Teaching children how to manage money is fun and easy. The best time to begin is when they are old enough to sort. From the time our children were young, they had three piggy banks. One was for tithes, one for savings and one for spending. There have been many new methods created such as the Money Savvy piggy bank featured above.
1. Finances are directly related to biblical principles.
We decided early on what fundamental lessons we would teach our children by determining what financial values were important to us. In a nutshell we want our children to know is that God has a plan for all things including our money. Here are some of the principle we try to instill in our children.
2. Honestly earned income is a gift from God.
God biblical requires 10% of our earnings and in return we are to be good stewards over the remaining 90%. We also use the tithing principle to teach them about investing. They learn that investing a minimum of 10% into the Kingdom of God is the best investment they’ll ever make. We talk to them about the choice to tithe and how it is directly related to their faith.
3. When they choose to tithe they are demonstrating their trust in God.
It is an outward expression that demonstrates that they believe all that the Bible says pertaining to the flow of monetary resources in Gods Kingdom.
4. Value of delayed gratification.
We show them that by saving for future financial expenses is the best way to remain debt free.
5. Debt is a curse and is counterproductive to building wealth.
We build debt and destroy wealth when we obtain things we cannot afford. For this reason I do not allow the children to borrow from one another. They are much rather encouraged to offer a service to their siblings to earn the money they need. Owing money to someone often leads to unnecessary stress between the borrower and the lender which is why we encourage them not to borrow.
6. Wealth is important but must be kept in it’s proper perspective.
Being financially wealthy or financially poor will not by it’s self, distinguish you as a better or worst Christian. God gives us wealth for a reason, which is to chiefly build His Kingdom.
Our main focus for teaching the children about finances is to prepare them to be good stewards over their money. We tell them and show them how to do this in our words and actions. Our hope is that they glean the tools necessary to be successful at managing their money.
*I have no affiliation with Money Savvy Generation– the company that sells the piggy bank featured above.