Proverbs 22:6 reads, “Train a child in the way he should go, and when he is old he will not turn from it.” But what exactly should that training entail? What are the most valuable things to teach children? Sharing the Gospel is obviously priceless, but teaching them to manage money God’s way is perhaps the next most valuable gift you can give them. 
<ul><li>Maybe no one taught you the wise use of money when you were young and now you’re struggling. The idea of teaching biblical finance to your kids seems daunting.</li><li>It’s never too late to learn how God wants you to manage the resources He’s entrusted to you. The first thing you need to grasp is that He owns everything. We’re just stewards.</li><li>Second, you don’t have to worry about money because God has promised to provide for your needs. And if you need help setting up a budget, download the new MoneyWise app. It’s free and uses the tried and true envelope system, so it’s easy to set up. </li><li>The first thing you want to teach your children is a simple budgeting process: one-third for saving, one-third for giving, and one-third for spending. Guide them, but let them make their own decisions.</li><li>As for saving, that can be for a larger goal like a video game or clothing. Someday, maybe it can be for a car or even college. </li><li>If you want to give them an allowance, that’s okay, but attach some regular chores to it like making their bed or helping with the dishes. You can also set up a “job list” for the kids with dollar amounts specified for certain tasks. This is above and beyond allowance.</li><li>Never reward whining or begging. If your child desperately wants something, set up a plan to earn and save for it.</li><li>Philippians 4:19 says, “And my God will supply every need of yours according to his riches in glory in Christ Jesus.” God is our provider and He will provide for our needs. He doesn’t promise to give us everything we want.</li><li>Finally, a verse to encourage generosity. Hebrews 13:16 teaches, “Do not neglect to do good and to share what you have, for such sacrifices are pleasing to God.” Giving breaks the power of money over us—another critical lesson for your children.</li></ul>On this program we also answer a few of your questions:
<ul><li>We’ve been paying so much over the years on our children’s education that we have no money left over to tithe! I know that’s backwards, but what advice would you give?</li><li>I’ve been working full-time since I was 16. Employers may want to do an early buy-out for me. If they do, I may take it. Is there an advantage or disadvantage assuming I could roll my 401(k) into my wife’s plan (with Edward Jones) What do you think?</li><li>What advice can you give on long-term care insurance?</li></ul>Remember, you can call in to ask your questions 24/7 at (800) 525-7000 or email them to <a href="mailto:questions@MoneyWise.org">Questions@MoneyWise.org</a>. Also, visit our website at <a href="http://MoneyWise.org">MoneyWise.org</a> where you can listen to past programs, connect with a MoneyWise Coach, and even download free, helpful resources like the free MoneyWise app. Like and Follow us on Facebook at MoneyWise Media for the very latest discussion! And remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab on our website or in our app.

FaithFi

Faith & Finance is a daily radio ministry hosted by Rob West. The program offers a practical, biblical and good-natured approach to managing your time, talents and resources.

Faith & Finance with Rob West

Proverbs 22:6 reads, “Train a child in the way he should go, and when he is old he will not turn from it.”  But what should that entail? Sharing the Gospel is priceless, but teaching them to manage money God’s way is  the next most valuable gift.

Money Lessons for Kids

FaithFi | Sep 2, 2021

Show Notes

Where Faith Meets Finance

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