Point your kids in the right direction—
when they're old they won't be lost.
The poor are always ruled over by the rich,
so don't borrow and put yourself under their power.
Proverbs 22:6-7
I much prefer the King James version "Train up a child in the way he should go..." Maybe because in my life, I felt like my parents pointed me in the right direction (thank God for that!). But, in some areas, such as finance, they didn't take me by the hand and TRAIN me. So, here are a few helpful things that you can do to TRAIN your children to have a healthy relationship with money.
1. Teach your children WHY
We have a budget in our house. Sometimes, I have too much month left at the end of my money. :) So, we cut back. We don't buy things we would like. But, the important part of this lesson is not saying "We don't have any money left". Because, we do have money in the bank. I never want my kids to feel like we are $10 away from being flat broke. I tell them, we made a decision we will only spend _____ money for groceries every month. When that is gone, we don't buy any more. That doesn't mean that we don't have any money left. We do, we have money in our savings account, we have money in different savings envelopes. The reason we don't spend everything we have, is so that we can GIVE (most importantly), pay all our bills and have savings and investments. (then, every time you GIVE, make sure you point out to your children...THIS is why we don't spend everything we make...it is AWESOME to be able to help people!!)
Or here is something easier, that you can just print out...
2. Train your children HOW.
Begin with a chore chart. Start small, maybe 5 tasks that are done every day or every week. They get a sticker for each time they complete their task. (Let them put on the stickers too!)
At the end of your week, go through your chore chart. This is the FUN part! They get paid COMMISSION for the chores they faithfully completed during the week. If a child is younger, you might give them money for each sticker (instead of punishing them for missing one day). Also, if they are young, you might want to pay them their commission right on the spot.
Make a clear glass jar, where their money is held. (a great tip from Dave Ramsey, is to wad up the dollar bills, so it is very visual to the kids, that their money is stacking up!)
3. Train your children NOW WHAT??
TRAINING POINT: When you WORK, you get PAID.
For example, say your child is paid $5 commission each week.
- help them count out their money.
- teach them that we give 10% to Jesus (or that Jesus allows us to keep 90%! even better!!) - Bring 50 cents to church on Sunday.
- train them to save 10% - put 50 cents in their savings account.
- allow them to spend the remaining $4 (or begin saving for something that is worth more than $4). My 5 year old daughter would probably spend her $4 on bubbles right now :)
4. Next Steps
Sadly, this is where many of us stop. But, we don't want that for our children!
Help them to memorize invaluable scriptures about finances. (click on the link for a great list to get you started!)
Proverbs for YOU and YOUR CHILDREN to MEMORIZE about FINANCES
Teach them to invest - purchase something, that will give them a return of money. My eight year old son, is probably ready for something like this. He could do many things, sell something he makes or purchases for a reduced cost. i.e. if has things he doesn't play with anymore, help him sell his nicer items at a yard sale or a consignment store. Give him the money he earns. Then, go through the tithing and giving again. We always want to be emphasizing that God gives to us, so that we can give to others. Money is NOT for making our life more and more and more luxurious. God gives us the desires of our hearts, yes, but we need to keep money in the right spot. It is just a tool that we use to live and bless others.
I hope you will begin the TRAINING process for your children. It will be one of the best gifts you could ever give them!
Kristen
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