You take the kids shopping with you and you’re pushing your cart along the aisle and then it happens. “Mom, can we have this?” They’ve most likely picked up an unnecessary item and one that isn’t on sale, and you have to say “No.”
What happens next is sure to be unpleasant, but it is an opportunity for a lesson about money management. Our children need to know that money comes from working hard. Mommy and Daddy have to do work in order to get that certain amount of money. Then they have to decide what to spend it on.
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It’s always good to have these open conversations so they learn at an early age about being financially savvy.
1. Saving Is Good
Just because you have money does not mean it’s time to spend it. A good habit is putting your money in the bank right away so you aren’t tempted to spend it. Then, only take what you need on things that you need right now. If you are diligent in your savings, you’ll be able to treat yourself every now and then with your hard-earned money. This is a good principle to teach your children. Let them save up for a special treat and then take them to the store when it’s time to cash in.
2. Make Wise Decisions
Do we really need what we think we need? Many times a child will be convinced that they absolutely need that toy or game and may even try to sell you on the fact that it’s “educational.” Another good principle to teach them is to look beyond right now. Will that item be useful in the long run, or will you tire of it within the month? Teaching them to put a value on an item will help determine if the price is worth it.
3. If You Want Things, You Need to Work For It
As parents, we know that we work hard to earn the money we have. We need to teach our children that they need to work hard for their rewards. For children, their job is to complete their chores and responsibilities around the home and to do their schoolwork. Their attitudes and behaviours also play a key part. Even if they do their regular tasks, encourage them to take initiative in looking for other ways to earn. Being helpful without being prompted will be a useful characteristic when they are working out in the world.
4. We Need to Share
While saving for ourselves is a really good thing, as Christians there is another step of being good stewards of the blessings we receive. While we need to use our money to live in this world, we first need to honor God for providing for us. Secondly, would you challenge yourself to look past your own wants and see the needs of others who were not so financially blessed?
Here are some Scriptures that talk about how we should give.
Luke 6:38 says, “Give, and it shall be given unto you; good measure, pressed down, and shaken together, and running over, shall men give into your bosom. For with the same measure that ye mete withal it shall be measured to you again.” (KJV)
2 Corinthians 9:7 says, “Every man according as he purposeth in his heart, so let him give; not grudgingly, or of necessity: for God loveth a cheerful giver.” (KJV)
If you are thinking of investing, this is how you should invest—into those who need it the most. God promises that it will be given unto us when we give to others.
It’s important to teach our children all of these points while they are under our care. There are many in the world today who are struggling financially because they did not instill this information when dealing with their finances. Don’t let your children fall into this hole. There are many resources out there that you can use to help you get the basics down and ensure that you are on your way to being financially savvy.
Here are some finance courses available at SchoolhouseTeachers.com.
Personal Finance in Bite-Size Chunks
Does your child need to learn the difference between a need and a want? Personal Finance in Bite-Size Chunks helps parents and teens explore financial topics through text-based lessons and activities. Twenty-one lessons help students to investigate topics like earning and spending, budgeting, understanding credit scores, and avoiding scams. This course helps your teen build a solid financial foundation for the rest of their lives.
Do you have a student who is interested in a career in accounting? With our course Accounting 101, high school students are equipped with accounting fundamentals that they will need in their college classes. Through eighteen weekly lessons, budding accountants begin by learning the language of accounting and then working through the accounting cycle, long-term assets, and more.
Is your teen eager to learn more about managing their own money? Money 101 offers students in seventh through twelfth grades the opportunity to listen to a variety of seminars from David Kimball who presents on the following topics: the difference between a job and career, how one can start a business, taxes, budgeting, investing, and more. After listening to the seminars, students will then answer questions to help them master the content presented in Money 101.
Not a SchoolhouseTeachers.com member? See all the courses and homeschooling perks for your family offered at SchoolhouseTeachers.com here.
Take the time to include this subject in your homeschool so that your children can learn to have a strong foundation in financial literacy.
This article has been written by homeschooling staff writers of The Canadian Schoolhouse (TCS). Enjoy more of our content from TCS contributors and staff writers by visiting our themes page that has a new theme topic added every month!
"Train up a child in the way he should go and when he is old, he will not depart from it" (Proverbs 22:6).