“Whosoever Among You Borroweth”

King Benjamin taught his people some important principles of money management:

1. When someone needs help and you are able to provide it, you are obligated to do so. You should provide assistance non-judgmentally, without regard for whether you think they deserve it. (See Mosiah 4:16-23.)
2. If you can’t help, but you genuinely wish you could, you are blameless. In other words, you must first and foremost want to help. Then, you must accurately assess your ability to help. (See Mosiah 4:24-25.)

Here, Benjamin urges wisdom. Don’t run faster than you can, he says. Be diligent, but don’t overextend yourself. (See Mosiah 4:27.)

Next, he turns to a topic which might seem like a change of subject, but which is actually an extension of his previous advice:

I would that ye should remember, that whosoever among you borroweth of his neighbor should return the thing that he borroweth, according as he doth agree, or else thou shalt commit sin; and perhaps thou shalt cause thy neighbor to commit sin also.

Mosiah 4:28

Fiscal responsibility includes both generosity and integrity. We have an obligation to care for one another and to be trustworthy. Because our resources are finite, we are unable to do everything we wish we could, so we budget our expenditures, and we keep the commitments we make.

I thought about these principles as I read an Economist article today about the growing U.S. National Debt. “If prudence is a virtue,” the article said, “America’s budget is an exercise in vice.” Over the past twelve months, adjusting for temporary factors, the federal government has spent about $2 trillion more than it raised in taxes. This is obviously unsustainable. There may be times when you need to borrow to meet an urgent need, but continuously borrowing to meet recurring expenses with no plan to repay is not a recipe for success.

I remember President Gordon B. Hinckley explaining the budging policies of The Church of Jesus Christ of Latter-day Saints:

I am grateful to be able to say that the Church in all its operations, in all its undertakings, in all of its departments, is able to function without borrowed money. If we cannot get along, we will curtail our programs. We will shrink expenditures to fit the income. We will not borrow.

One of the happiest days in the life of President Joseph F. Smith was the day the Church paid off its long-standing indebtedness.

“To the Boys and to the Men,” General Conference, October 1998

This is consistent with King Benjamin’s guidance: Use the money you have for worthy causes, but acknowledge your limitations. Don’t spend more than you have. If you have to borrow, pay the money back promptly.

Today, I will apply these financial principles as I review and update our family budget. I will also find ways to encourage my government leaders to be fiscally responsible.