How Do I Raise Kids Who Understand Godly Financial Values?

Ask Ralph: How Do I Teach My Children About Biblical Money Principles?

Welcome back to “Ask Ralph,” your daily dose of Christian financial wisdom! Today, we tackle a question that's close to the heart of every Christian parent: How do I teach my children about biblical money principles? Together, we'll explore practical ways to instill these lessons and Raise Kids Who Understand Godly Financial Values.

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It's a question that weighs on us because we see the pitfalls of a materialistic world all around. We long to raise children who view money not as an idol but as a tool ¹, a resource to be managed wisely and used for God's glory. The Bible is our guide in this endeavor, filled with wisdom about money, wealth, giving, and financial responsibility². And today, we'll unpack some key principles and practical strategies to equip you on this journey.

1. God Owns It All

Before we dive into the "how-tos," let's establish the foundation: God owns it all. This is the bedrock truth upon which all biblical financial principles rest.

As Paul reminds us in 1 Corinthians 4:7, "What do you have that you did not receive?" ¹ Everything we have – our talents, our time, our possessions – comes from God. We are merely stewards, entrusted with managing His resources. Proverbs 3:9 reminds us to honor God with our wealth and with the "first fruits" of all our increase³. "First fruits" simply means giving our best to God, not just what's left over, as an act of worship and trust in His provision⁴.

Instilling this truth in our children from a young age shapes their entire perspective on money. It helps them see that they are not ultimate owners but managers. This understanding fosters gratitude, responsibility, and a desire to use their resources in a way that honors God.

2. Biblical Principles for Managing Money

With that foundation laid, let's explore some key biblical principles for managing money:

• Saving: The Bible encourages saving for the future. Proverbs 21:20 tells us, "The wise store up choice food and olive oil, but fools gulp theirs down." ² Teaching children to save consistently, even small amounts, helps them develop discipline, patience, and the ability to delay gratification⁵.
• Giving: Generosity is a core biblical value. Proverbs 11:25 states, "A generous person will prosper; whoever refreshes others will be refreshed." ² Encourage children to give cheerfully to their church, charities, and those in need⁷. Help them experience the joy of giving and the blessing of being a blessing to others⁸.
• Avoiding Debt: The Bible cautions against debt. Proverbs 22:7 says, "The rich rule over the poor, and the borrower is slave to the lender." ⁹ Teach children the importance of living within their means, avoiding unnecessary debt, and the potential consequences of borrowing¹⁰.
• Contentment: 1 Timothy 6:6 reminds us that "godliness with contentment is great gain." ¹¹ Help children cultivate contentment with what they have, rather than constantly chasing after more. This counters the materialistic messages they encounter in the world and fosters gratitude for God's provision. This is especially important in today's world, where children are bombarded with messages that equate happiness with material possessions. By teaching contentment, we help them resist the trap of consumerism and find true joy in God's provision.

These principles, when woven into the fabric of our children's lives, help them develop a healthy perspective on money. They learn to see it not as a source of security or self-worth, but as a tool to be used responsibly, generously, and ultimately for God's glory.

3. Practical Strategies for Teaching Children

Now, let's translate these principles into action. Here are some practical strategies for teaching your children about money:

• Start Early: Introduce basic money concepts as soon as your children can grasp them. Use age-appropriate tools like piggy banks, allowance systems, and simple chores to teach earning, saving, and spending¹². Equally important is teaching kids how to practically manage money because they will make many mistakes and bad decisions without it¹³.
• Model Wise Financial Habits: Children learn by observing. Let them see you budgeting, saving, giving, and making responsible financial decisions¹⁴. Be transparent about your finances: Share your own budgeting experiences with your children, including both successes and failures. This helps them understand that budgeting is an ongoing process and that everyone makes mistakes¹⁵.
• Make it Interactive: Use games, apps, and books to make learning about money fun and engaging¹⁶. Resources like the "Money Smart" curriculum from the FDIC and online games from the U.S. Mint can be valuable tools¹⁸.
• Open a Savings Account: When your child is old enough, help them open a savings account. This gives them a tangible way to see their savings grow and learn about the concept of interest⁶.
• Teach them to categorize their money: Help children understand the different purposes of money by categorizing it into four buckets: Earn, Save, Spend, and Give. Encourage them to divide any money they receive among these categories⁵.
• Involve Them in Financial Decisions: As your children mature, involve them in age-appropriate financial discussions and decisions. This could include planning a family vacation, setting savings goals, or discussing charitable giving¹⁹.
• Use visual aids: Utilize savings goal charts or similar visual aids to help children track their progress and stay motivated towards their savings goals²⁰.
• Teach Them About Debt: Explain the dangers of debt and how interest works. Use real-life examples to illustrate the long-term impact of borrowing²¹.
• Encourage Giving: Provide opportunities for your children to give to others. This could involve donating to a cause they care about, volunteering their time, or helping someone in need²². Help them see the impact: When your child gives to a cause, help them understand the impact of their generosity. Share stories or examples of how their contribution will make a difference²³.

4. Applying Biblical Principles to Real-Life Situations

Here are a few examples of how you can help your children apply biblical financial principles to their everyday lives:

• Saving for a Goal: Imagine your child wants a new video game. Instead of immediately buying it, encourage them to set a savings goal and contribute a portion of their allowance each week until they reach it. This teaches them patience, delayed gratification, and the value of planning²⁴.
• Giving to Charity: Help your child choose a charity they are passionate about and donate a portion of their allowance or earnings. This instills compassion and the joy of giving²⁵.
• Avoiding Impulse Purchases: Let's say your child is at the store with you and sees a toy they really want. Teach them to discern between needs and wants. Encourage them to wait before making a purchase, pray about it, and consider whether it aligns with their values and budget¹².
• Practice borrowing and lending: Let children practice borrowing small amounts from you for wants, ensuring they repay with a small amount of interest. This teaches them about the cost of borrowing and the importance of repayment²⁶.
• Contentment with What They Have: Encourage gratitude for what they have, rather than focusing on what they lack. This fosters contentment and counters the consumerist messages they encounter²⁷.

5. Resources and Tools

Here are some resources and tools that can help you teach your children about money:

• Books: "The Opposite of Spoiled" by Ron Lieber, "Raising Money-Wise Kids" by Crown Financial Ministries ²⁸
• Apps: Greenlight, FamZoo, BusyKid ²⁹
• Games: Financial Football, Peter Pig's Money Counter ¹⁸
• Websites: Practical Money Skills from Visa, MyMoney.gov ³⁰

6. Stories and Testimonies

Hearing stories of other families who have successfully instilled biblical money principles in their children can be incredibly inspiring. While the research didn't provide specific examples, I encourage you to seek out such stories within your own communities or online. These real-life examples can offer practical guidance and encouragement as you navigate this journey with your children.

Conclusion

Teaching our children about biblical money principles is an ongoing process, not a one-time event. It requires intentionality, consistency, and a reliance on God's wisdom.

As Christian parents, we have a responsibility to guide our children towards a healthy understanding of money, rooted in biblical truth. By instilling these principles, we not only equip them for financial success but also empower them to live lives of purpose, generosity, and faithfulness. We empower them to use their resources for God's glory and to make a positive impact on the world around them. Ultimately, teaching our children about money is about more than just financial responsibility; it's about nurturing their spiritual growth and helping them become faithful stewards of all that God has entrusted to them.

And that, dear listeners, is a legacy worth leaving.

Works cited

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