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Renee Swope

Encouraging and equipping moms to parent with God's grace and confidence.

More Great Financial Truths to Teach Our Kids

I was so encouraged by the response to Marybeth’s post here on Tuesday that I asked her to stop by again and share more ways we can learn and teach our kids God’s perspective of money. Marybeth Whalen, is a P31 speaker, mom of six, fellow blogger, and author of “Learning to Live Financially Free”. Here is what she had to say:

It is good to learn from others.Proverbs 15:22 says, “Plans fail for lack of counsel, but with many advisers, they succeed.”If you have stories to share about your experience with money, share your stories.If you have family members who have been especially wise savers or investors, ask them to spend some time talking with your children.If there is someone in your child’s life that they respect, and that person is wise with money, use that influence to speak into your child’s life.Look around for resources that will communicate godly Biblical truths.These are especially helpful if you as the parent are learning with your children!Also, let your children see you seeking counsel from others on financial decisions.This might include a Crown Financial counselor, your pastor, or even just between husband and wife.

Money doesn’t come from the ATM. It bothered me when I noticed that if I told my kids I didn’t have money, they would impatiently reply that I should just go to the ATM and get some!Without some guidance, they have no concept that unless you put money into the machine, there will be no money coming out.Share the truths about income—how much taxes take out, how much goes to things like debt repayment, bills and groceries.Show them that while mommy and daddy certainly want to give them things and do things, they also have to be wise with their money so that there will always be money in that machine.(A note here: be careful how much you share about any hardships you experience, as you don’t want your child to feel anxious or desperate about your situation.Ask God to help you balance between communicating reality versus parental protection.)

Money is best appreciated when spending decisions are placed in their hands.We have given our kids control over their expenses for the past couple of years and have found that this works quite well for tweens and teens.We were constantly being nickled and dimed over this skating night, that shirt, this movie, that youth event, etc.So, we started giving them an allowance, paid each time my husband gets paid.We intentionally gave them enough to cover these types of events.Now when they ask to do something, we can reply, “I don’t know, do you have the money?”What has been the most surprising to me is how much more they will decide that an event is “not worth it” if it is their money being used!Additionally, instead of just taking our kids shopping for clothes, we give them the actual money, in cash, that we have budgeted and tell them they can spend it on whatever they want.But when it’s gone, it’s gone.You should see them checking price tags and working at making their money stretch! This has gone a long way towards teaching our children about the value of money.

Finally, the best way you can communicate financial truths to your kids is to:

  • Talk about money, don’t shroud it in secrecy
  • Make money management a hands-on experience.
  • Live out the principles in your own lives, modeling what you hope they will carry into their futures.

Another saying we all grew up hearing is, “Actions speak louder than words.” It is wise to make sure that your own financial practices line up with what your children hear you say.Your whole family will be blessed when this happens and you just might change your legacy for generations to come.

Thanks again Marybeth for stopping by to share such important financial truths we can teach our kids. I can’t wait to read your book and give a copy away today. If you have questions for Marybeth or something you’d like to share, please post your comment below. Winners will be announced Sunday afternoon since I am leaving town today to speak in Sumter, SC this weekend. Would treasure your prayers for the event and our travel. And if you are nearby, would love to see you! Click on “Where I’ll Be” to find out more.

NOTE: January is coming to an end, but my month of encouragement for moms isn’t! (yet) I still have more ideas and information to share. On Monday, Micca Campbell will be a guest blogger talking about how we pass either faith or fear on to our children through the way we respond to difficult situations. I can’t wait to hear what she has to say. And there will be another great give-away! See you then.

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Today’s Mom Give-Aways

We have 3 give aways today: A copy of Marybeth’s book, “Learning to Live Financially Free”, a copy of “Total Money Make-Over” by Dave Ramsey, and 2 tickets to the D6Conference!

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.

PS. Be sure to sign up soon for the D6Conference! Early registration ends February 2nd.

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Comments

  2. Thanks for the great tips and advice. Teens can certainly be a drain on the pocketbook if they are not given some limits and boundaries. We were just talking about planning a spring clothing shopping trip and I think I’ll try the idea of giving my daughter the responsiblity of making the $$ stretch.

    daughters 15 and 5
    [email protected]

  3. It is so important to teach the biblical truths about money! We don’t have much money to go around, and are trying to start a non profit on a shoe string budget…So my children already get the, delayed gratification…I will look into getting MaryBeths book!

    Shannon…Minnesnowta! Brrrr it has been cold! Looking forward to 32 degrees tomorrow!
    [email protected]

  5. Sorry in advance for being long-winded. I do not have the best track record in the past with finances! My husband and I recently begin to pay only with cash (when possible). We haven’t used credit cards in over a year and it feels great to be chiseling away at our debt and to be honoring God in our responsible spending.

    We have a smart little two year old and we started very early (before she could even talk) communicating God’s truths, wise money management, general safety, and just how to learn in general. I kind of laughed at myself as I explained to an infant that you must listening, as well as look both ways, as you cross the street (we live on a busy road and you can’t always see oncoming traffic). I couple of months later (before she even could talk) I noticed her cupping her hand to her ear to listen as we approached the road. Now she confidently instructs everyone on how to safely cross the street.

