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How to Teach Money Management for Kids

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Biblical Money ManagementIf you’re like me, you spend hours upon hours teaching your kids academic subjects. But how much time do you spend teaching money management for kids?

Money is the most often talked about subject in the Bible. Remember, eleven of Jesus’ 39 parables are about money. That’s almost one-third of Jesus’ parables.

With the launch of my new book, Biblical Money Management: What to Do with a Rolls Royce Lifestyle, When You Live on a Honda Paycheck in the Master Your Money Super Bundle, I have 3 tips you can use to teach your kids money management this week.

Money Management for Kids

Tip #1: Giving to God’s Work

I had a friend who gave allowances on Sundays. What do you think is the first thing they did with their money? They gave it to God when they went to church. Their first portion was given to God.

My recommendation is to make it easy. Don’t give them a one-dollar bill for their allowance. Instead, give them ten dimes. Your children can divide their allowance easily when there are ten pieces of money.

If your child gives a dime at church, that may seem small to you, but remember the widow’s mite.

While Jesus was in the Temple, he watched the rich people dropping their gifts in the collection box. Then a poor widow came by and dropped in two small coins. “I tell you the truth,” Jesus said, “this poor widow has given more than all the rest of them. For they have given a tiny part of their surplus, but she, poor as she is, has given everything she has.” Luke 21:1-4

The widow gave the smallest amount, but it was all she had. Jesus honored her gift above the rich man’s gift. We still talk about the widow today, 2000 years later. Encourage your kids to give to God, even their small amount of money.

Tip #2: Allowance

As a family, we decided to not pay our kids for chores around the house. We are a family and everyone contributes to the family by helping out . . . without pay. So, we chose to give an allowance until our kids could earn money through a job.

money management for kids with Bible bankWhen I was a child, I was given an allowance. Part of that money was put into a Bible-shaped bank. Each Sunday, I took the money out of my Bible bank and took it to church. In our church, we had an offering in the children’s Sunday School classes. Each Sunday School class had a picture of a missionary family to which that money was given. Even as a 5-year old, I knew who would receive the money I gave.

Recently, my kids told me, “Mom, I remember when we divided our money up, whether we earned it from working or you gave it to us as an allowance”.

How did this “dividing of their money” impact my kids?

They began to budget their money, even as a young child. Our categories included giving, savings, spending. As adults, all of my kids budget well. Their categories are different as adults, but they prioritize giving above all else.

Tip #3: Teach Your Kids About Money

The Bible discusses more about money than heaven and hell combined. God knows that where our money goes, our heart resides. Most families are intentional teaching character, but forget to follow through their character training with instruction in money management.

The first way you might teach your kids is to do a family word study on money from the Bible. Once a week, discuss a verse about money at the dinner table.

A second way you can teach your kids is to buy a money management course, like Lauren Greutmans’ course, The Financial Renovation: Creating a Financial Blueprint that Works. Lauren was $40,000 in debt and pulled herself out of debt.

Now, she shares exactly how she did it. As you work through a course like Lauren’s, you can teach concepts you are learning to your kids. I love the fact that Lauren’s course has lots of printables you can use with your kids as well.

Pay off debt. Budget like a boss. Reach your financial goals.

Side Note: Lauren’s course is normally $97, but you can grab it through Monday for only $37. It’s one of 45 money & finance resources in the Master Your Money Super Bundle. I’ve already enrolled in Lauren’s course through the bundle. I wish I had her course about 10 years ago, when we made some poor financial choices and had $20,000 in credit card debt.

If you think Lauren’s course or any of the 45 Master Your Money resources would help your family, you need to act quickly because Master Your Money Super Bundle goes away after Monday, April 1, 2019.

Your kids deserve a head start financially so they don’t end up neck-deep in credit card debt or student loans. What methods have you used to teach money management for kids? I’d love to hear your ideas right here.

NOTE:.

.Question: What methods have you used to teach money management for kids? You can leave a comment by clicking here.

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