Money Management and Allowance, Part 2

Parents,

We’ve talked about managing money, tithing and giving, and how important it is to have God’s perspective of money. Let’s now talk about some creative ways to teach your kids, in a practical way, how to do this.

Delayed gratification, giving up today’s desires for future benefits, is a biblical concept. King Solomon, the wisest man who ever lived said, “In the house of the wise are stores of choice food and oil, but a foolish man devours all he has” (Proverbs 21:20).

How can you help your child learn to save—in a fun way?

One fun way to help kids learn money management is to gather five or six plastic, see-through containers with lids and label them with a label-maker or a black Sharpie. Some ideas include: tithing, giving, spending, saving, and sharing. Find containers that stack well, so the footprint they take up is small.

Engage younger children by letting them decorate each container with stickers. You can use color-coded stickers for children who cannot yet read—then you can direct a child to “get some money out of the pink tithing jar!” Depending on the age of your child, you can have them help divide their allowance up into each jar.

Once their “saving” jar gets too full, you can bring your child into the bank with you and open up a children’s savings account. Every time the savings jar becomes too full, take a “field trip” to the bank. Let them see how much money they are saving! Give them ideas for what they can save for—a car, or college.

There are also Apps available for your smartphone. P2K Money and Kids Money are great, free options. Each teach the child about saving and planning for long-term purchases. They help children keep track of income like allowance or payments for doing chores.

Kids love money, and they love buying things with money. The trick is to help them understand the wise way to handle the money they have. I am praying for you and your family as you venture into this fun area of money management. And it can be fun! Use your creativity.

Partnering with you,

Mike Sheley

p.s. If you haven’t checked it out already, this post goes with the original found in our Online Parenting Class! (click text to go to link)

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