Did you know that Jesus talked about money as much as He talked about eternity? As we look for ways to help our kids connect everyday life to spiritual truths, I think it’s really important to talk to them and teach them God’s perspective of money. Today, I’ve invited my friend, Marybeth Whalen, who is also a P31 speaker, fellow blogger, mom of six, and author of “Learning to Live Financially Free”, to share with us some important financial truths we can teach our kids.
“Money doesn’t grow on trees.”
“You should save for a rainy day.”
“Waste not, want not.”
We all grew up hearing these little sayings as children, but did any of us really know what they meant? I know I didn’t enter marriage with much practical wisdom about managing money, so I went to the world for answers.This is what I heard:
“Buy now, pay later.”
“90 days same as cash.”
“No interest until you’re too old to care anymore!”
And for a young, broke married couple, all of this sounded pretty good. In hindsight, I wish my husband and I had been more prepared for life from a financial standpoint.Since we weren’t, we have determined that we will do our level best to prepare our own children.Here are some principles we have discovered that are important to consistently teach our children:
Debt is not “normal” or healthy. The culture will tell your kids otherwise, reasoning that to carry a credit card balance and car loan, not to mention a mortgage, is normal. They will go even further in telling your kids that to have a healthy credit score, you must carry some debt—as long as you pay on time. You can go a long way towards countering that by teaching otherwise within your home. Let your kids see you save for things you want instead of financing them. Explain why you turned down that store credit card at the register—even though the cashier made it sound like they would save you money. Begin to discuss what interest is, and how much actual money is spent on interest. If you have made mistakes in this area, share that with them so that they will see the dangers of debt.
Tithing is essential. I have a friend who always tells her kids, “God honors those who honor Him.” While I am not preaching a prosperity doctrine here, I do think that kids need to understand the importance of tithing from an early age. The earlier a habit is started, the more natural it becomes. Require them to tithe ten percent of any allowance, babysitting money, etc. to your church. Divide their allowance money up right in front of them. Consider starting an envelope system with them, with an envelope for saving, spending and tithing.
Delayed gratification builds character. In our flesh we want it and we want it now! And yet, we know that waiting and growing through that process is more often how God works in our lives. This is certainly true of finances. You do your child a disservice if you don’t teach them to wait, as this is a necessary life skill that they will have to learn at some point. Better to learn this in the protection and nurture of your home. Purchasing something that has been anticipated and savored is a shining moment in a child’s life—with much more benefit attached to that item in the end, I can assure you! The next time your child tells you they want something now, ask them how much money they have, and help them ponder how much they will need to save. Help them think of some extra chores they can do to raise the money, then give them a goal to work towards, and help them plan how to reach their goal. Most times, they will either forget about the item (showing you it would have been a waste of your hard-earned money) or have a character-building experience. While it might take a bit more time on your part, the life lesson they learn is worth it.
Eating out and other forms of entertainment (movies, etc.) are special treats, not a lifestyle. I have noticed a certain level of expectation among children, especially in the areas of eating out and being entertained, to the tune of high costs and little appreciation. Through my husband’s financial counseling, he has determined that one of the number one budget busters for families is eating out and entertainment. We as parents have learned to reward ourselves in this way, reasoning that we “deserve it.” And our kids have picked up on that. A shift in perspective for the entire family can save money and provide a more realistic attitude. Examine your family’s attitude and budget in this area, and see if there are changes you need to make. Make going out to eat a treat instead of the norm, rent movies (they come out so soon after they are released now you hardly have to wait anymore!) and have a family movie night complete with popcorn and sleeping bags on the floor, or ask the kids if they would like to spend their own money to go out. We have started doing this with our kids and it is amazing how quickly they decide they don’t want to eat out!
Marybeth, this is great stuff! I can’t wait to read your book and give away a copy today. If you have questions for Marybeth or something you’d like to share based on what she gave us to ponder today, please post your comment here and then hop over to her blog to win some aqua juice!
Today’s Mom Give-Aways
We’re giving away a copy of Marybeth’s book, “Learning to Live Financially Free” and “Total Money Make-Over” by Dave Ramsey.
To be part of these give-aways, click on “comments” below. PLEASE include your email so we can get in touch if you win. Also, I’d love to know the age of your kids and where you are from.
