Avoid debt. … Today everything is seemingly geared toward debt. “Get your cards, and buy everything on time”: you’re encouraged to do it. But the truth is that we don’t need to do it to live. We wonder what our people will do who have been spending their all and more. If employment and income should reduce, what then? Are you living beyond your means? Do you owe what you cannot pay if times became perilous? Are your shock absorbers in condition to take a shock? Plan and work in a way that will permit you to be happy even as you do without certain things that in times of affluence may have been available to you. Live within your means and not beyond them. … Purchase your essentials wisely and carefully. Strive to save a portion of that which you earn. Do not mistake many wants for basic needs.
“Chapter 11: Provident Living: Applying Principles of Self-Reliance and Preparedness,” Teachings of Presidents of the Church: Spencer W. Kimball, (2006),114–23