4 Lessons About Finances You MUST Teach Your Children
We recently completed 40 Days of Stewardship at Liberty. On each of the 40 days, I posted a short video to teach a stewardship principle. The final week of the 40 days we concentrated on passing along these principles to our children. We don't want Biblical Stewardship to be just a personal decision, but a generational principle. Here are 4 lessons about finances you must teach your children.
This first of the 4 lessons about finances you must teach your children is really a lesson for parents. How do we teach them? This first video gives you some ideas about how to teach your children. Anything we want to pass along to them has to be part of our conversation, a matter of demonstration and gives our children ways of participation. Your kids should see that your values shape your choices. They ought to hear you talking about budgeting. They should see you make the decision to put off a major purchase and save for the future.
Stop Giving Your Children an Allowance
Do you give your children an allowance? You shouldn't! Do you buy them what they want when they want it? DON'T. The real world doesn't work like this. Do you get an allowance? Do you get what you want when you want it? Probably not! Help your children to budget, work, earn, and save toward purchasing the things they desire to have.
Open Your Children Accounts at the Bank
A great way to teach stewardship is to open some bank accounts for your children. Help them to watch and manage the accounts. If you don't feel comfortable doing so, use a piggy bank.
Teach Your Children How to Make a Deal
Don't buy your kids a car! Help them learn how to make the deal themselves! When you make a major purchase, or you are helping your children to do so, don't just hand them the keys, but give them an opportunity to participate in the process.