Great ideas! I look forward to raising my kids with better financial smarts than I was raised with!
I’m in Alberta, Canada, my kids are 7 and 2.
This is such a great thing to do with your kids.
With my 5/4 yr old.. they go out shopping with me alot.
I would love to implement some of this while we shop.
My daughter likes BK.. so I use it as a reward.. if she doesnt throw a fit while out..we can get supper at BK.. ( this is our once a month thing).. we dont do it every week.
I would love more ideas to use with them so that they understand.
Your words of wisdom really hit home for me. I struggle with credit cards when I am feeling low or need a quick pick me up and then when the bill comes I hate myself for doing it, so it is a vicious cycle. I am doing better than before but it is hard when you haven’t been given the tools early on in life. I see a pattern ahead with my children if I don’t show them the right way to manage money and your message is what I need to start. Please pray for my family to be Debt free one day soon.
We have a boy 13 and a girl 6 and we are in South carolina
As first time blogger, I’m not sure if I am doing it right. But here goes. I am a grandmother who wishes that all of this information was around when I was raising my 6. But I thing I can still make a difference in my grandchildren’s life. Thank You
Anonymous
I would love to win this book, my family and I are in financial trouble, our marriage is hurting due to this and I’m praying/begging God to help us. We have 2 children 14 and 11 and I’m trying to teach them about money so they won’t end up like us. I love your website.
Mitzi
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I think our children are going to have some hard financial times ahead—we need to prepare them.
joleneraye (at) yahoo (dot) com
This was a great blog with several truths. I think teaching our children about tithing and money is one of those overlooked areas and a place where we under estimate because they are too young to worry about such things.
nazyouth4god (at) hotmail (dot) com
I am the children’s ministry coordinator at my church, Mt. Olive SDA Church, and I teach young children. I am teaching them to give to missions [from money they earn], to help the needy here at home, and to care for the elderly. On many occasions I have spoke about children learning to tithe at an early age, so that giving will be natural for them. I will print your article and share it with their parents. Thanks!
Wow how appropriate. We’ve been talking with our children (Haley 8, Zachary 6 and Jacob 3) explaining why we don’t get to eat out all the time and why we can’t have a toy at the store everytime we go like some of their friends parents do. It’s really hard to get them to understand the value of money and how it doesn’t grow on trees. We too have bought them a cash register and play money to try and explain some of the concepts too. I’d love to have a copy of the books and help with this explaination for our children. What great advice you’ve given and valuable lessons for everyone. Can’t wait to share with my husband too! Thanks and keep up the good work.
Thanks for this…I thought my children knew what a tithe was and realized they didn’t I was so surprised…thanks for leading me to discuss this with them.
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At last, practical Biblical truths spoken by practical Biblical truth-speaking folks. How refreshing it is. I was taught many “sayings” as a youth; but, there was no explanations to follow. It was left up to me to figure it out; even if it took a life experience (no matter how harsh) to teach me. We need to preach/teach and then follow that with practical living. I know now how to help my children be a step further than I was at their age(which is 16,14,10). Thank you and May the peace of God be with you.
This is really close to my heart. My daughter is just turning 2 but we are already thinking of practical ways to build her character and knowledge in this area.
Lindsay, Omaha, NE
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I would love to be included in the giveaway for the books. I know the Lord has been dealing with me regarding credit card debt and to pay it off. I know I have bought into the instant gratification culture and now need to get off the merry-go-round, pay the cc’s off and save up cash for purchases. I would love to read Marybeth’s book!
I have three adult stepkids and six grandkids, ages 12, 10, 8, 3 and 14 month old twin girls! I want to be able to
I’d love to be included in the giveaway.
Love your blogs
Terri Schmidt
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What a wonderful post! I am getting married in 2 months and would love for my husband and I to start out on the right path and also start young and early with the right lessons to teach our children one day! Thank you for the advice. These tools will be very helpful for us!
Thanks!
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SC
I’m really enjoying the posts this month. Thanks for taking time to share your ideas with others.
