Sunday, 22 January , 2017

Teaching Children about Money

All good parents desire to set a good example for their children to follow and Proverbs 22:6 is a well known verse to most parents.“Direct your children onto the right path, and when they are older, they will not leave it.” In Proverbs 22 Solomon has a lot to say about the issue of finances. Verse 1, he gives examples how some things are more important than money. Right the instruction to direct our children, he says. “the borrower is servant to the lender.” If you read the rest of Proverbs 22 you will see clearly that Solomon is concerned about how we instruct our children in all areas of life, including money.

There are in fact more than 2,350 verses found in scripture on how to handle money.

The root word of “train up” in Proverbs 22:6, is a word in Hebrew used to describe the palate or the roof of the mouth. It was used to describe the actions of a Hebrew mid-wife who after helping to deliver a baby would dip her finger in a paste made of dates and rub it on the gums of the new born baby to create thirst and start the baby’s feeding instinct.

We are in like manner to create a thirst in children for the right things. What is your favourite food, my guess would be that it is what you grew up eating. While teaching our children a better way to live, is no 100% guarantee they will follow it, it should give them a taste for it.

Today is ‘Teach Children to Save day.’ and a good opportunity for us to consider how can we direct our children, grandchildren, nephews and nieces on the right path, so that when they are older they know what is good.

GOODEXAMPLE

1) Set a Good Example
One of the best things you can do is let your child see that you save money too. Put money in a jar while your child is watching and tell him or her it’s your savings jar. This will show your child that saving is a normal way to live.

savingjars

2) Use Different Jars
Providing pocket money in lower denominations makes it easier to allocate a proportion of income to different goals. A good rule of thumb is for allowance to be one dollar for every year of a child’s life. Labelled jars work to separate money, use two for saving (long term and short term), one for spending, and one for giving. A good rule is: Save 50%, spend 40% and donate 10%. Help children choose a long-term saving goal, e.g. family holiday or new laptop.

givingback

3) Tithe and Offerings
It important to teach we are the managers, not the owners, of all the resources God has placed in our care. Teach your children to put God first in everything and set the example by doing so yourself. When your child understands that God wants to be an important part of every aspect of their lives and that they are to love God with all their hearts, monetary giving becomes a natural extension of that relationship rather than something they feel like they have to do.

 

If you are interested in learning more about teaching your children about money. Please send me a message via the contact page and I will be sure to upload some more soon. Including fun family activities you can do with your children to teach them about money.

Many people try to keep financial information away from their children for fear that they will then worry. Children need to learn about finances early so that when they become adults they will already know how to manage their own money. By teaching your children, you will be setting them up for future financial success. Many people make financial mistakes everyday because they were never educated about money or they have spending habits that began as a child. The emotions people have surrounding money often began in their childhood and continue on into adulthood. Educating our children today is a great gift for their future.

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