Parents Should Teach Their Children How To Manage Money

Actor David Oyelowo, his wife Jessica and children pose at the 26th Annual Palm Springs International Film Festival Awards Gala in Palm Springs

How was I to know that the result of hard work is money stacked in the ATM?  Unknowingly, parents miss valuable opportunities to teach their children what it means to earn and manage money.

Money, and the concept of earning and managing money, is a process that must be respected.  As soon as the child is ready for school, they should be given their own income to manage.  It doesn’t have to be a lot of money, but enough to show them the importance of earning, saving, and giving the money he/she has made.  The amount of the income that you give your child is not as important as how they handle it.

If little Brittany/Brian wants to cry to get that new toy from the shelf at the toy store, a Happy Meal from McDonalds, or a drink from the grocery store, let them blow their entire budget on the item.  When the “law of natural consequences” takes place, and they realize that they have blown their entire income on the first day for an unwise purchase, don’t think about bailing them out.  Create some boundaries and offer advice on how the money should be spent, but give the child freedom within these boundaries.

Since money is important part of life and a huge tool used by the devil it helps to have a healthy respect of it. It also, helps to establish a correlation between work and money. We know that money answers all things and that we can either serve God or money. Giving them the proper understanding of money will set them up for ruling over money and wants, instead of being ruled by them.

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3 responses to “Parents Should Teach Their Children How To Manage Money

  1. We have already started this with our children. When they get money they have to put some back for church/charity. Also, we try to help them spend their money wisely.

  2. You nailed this one Roger! My Wife and I started early with our kids and when each of the started actually working their first job we made them save 2/3rds and spend 1/3rd any way they want. Man oh man did it work! They caught on to the fact that money in hand and the bank gives them freedom to say no to master card and visa! They r better because they each finished high school with several thousand saved up. This is the power of teaching our children God’s way!

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