    I decided then and there that I would try to talk to her about all that i could while she was little and I had her undivided attention (and while she still thought I was “cool”). It has worked (although she began talking very early… sometimes I wish I had a good set of earplugs) and she can now very easily explain ideas in full sentences. Now when I continue to discuss important issues (keeping them age appropriate of course), they are not new and embarrassing, they are simply things that a mom and daughter discuss.

    Although I fully believe in a kid being a kid… I also believe it is never too early to learn responsibility. We started giving Josephine $5 a month. She gives her tithe and offering to the church, puts some in her piggy bank, and saves the rest to use on books, little toys, the mechanical horse at Wal-Mart, etc. She is already learning that if she uses all her money on the book she wants, she will not have that money later. She has fun while learning how to properly spend her money. Although when she is thirteen, I do not expect her to be wise and all-knowing about money management, at least she will have a good foundation AND she will be used to my husband and I guiding her through the steps of responsible spending.

    My mother was a preschool teacher, and really believed Proverbs 22:6 and it paid off with my bothers and I. Although we have stumbled off on the wrong paths sometimes, we always came back to God’s path for our lives. I truly believe that it is our obligation and offering to God to teach our children to be responsible in such an irresponsible world. I challenge you all to start early too!

    Thanks for reading (if you lasted this long)!

    Anna Mc
    Birmingham, AL
    [email protected]
    Mom of Josephine (“JoJo”), age 26 months

  6. Hey Renee (or anyone else reading)….any advice for a single mom trying to teach her daughters (ages 8 and 9) about money? Everything seems more complicated with one of me and two of them, and money is no different. They, too, think if I have checks or there is an ATM nearby, there is money to spend!! We are certainly blessed in finances, and I teach them often about sharing our blessings with others, but getting them to understand that money doesn’t grow on trees is more and more difficult!

    Thanks for all the great tips everyone 😉

    Lisa
    [email protected]

    PS-No conference tickets for me either, wouldn’t be able to attend 🙁

  7. Thank you again for discussing the importance of money management with our kids. Thanks for the suggestions.

    Have a safe trip!

    Christine
    [email protected]
    kids are 8 and 9
    Charlotte, NC

  8. Those are great tips. I was just thinking yesterday how my parents really didn’t prepare us to handle our own money well. They never talked about the specifics of money, we just always had a sense we didn’t have any. So when my sister and I got jobs and finally did have money, we spent it without really thinking about it. I would love to have had a better sense of saving/planning/budgeting right from the start. (my email is attached to my name here–trying to avoid the spambots, you know.)

  9. I have recently been thinking about doing something like this with my children and better explain to them the responsibility we should have with money. We still don’t do allowance or anything like that but I have been thinking about it. Thanks for sharing.

    Ruth
    [email protected]
    NJ
    girls ages, 6 and 8

  10. Great thoughts. It always cracks me up when I tell my kids if they want something they have to use their own money, all of a sudden they are much more frugal and less interested!

    BTW, time is flying, but it’s just January, not February, that’s coming to an end! 🙂

  11. I love the idea of giving the money over to the kids especially for clothes shopping. What a great way for them to realize how much it actally costs. I’m with Nikki. If there is a way to print them that would be fabulous.
    I’ll pray for safe travel.
    Thank you for sharing and have a great weekend.

    [email protected]

  13. More good stuff. I’ve really enjoyed all this (and I needed it, too!) Thanks so much!

    Praying for you as you travel and speak this weekend!

    Many Blessings,
    Kate 🙂
    *2 year old son
    *One on the way!
    *[email protected]

  14. I just discovered this blog this week thru P31. Love it! I am tired of telling my kids (and my husband too) that “we just can’t afford” whatever it is that they want. I would like to make giving/saving/budgeting a positive experience. Thanks for the encouragement and motivation!

    Ellen
    [email protected]
    3 kids: 11,9,8

  15. Oh, goodness! I just love this post! 🙂

    I especially like the whole idea of putting money in your children’s hands and allowing them some “control” over how they spend it. Good stuff indeed! 🙂

    Rebecca
    [email protected]

    p.s. No D6 tickets for me…I would be unable to go! 🙂

  16. Good ideas. My 13 year old wanted to go on a church trip with his friend that cost $150. I told him that we just didn’t have the money and if he really wanted to go he would have to split it with us. He had Christmas and birthday money that he could use. So he did. His wallet is looking pretty empty. I’m not sure if it impacted him too much since he had the money though. I’m wondering what will happen when the next big thing comes and he doesn’t have the money to go. Will the fact that he doesn’t have the money either make a difference? I’ll let you know when the situation arises.

  18. I have never been the best with money! My mom was taught that if you have checks, you have money- therefor that is what she taught me. I got a credit just out of high school and when I married 2 years later, I brought a HUGE debt into my marriage. We are still trying to unbury ourselves from our past financial mistakes, but with God’s help EVERYTHING is POSSIBLE! I will surely teach my kids… I will true the ‘allowance thing’. Maybe that will help!

  19. We have just recently started letting Kayla be involved with the budget process; while we are new to this, and I can’t say I have seen the benefits that she thinks money is “in the bank”, my hopes are that as long as she continues to help work the budget and sees consequences when bills aren’t paid that she will be more responsible…
    [email protected]

  20. Sorry, I already left a comment. But I was just wondering if there is any way for me to be able to print the entire month of blog posts at one time? I would love to have them to reread from time to time. Please let me know if there is a way to do that without having to do each one seperately. Thanks!

    [email protected]