Teaching your kids about money
What one thing do you wish you could change about your financial situation? Have you given your children the knowledge to make sure they don’t fall into the same hole? Are you teaching your children the importance of saving for purchases? What about when you go out to the store, do they have certain expectations of what the shopping trip is all about, or do they simply assume you are going to buy them something? The Bible teaches in Proverbs 22:6, that we are to “Train up a child in the way he should go”. In addition to teaching our children the importance of sharing and respecting other people, we also need to ensure they know the benefits of good personal finance.
Free Money Finance has a post on an article from Kiplinger.com that lists three Money Missteps in Parenting. In the article the author lists the following:
- Caving in to kids’ every request — and then some
- Neglecting to give kids guidance on managing money
- Failing to make kids work for their money
We teach our kids the money they earn should be used for giving, saving and spending. First, we teach them to give to God, because He blesses us each day. Second, we teach them to save for things they want. When our children were very young they learned that a trip to WalMart didn’t automatically mean they were getting a new toy. Finally, when they want to do something (outside of family activities), they get to spend their money and develop a sense of personality responsibility. My hope is that our children never have to deal with the bondage that debt brings.
Related Websites - Also teach your kids how to make money
- Teaching Your Children About Money Lesson #2: The Power of Money
- Teach Your Children Well - Financial Education Starts at Home
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- Thoughts about saving for retirement
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