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.
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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!
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!
Thanks for the notes for helping our kids and teaching them financial truth.
I’m hoping to get my kids helping me add up bills, so they realize they DO NEED to turn off the light! 🙂
When I was a little girl, my parents helped me with a checking account, helped me deposit the money into it, and helped me write the checks out for my dance lessons. Maybe that is why I’m a little business savvy today.
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Renee–Such good stuff!! We also want to teach our children to do better than we did when we first got married. Thanks!
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We are still learning these lessons too. I pray that we will instill the right attitude about money in our children now so they will be good stewards.
Heather in NC
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What a good topic! I wish my husband and I would have learned this when we were growing up. This would have saved us when we got married. However, we are doing "right" by our kids and teaching them better. Our kids are 16, 14 & 12.
Thanks you for the tips! My husband and I plan on teaching our kids how to be financially wise since we had to learn the hard way and made many mistakes along the way! Our parents never taught us about finances and we do not plan to follow that path!
Atlanta, GA (two boys 5 on Thursday and 2 1/2)
These books sound wonderful! We just have a baby right now, but I know that we want to teach her about money from an early age.
Meredith Abramowski from Illinois
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Hi! I’m from Florida and my children are almost all grown (the youngest is in college). My oldest daughter (who is married)got on Dave Ramsey’s plan last year and talks about it alot. I have listened to Dave on the radio but would love to read his books. I’m sure I woud pass them right on to our newlywed son. He takes after his dad and is (a miser) – oh I meant he’s great at saving money. : )
Thank you for dropping by my blog yesterday. I hear you on the radio and feel like I know you and Lysa!
I am really enjoying your series Renee! You and Lysa were amazing here in Houston last week! I can’t wait to attend another conference with you!!
My husband and I have never tried any methods other than trying to make more than we spend but we really have no set idea on how to do that!!
Our son is almost 2, so we need to get our hineys in gear!!!
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Renee
My kids are 3 and 4.5 months. I was really excited to see this post today as DH and I took the Financial Peace University course last year and we are debt free except our house.
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