March 7, 2011

Responsibility of Welfare

President James E. Faust, of the Church of Jesus Christ of Latter-Day Saints, gave the talk "The Responsibility of Welfare Rests with Me and My Family" in 1986.  The principles apply today.
I wish to speak of the basic principles that keep our feet on the ground economically. This is important to our happiness.
The old couplet “Waste not, want not” still has much merit. Frugality requires that we live within our income and save a little for a rainy day, which always seems to come. It means avoiding debt and carefully limiting credit purchasing. It is important to learn to distinguish between wants and needs. It takes self-discipline to avoid the “buy now, pay later” philosophy and to adopt the “save now and buy later” practice.
Click here to see the full talk.

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