“I would like to explain five principles of economic constancy.
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….
Constancy #2: Live on less than you earn.
I have discovered that
there is no way that you can ever earn more than you can spend. I am convinced
that it is not the amount of money an individual earns that brings peace of
mind as much as it is having control of his money. Money can be an obedient
servant but a harsh taskmaster. Those who structure their standard of living to
allow a little surplus, control their circumstances. Those who spend a little
more than they earn are controlled by their circumstances. They are in
bondage….
Constancy #3: Learn to distinguish between needs and wants.
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....
Constancy #4: Develop and live within a budget.
It has been my
observation in interviewing many people through the years that far too many
people do not have a workable budget and have not disciplined themselves to
abide by its provisions. Many people think a budget robs them of their freedom.
On the contrary, successful people have learned that a budget makes real
economic freedom possible. Budgeting and financial management need not be
overly complicated or time-consuming…
Constancy #5: Be honest in all your financial affairs.
The ideal
of integrity will never go out of style. It applies to all we do. As leaders
and members of the Church, we should be the epitome of integrity."
President N
Eldon Tanner, “Constancy Amid Change”, October 1979 General Conference
Read full address here.
