“Train a child in the way he should go, and when he is old he will not turn from it.” - Proverbs 22:6
While schools teach children how to read and write and eventually make a living, very few teach them how to manage money. Therefore, it’s up to parents to teach their children about giving, saving, and managing well that which is entrusted to them.
How are parents to do that? Moses’ words in Deuteronomy 6:6-7 offer good counsel. First, God’s Word must be imprinted on our own hearts so that our lives are a reflection of God’s Word. The old adage is true: more is caught than taught.
Unfortunately, many parents are setting less than favorable examples for their kids in this area. Fewer than half of parents with school-aged children stick to a budget or pay off their credit cards in each billing cycle, according to a survey by the American Savings Education Council.
Quoted in the New York Times, Robert Duvall, president of the National Council on Economic Education, said, ”Parents are often reluctant to talk about money, and perhaps that’s related to the concern about practicing what we preach. If we talk about handling credit wisely, we have to do that ourselves, and the fact is, we are not.”
The next time we counsel parents about the importance of using a budget or living within their means, it may serve as an added motivation to remind them of the lessons such behaviors will impart to their children.
The second part of Moses’ guidance focuses on discussing God’s teachings frequently and consistently: “Talk about them when you sit at home and when you walk along the road, when you lie down and when you get up.” Clearly, teaching God’s word to our children is not to be compartmentalized, but is to be brought into all aspects of our lives, financial and otherwise.
For hundreds of ideas and methodologies on teaching your kids about money check out “Raising Financially Freed Up Kids” DVD and the workbook!