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“NEVER spend your money before you have it.” Since going into debt is for many people a way of life today, does this advice given by former U.S. president Thomas Jefferson sound old-fashioned?

In many lands wages remain low in comparison with prices, and inflation eats away savings. Also, the economic climate affects people’s sense of values. Yet, honesty is important. Because such things as cheating on taxes and failing to repay debts are widespread, it is indeed a challenge to maintain a good conscience. No wonder, then, that the economy is often the talk of the day, and stories on saving or making money abound in newspapers and magazines and on television as people try to figure out how to deal with economic complexities. At the same time, you are rightfully concerned about how to provide for yourself and your family.

Avoid Too Much Debt

Why do some go into debt? Borrowing is not always due to a dire situation, such as illness. The desire to possess certain material things may be very strong. On the other hand, the inducement to go into debt may not in itself be wrong. In fact, it may be better to pay a mortgage on a house than to pay rent, or it may be necessary to buy a car. A breadwinner wants his family to be happy. He wants to be a success as a husband and father. Likely, he feels that his family is entitled to enjoy many of the material things that others possess.

Admittedly, it may be tempting to borrow money to purchase a desired but nonessential item. Acquiring things makes one feel good, does it not? Who does not enjoy a beautiful dress, a new pair of shoes, or even something like a brand-new car? And who would not like to have a more attractive home? Yet, beware! Businessmen can be persuasive, and a lot of money is made selling items to people who do not need them and cannot afford them.

Remember, too, that keeping up on payments can cause a strain on family relationships. Disagreement and bitterness may result. Playwright Henrik Ibsen was right when he said: “Home life ceases to be free and beautiful as soon as it is founded on borrowing and debt.” If you do not make your payments on time, your good name may be tarnished. Since it is much easier to spend the borrowed money than to pay it back with interest, many discover that what they bought does not bring the joy they had anticipated.

Commonly, governments persist in borrowing more and more, increasing their interest payments. Although this may be normal, why imitate the debt-ridden nations? Rather than creating riches for the people, too much debt can increase poverty and insecurity. As a Danish proverb puts it, “it is hard to pay for bread that has been eaten.”

Happily, stress due to the burden of debt decreases greatly when you learn to spend wisely. So take the time to plan your shopping carefully to avoid pressures to borrow. Even in countries with hyperinflation, there are ways to save money—by shopping for bargains and by buying only necessities. It requires living within your means, being willing to wait or to do without.

Ask yourself: Will my going into debt cause hardship for my family? What about my reputation if I cannot repay the loan? It may take a long time to be trusted again! In this regard, practical, solid counsel is available - living within your means.