Financial Managers of the Future
Teaching Our Children the Christian View of Money
Train a child in the way he should go, and when he is old he will not turn from it.
Teaching our children, the principles of giving out of love for God goes a long way toward building good stewardship habits. The more we communicate with them about money principles, the deeper their relationship with God can be and the greater their opportunity is to become responsible money managers. Taking time to train our children how to honor the Lord with money is a blessing. Who will teach our children about Biblical stewardship if, as parents, we don’t?
Children can learn about money starting as young as 5 years old. At this age, it is important to teach the difference between a penny, nickel, dime and quarter. Let your child put money in the offering. Not only does this provide the opportunity to teach the value of each coin, but this gives parents a chance to teach the importance of giving to the Lord. Emphasis is giving to God, not to a
church, an organization, or an individual, but giving to God out of love, and an act of worship.
At age 10 children can be introduced to budgeting and how to manage money. Research shows that children who receive an allowance and are taught to budget are better givers and more successful financial managers. Discuss with your child the importance of giving 10% to the Lord. A goal for saving should also be set, perhaps 10 – 15% of the allowance. Setting up a budget means showing your child how to set aside money for planned needs such as social events, camp or retreats, gifts, etc. The envelope system still works well with children – help them label envelopes for each expense and divide their money up into each one. This is a tangible way for children to learn how much they have to spend in each category.
The amount of allowance given to your child depends on what expenses you expect to be paid by the child. Older children can take on more expenses via their allowance or earnings. For example, a freshman in high school should be prepared to have a clothing budget and learn to live within it.
Kids watch their parents’ behavior. Be an example of a joyful giver and a responsible budget manager to your children. Actions speak much louder than words. Putting your money where your mouth is will go a long way to encourage your children to become good stewards themselves.