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How Do I Teach Financial Stewardship?
May 29, 2024
Gena Suarez
Stewarding the Money God Gives
Carroll Sue Priddy
Teaching Financial Stewardship to Our Kids
Paul Vasey
Six Simple Lessons that Teach Stewardship
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Hey, Mama!
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Stewarding the Money God Gives
Hey Mama,
You’re doing an incredible job teaching your kiddos about life, love, academics, and everything in between. But let me guess— you’re wondering how to tackle the topic of financial stewardship, right? Don’t worry; you’ve got this!
Teaching your children about money might seem daunting, but it’s one of the most important life skills you can impart. And the best thing there? You don’t need to be a financial guru to do it. Start with the basics, like the difference between needs and wants, the importance of saving, and the joy of giving.
One fun way to teach these concepts is through hands-on learning. Set up a mini “economy” at home, where your kids can earn play money for chores or good behavior. Then, help them create a budget and watch as they learn to make wise choices with their “income.” You can even incorporate lessons on tithing and giving to others.
But here’s the other thing, Mama. As much as we want our children to be financially savvy, it’s even more crucial that they understand true wealth comes from above. As it says in Matthew 6:19-20 (KJV), “Lay not up for yourselves treasures upon earth, where moth and rust doth corrupt, and where thieves break through and steal: But lay up for yourselves treasures in heaven.”
Teach your children that being a good steward of their money means using it in a way that honors and glorifies the Lord. Encourage them to be generous, to help others in need, and always to remember that everything they have is a gift from their Heavenly Father. He is the Giver, and they should know that.
When you feel like you’re not quite sure how to navigate this whole financial stewardship deal, lean on the Lord. He’ll guide you and give you the wisdom you need. After all, He’s the ultimate Provider and the Source of all good things. Stay in His word, and take your children there with you.
So, carry on, Mama! You’re shaping your children’s hearts and minds in more ways than you know. And by teaching them to be wise stewards of their money, you’re setting them up for a lifetime of blessings.
Remember, “I can do all things through Christ which strengtheneth me” (Philippians 4:13, KJV). You’ve got this, and God’s got you! See? His hand is still on your head.
P.S. If you’re looking for more resources on teaching financial stewardship, check out Crown Financial Ministries (www.crown.org). They’ve got tons of great tools and advice for families!
-gena
All the math you need for PreK-12 with detailed explanations, illustrations, animations, videos, games, and unlimited practice. Find more at MathGalaxy.com.
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Carroll Sue Priddy
Teaching Financial Stewardship to Our Kids
When our kids were growing up, my husband coined the phrase “Live Out Loud,” to describe how we raised our kids adults. (Because none of us are raising kids, we are raising adults.) Living Out Loud means that your kids know what is going on with you, the family, finances, struggles, victories, all of it.
Deuteronomy 6:7 says, “And thou shalt teach them diligently unto thy children, and shalt talk of them when thou sittest in thine house, and when thou walkest by the way, and when thou liest down, and when thou risest up.”
What is Deuteronomy telling us to speak of? Chapter 6, verse 6 says, “And these words, which I command thee this day, shall be in thine heart:” So then, as we ponder the Lord’s commandments and apply them to our lives, the outpouring of having them on our hearts is that we teach them to our children. We live our lives honestly, out loud, not hiding things.
Many of us use this passage as the reason we educate our children at home. How else can we teach them as we sit in our house, when we are buzzing around town, when we go hang out with friends, when we lie down for an afternoon rest, and when we rise up to get dinner on? If our kids aren’t with us, how can we make use of the dozens of teachable moments we run into through the day?
This is the thought behind how we taught our kids finances in our home. Just the everyday use of money, talking openly about how we are spending our money and including our kids in bill paying. We used business entrepreneurship as the platform for our kids’ learning starting at 8 years old. (That’s a story for another day.) Part of that was learning how to manage a budget, and what better way to do that than to learn about our family budget?
We do our banking and bill paying online, and pay half of our bills on the 15th of the month and the other half on the 30th. So every 15th at 9 a.m., I’d gather my little chickies at the computer and sign in, and we would talk about how much money we had and how much needed to be paid. We led the kids in prayer at the beginning and end of our budget time, thanking God for his provisions. Each child had a small ledger book, and I kept the family ledger. They knew the balance we carried from the last time we were online, and then we went through each expenditure in the last two weeks and made sure everything had cleared.
We would categorize each expense and label it with a different color: orange for food; yellow for gas and cars; pink for eating out and entertainment; green for family activities; and so on.
After that we would pay the bills. We pay half of what is due on the 15th and the other half on the 30th. For our bills that fluctuate greatly according to the season (electric and gas), I pay five percent over the amount due each pay period, so that it goes on that account and builds up a reserve. That way, the more expensive months don’t hit quite so hard.
