“I wish my parents had taught me more about how to manage money.” I hear this over and over again from people participating in one of the many stewardship classes at Southeast. Far too many adults these days have learned little, if anything, from their parents about money.
It doesn’t have to be this way. You and I can change this for the next generation. Your kids can leave home someday prepared to manage money God’s way instead of learning it the hard way. “Start children off on the way they should go, and even when they are old they will not turn from it.” (Proverbs 22:6, NIV). When you make it a priority now, they’ll make it a priority when they are an adult. Follow these five tips for raising financially healthy kids.
1. Make sure they know it all belongs to God.
We need to plant this idea early. Talk about God being the owner of everything we have. “To the Lord your God belong the heavens, even the highest heavens, the earth and everything in it.” (Deuteronomy 10:14, NIV). This certainly includes our money. When we grow up thinking it’s ours – or even that 90% is ours and only 10% belongs to the Lord – this belief drives our behavior. The truth that God is the owner is the foundation for managing money.
2. Keep it simple.
I love the model of Give-Save-Spend. I like the idea of using clear jars so they can see the money accruing over time. There is not a right or wrong way to have them divide the money. Have them give at least 10% to giving and divide the rest into saving and spending. Some kids will have a giving heart and want to put it all in the giving jar so they can give it away. If that’s your kid, then celebrate and encourage that. You may want to think about offering some incentives for saving over time by matching or offering interest.
3. Remember that more is caught than taught.
You must lead by example when it comes to raising kids. If your kids always see you paying with credit cards, then they are being taught that’s how you pay for things. Also, they are watching how Mom and Dad communicate about money. If money is always a source of tension or conflict, then your kids are taking note. Even though you don’t always agree, make it your goal to demonstrate oneness. What your kids see you do is a lot more powerful than what they hear you say.
4. Model the budgeting process.
See Also: Keys to Budgeting Success
If your kids see you always spending without any mention of a budget or the trade-offs that come with living on a spending plan, then you are modeling that for these future adults. Get them involved in the family budget, at least from an awareness standpoint, if not from a decision-making standpoint. For example, engage them in the family entertainment budget. Let them be a part of making the decision to have pizza and watch a movie at home three times in a month versus going out to a movie and pizza once since that’s all the budget allows. Give them opportunities to learn about the trade-offs that exist when you live on a spending plan.
5. Give an allowance based on work completed.
Don’t give your kids money just for being a part of the family. Instead give an allowance based on chores they do around the house like taking out the trash, or cleaning their room or mowing the grass. This will help them understand that money is earned and not just given to them.
Don’t wait until your kids are in college to teach them about money. Get started now. Put these 5 tips into practice and someday your adult children might say, “I’m so glad my parents taught me how to manage money God’s way.”
Learn proven principles and practical wisdom for raising God-honoring, financially healthy kids. Build your children up by giving them a solid understanding of how money works and how to make wise choices in the next Raising Financially Healthy Kids seminar.
Register for a Raising Financially Healthy Kids seminar today!
Let me ask you a question, “Do you consider yourself to be a generous person?” If you are like most people, then you answered “Yes.” Maybe you feel generous because you give regularly to good causes, serve food to the homeless, or at times pay for the person behind you in the drive-thru. Perhaps you feel generous because you faithfully tithe 10% to your local church. All of these are good things to do, but are they good indicators of being a generous person?
The Bible provides some clear criteria for knowing whether you are a generous person and how you can become one. Here are some characteristics of true generosity:
True generosity gives the first to God. When you receive a paycheck or any other source of income, giving to the Lord should be your first and top priority. Proverbs 3:9 says, “Honor the Lord with your wealth, with the firstfruits of all your crops.” Generous people recognize all they possess belongs to God, and so they give to Him their first and their best.
True generosity gives in proportion to your income. Jesus taught us this when He said, “…from the one who has been entrusted with much, much more will be asked” (Luke 12:48). A tithe, or 10% of your income, is a good starting point for determining the amount you give. But Jesus didn’t limit the amount to a particular number. We should give more or less in proportion to how much God blesses us with.
True generosity gives systematically. Generosity is not a feeling or simply giving a few bucks to someone as a random act of kindness. Being generous is a lifestyle. That’s what Paul is getting at when he writes to the church in Corinth, “On the first day of the week, each of you should set aside a sum of money in keeping with your income, saving it up…” (1 Corinthians 16:2). Generous people give regularly in accordance with what they have decided ahead of time to do.
True generosity gives sacrificially. Jesus’ model for generosity was a widow who gave her last penny. One day Jesus was at the temple watching some wealthy people give their offering, but then a poor widow came to give only two small coins. He told His disciples, “This poor widow has put in more than all the others. All these people gave their gifts out of their wealth; but she out of her poverty put in all she had to live on” (Luke 21:3-4). Generous people understand the amount sacrificed always supersedes amount given.
True generosity gives cheerfully. Generous people want to give as an act of worship in response to who God is and all that He’s done. 2 Corinthians 9:7 says, “Each of you should give what you have decided in your heart to give, not reluctantly or under compulsion, for God loves a cheerful giver.” We should not give grudgingly out of guilt or obligation. Generosity is giving thoughtfully, voluntarily and with a joyful spirit.
God does not ask of us anything that He has not first done for us. The most famous verse in the Bible begins, “For God so loved the world that He gave…” (John 3:16). God is the ultimate model for true generosity. You and I are made in the image of God and we are most like Him when we give. Together, let’s take our next step to becoming the generous person God has made us to be.
Take your next step to becoming the generous person God has called you to be by participating in an upcoming Legacy Journey class. Learn how to manage your wealth responsibly and share it to make an impact in the lives of the Kingdom of God for generations to come during this 7-week class.
Raising Financially Healthy Kids
April 25, 2018
True Generosity: Characteristics of a Generous Person
May 1, 2017
Marriage and Money: Five Tips for a Healthy Marriage
April 3, 2017
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