Kristy
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Thanks for your advice. I have struggled over “requiring my children to give some of their money” and suggesting it to them. I have never required them but now think I should. How do I start doing that now? They are 22,19,17,15, and 10.
thanks
denise
Such a great post…I am the mom of 2 wonderful daughters (5) and (2). We live in SC. Not sure if this giveaway is over, but I would love to receive these items. Cathy
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My 20 yr old is having financial woes, and this is a timely article for me, also. I wish I had a “money manager”, as I am a single Mom who struggles sometimes paying bills. I just recently refinanced my home, to reduce my interest rate (PTL!) and pay off credit cards. I am cutting up several of them! And, I am going to work hard to save more than spend more. Thanks for your good advice!
This contest may be over but oh well that article was well worth it even without the contest. I am a single mom of a 7 year old and the eating out and movies thing really hit home. We eat out pretty much everyday. Why? Because we eat very little, have very little time and by the time you factor in the amount it cost to purchase the food cooked, the amount we waste and the time I put into cooking it, McD’s just sounds like the better option. Well in all honesty, if I would make a few changes it wouldn’t be the better option on my pocketbook or my waistline lol. Anyways, I am going to start doing better with this and work harder on teaching my son the value of tithing. I have explained it to him but actually having him do it often goes by the wayside. Thanks for this article!!! Oh, and I am so excited to say that I am about to purchase the Dave Ramsey kit and start getting even better at finances!!!
HELLO,
I am a sningle mother of 3 boys aged 7and a 1/2, 11, and 14. i enjoyed reading your devotionals and they are pratical to every dya stuff like the treasure map and the bible. my tow younger sons recently got a news papper route, and im trying to share with them about tything, but theyr not getting it. i have been on social assistance and havent been tything but want to . iv recently applied to Osap to go back to school and figure to give thanks to god i would like to start tything a little bit each month.
we are in Ontario,Prescott area of the world.
god bless and take care. thanks again for the messages you share.
Amy
I try to start my day with reading your devotional page. We have been trying for some time to apply living debt free. And eating out is a huge pitfall for us as well. Our children are 20 and 17. One is a sopohomore @ State and the other a senior in high school. With the mounting college debt we need all the “advice” and encouragement to stay on the right track. I enjoy reading your page each day and pray that you continue in your ministry.
Thanks for sharing this information with your readers. It is alittle late for me to teach these concepts to my sons, but I surely can teach my grandkids. I thank God for this site.
This was a great blog with several truths. I think teaching our children about tithing and money is one of those overlooked areas and a place where we under estimate because they are too young to worry about such things.
nazyouth4god (at) hotmail (dot) com
BTW, we have always done the envelope system with them, though it doesn’t seem to have “hit the mark” with their hearts yet. I personally like it, especially if there’s something I want to save for; it motivates me. Now if I just knew how to pass that motivation on!
We have eaten out a lot in these past few years, sometimes due to convenience (if your 30 minutes away from home, it doesn’t seem practical to go home to eat) and some due to health issues (fatigue factor), but I do see this expectation in my kids. However, when we eat out, we still try to do the most cost-effective thing there-be it sharing meals, etc. Please tell me they’ll eventually get it and appreciate it!?!
Julie W.
This post was a good reminder, Renee. Eddie and I didn’t come into marriage with debt (thanks to our generous parents), so we have not known the struggle that many have had. We have tried passing these tips that MB has mentioned to our kids, but they seem to be falling on some deaf ears. :o( One of mine recently said, “When I get my credit card…” It made me laugh at the moment, but at the same time cringe inside because I know if they continue with this thinking, they’re headed for trouble.
Do you think there’s some validity in “personalities”? Some seem to be natural spenders while others are natural savers. The one spoken of above is always “broke”, while some others always seem to have money…
Julie W.
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Emily Anna, 12
Elisha, 10,
{Micah Rhys 1999}
Erynn, 8
Isaac, 22 months
I am always blessed by you young ones. So much more savvy than we were in our early days. You have to be. As a speaker/singer and Mom to many, I had to learn to make every move count or I would get behind. God is and was, at the helm of my ship, or I could not have accomplished as much as I did. My day began at four a m with God, and ended when it ended. Thanks for all your valuable insight. Granny
Thank you so much for sharing your thoughts. We LOVE the teaching of Dave R. With 8 children, ages 3-17, it’s nice to know that we’re not the only ones who appreciate teaching children to live within their means and about God’s provisions. God Bless You!