We were one hundred percent honest about where we were financially. The kids knew if we were saving for something, and didn’t pester us to buy extra things. During the times when money was tight, the kids knew about it and understood when we had to skip activities that others in our group were participating in. They knew how much we gave to the church and missions, and diligently prayed for the missionaries we supported.
By the time each child was 10 years old, he or she could go on to our banking site independently, enter the password, get the family ledger, rectify our accounts, categorize spending, and pay all of the bills. This was a big piece for me to trust them with. Of course, I went behind them and double-checked things for the first couple of years, but they were capable, and the lesson was worth my initial discomfort.
Did it work? Our kids are in their twenties now and are responsible with their finances. They know how —and do— pay their bills on time. They are generous and give regularly to their churches. We were able to build trust within our family as we taught responsibility. Finally, our kids feel free to share their financial questions and struggles, because we shared openly with them.
Walk by the way with your kids and share your thoughts about the commandments of God. Set the example of trust by being open about your struggles and victories. Your family will benefit greatly.
About the author
Carroll Sue got her Master’s in Human Resource Management. This led to an Adjunct Professor position with Montreat College, where she has taught Business, Management, and Entrepreneurship. She’s a nerd when it comes to business stuff. She likes talking about business plans, break-even analysis, and product development. Her favorite thing is planning adventures for the family. http://familybusinessgreenhouse.com
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Paul Vasey
Six Simple Lessons that Teach Stewardship
Financial stewardship is a fancy way of saying that you should spend and use your resources wisely.
To put things into perspective: Currently there are over 70% of households living pay check to pay check. This can be remedied quite easily:
Here are my six go-to lessons when teaching any child or adult about money.
- Know the value of your money. Work out how long it takes you to earn one dollar. That way, when you go to buy something, you can see whether it is worth your time or not. For example: If you buy a five-dollar meal, is it worth thirty minutes of your time?
- Save first before you spend. Having money in your pocket is always a nice thing to have, but it does not mean that you should spend it all straight away. When you receive any money, you should always get into the habit of putting ten or twenty percent of it away before you spend. That way, you will always have some money put aside for special occasions or emergencies while still living your normal life. Having slightly less money after saving a little often, will make you think a little more about your purchases.
- Establish a budget. To budget means to know where your money is coming from and where it is going. It is very important that you write down when you are going to receive money and where you generally spend it. This is a great way to see your flow of money (cash flow). That way, if you have any savings goals or bills coming up, you can plan. It will also allow you to see whether you are living within or beyond your means.
- Understand the Opportunity Cost. This is just a fancy phrase for alternative choices, but it highlights the choice you have made and the cost of your choice. For example, when you go to a restaurant, you may have a choice of a soda or water. Soda costs $2.50 and water is free. Soda may taste better than water, but it costs $2.50 that you could have saved. In order to replace the $2.50, you would have to spend time earning it. In this case, if you earn $10 an hour, it would take you fifteen minutes of your time to earn the money for that soda.
- Comparison Shop. Take your time to compare prices of the same items in different stores and outlets. This goes back to your value of money. If you can save money when purchasing an item, you are indeed saving money and, therefore, time.
- Consider the 500 times 1 rule. When we purchase a big-ticket item, we will usually make an informed decision on why we are purchasing it, the value it brings, and the use we will get from it. We are aware of this purchase and what it will do to our budget. However, we rarely consider the five hundred times we make one-dollar purchases, which ultimately add up and increase our expenses massively. Cut these impulse purchases out and you will have money in your pocket.
For more mini money tips visit www.cashcrunchgames.com
About the author
Paul Vasey is a former high school educator. He taught Business Studies in the UK for 12 years until leaving the classroom to move to the US. Paul now resides in California with his beautiful wife and is living the dream. He continued to follow his passion and set up CashCrunchGames.com to address personal finance, careers and other educational topics. Paul believes that learning should be fun, have context and be about the student wherever possible.
As parents we want the best for our children. One of the dreams that parents might have includes raising children who are good financial stewards. Find ideas and resources at HomeschoolingFinds.com.
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Learn how to teach your child to manage money wisely as Christine Weller interviews Dustin Goss about the benefits of Buck Academy and teaching financial stewardship in Episode 70 of the Hey, Mama! Homeschool Show. Dustin Goss is a serial entrepreneur and a “Go-to-Market” product and brand-strategy specialist. Dustin and his wife, Febyolla, the talented illustrator of the Buck Academy series, place a high priority on their financial coaching business focused on entrepreneurs and on personal finance education for today’s youth. Listen to “How Do I Teach Financial Stewardship?” today.
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