I want my children to know that God is able to supply all their needs, but I also need to teach them how to be responsible in the use of money.  Our children learn more about how we value money from what we do with it than what we say about it.  When our children use money or material things to show off or compete, or when they talk about who has what, they may be reflecting our attitudes.  How can we help our children manage money that will help them be responsible adults?

Allowance: Many parents give their children a certain amount of money each week or month and then try to help them budget that money. We get into trouble when we start dictating how they spend the money or shaming them when they make poor choices instead of working together and allowing them to develop responsible habits of saving and spending.  Our children know that at the end of the month, we’re tighter with our money than the beginning.  I teach our children the concept of “savings” from the first day they get Christmas money or their first allowance.  By never giving our children an advance, they learn the value of anticipation and appreciation of something they have dreamed of and saved for.  I’ll never forget the pride of my son as he walked out of a store with an X-Box he had bought with money saved every month for 3 years.  To help our children, we use a simple formula that can be modified for every family.

God’s portion:              10%.    Genesis 14:20 describes the tithe as a testimony to God’s

ownership of everything including our financial resources.

People fund:                 10%     The Bible teaches the value of sharing and giving to others

in need.

Graduation Fund:          20%     Teaches the discipline of saving for future benefits.  We

decide that our children can use this money as they want as

soon as they graduate from high school.

Special Fund:                30%     Savings for short-term, special buys like my son’s X-Box.

Personal money:           30%     They use as they want – no strings attached.

Chores: Some parents give money for chores completed around the home.  We choose to define chores as household tasks that we all do just because we are part of our family – teaching that some responsibilities are done to serve each other.  However you choose to teach your children financial responsibility, plan well because you are teaching lifelong habits.  Teach only what you are willing to practice.

None of us are perfect as individuals – nor are our marriages perfect.  As we work together to maintain our love and a strong marriage, our homes will be a good environment for growing and happy children.