One of the most valuable skills we can teach our children is how to manage their finances God’s way. The biggest cause of divorce in this country is financial distress. Learning how to manage finances at a young age gives our children an advantage over children who aren’t taught to be money smart. Read on for a few tips to get your child started off on the right foot financially.
Teach Them to Tithe
Some Christians think tithing is simply a way for churches to line their pockets, but the Bible says it is so much more than that. It is a chance for us to partner with God in blessing our finances. The Bible goes so far as to say that those who refuse to pay tithe to the church are robbing God and that their finances are under a curse. I don’t know about you, but I would rather have 90% of my money with God’s blessing, than 100% of it with His curse. Tithing ten percent of our income is a reminder that God is our provider, and all we have are His.
Saving
The next principle we need to teach our children is the importance of saving money. So often, we run our checking accounts to a zero balance and pray that we don’t run into any emergencies. This approach is definitely not Biblical. Proverbs 22:3 says, “The prudent see danger and take refuge, but the simple keep going and pay the penalty.” It is wise to plan ahead for needs and emergencies.
The Value of a Dollar
In the past, frugality was seen as a necessary skill for survival. People lived by the admonition “use it up, wear it out, make it do or do without.” The average family has $5,000 in credit card debt alone. The Bible says we are to owe nothing, except for a debt of love to each other. Borrowers are slaves of their lenders. We need to teach our children to shun credit purchases and live within their means.
One way we can do this is by having them earn the things they want instead of just handing it to them. This isn’t to say you shouldn’t provide for your child’s needs, but you should make them earn their wants. This can be done by doing extra chores for you or others. Encourage your child to start a business, such as lawn care or babysitting. Selling old toys is another great way for kids to make some cash.
Teach your children the value of buying used. Take them to garage sales and thrift shops and show them how much they can get for the cost of one store-bought item. Kid’s clothes and toys are used for such a short time that buying brand new makes no sense.
Teach them to be Generous
We are blessed to be a blessing. Teaching our children that all we have comes from God, and, therefore, belongs to Him helps to combat the materialism that is so prevalent among kids today. The financial skills you teach today will stick with them for a lifetime. Read more homeschooling curriculum.
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