This month we are discussing money management and allowance. We’re talking about how prominent this topic is in the Bible, and because of this, how important it is to teach your children to have a godly perspective about money.
To be able to best teach your kids, it’s important that you have a solid, biblical understanding of money and finances yourself. First, above all, acknowledge that God owns everything. Paul said in 1 Corinthians 4:7 that everything we have comes from God: “What do you have that you did not receive?” Human beings are but stewards of what God has given.
When introducing money management to your kids, teach them this truth. Then, as you establish ways to help them manage their money, and perhaps initiate an allowance system, this will be what under-girds everything. When children want to buy something that may seem unwise to you, encourage your kids to talk to God about whether it would be a wise way to steward what is ultimately His (knowing that in their minds and heart they may truly believe God would want them to buy that tenth Lego set).
You can also assist your children in understanding the concept of tithing and giving. Acts 20:35 says, “It is more blessed to give than receive.” If you children receive an allowance, help them understand the importance of giving a certain percentage back to the church—but also how much joy giving can bring. Investigate some ministries that might be of interest to your child. Together, design a jar that can sit on the counter that your child can drop money into when they receive their allowance. After the money adds up, help them send that money to a ministry that interests them.
Instilling these habits in your child from a young age will not only carry with them throughout life, but will change their perspective. Instead of thinking about what they want to buy with their money, they will begin to think of how their money is helping someone less fortunate.
I am excited for what you have ahead with your child. Teaching children about managing money wisely is one of the best things you can do for your child.
Partnering with you,
Parenting Class Video
Please let me know if you have any questions, comments, suggestions or problems with these resources!
p.s. Watch for more help in part 2!