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Episode 14: How to teach your kids about money

EDITOR IN CHIEF

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The bible give us a bit of a clue to what we should do; “Start children off on the way they should go and even when they are old they will not turn from it.” – Proverbs 22:6

I want to give you a strategy to help your kids learn about money. One great way is by teaching them how they can spend their pocket money, or any other money they own, from a casual job. The first thing to do is take three different jars, and label each jar.

Jar #1 is giving to God. It should be a minimum of ten percent. This is money to give away to the church, and help those in need, or to fund other kingdom purposes.

Jar #2 is the long term savings jar. It should be a minimum of 10 percent. This can fund a purpose in a minimum of six months time.

The last jar is for the rest, and this is where you can give them a bit of discretion. You can encourage them to spend it wisely. Discuss with them how they might use it. If they want to put more money in the giving to God jar or they want to spend it on themselves.

The idea is to give them some responsibility so that they can grow and mature and also learn to live without spending it all.

Best of all, this strategy means that by the time they reach adulthood, they all will be giving generously saving for their future and living within their means.

 

 

Related: The Downside of Affluence

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Want to turbo charge your church finances