wisely. Avoid speculations and get-rich-quick schemes.
Excerpt from "Providing for Our Needs", by Elder M. Russell Ballard, April 1981 General Conference
Access entire talk here.
Learn more about the Apostle, M. Russell Ballard here.
*Photo source: http://www.lds.org/topics/finances
*Photo source: http://www.lds.org/topics/finances
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