3 Ways To Teach Stewardship To Your Kids

Money. We all might have different feelings when the topic is brought up. Some of us grew up in households where finances were spoken about freely. Others of us might have had a different experience, with money being a taboo subject. But collectively, the way our parents spoke about finances had a direct impact on our knowledge, viewpoint, and understanding of money in our adult lives. 

Think about your children… You want them to be confident in their financial decisions. You want them to be knowledgeable in good financial habits. You desire them to understand the importance of stewardship. But how can you start to teach these concepts to your kids?

• Dinner Devotionals on Money & Stewardship

Pick one dinner out of the week to sit down, eat, and focus on intentionally speaking to your kids about finances. This a great way to educate on money but also speak toward the importance of stewardship. 

To make these conversations easy for you, our team has put together 10 Dinner Devotionals on Money & Stewardship, for your family! These devotions are designed to be simple, and thought-provoking for kids of all ages, helping your family grow in the understanding and practice of biblical stewardship and financial wisdom. 

• Speak Openly About Financial Habits

You and your spouse practice financial habits every month, week, and maybe even every day! Bring your kids into these conversations as you see fit. Each month you might budget, save, invest, tithe, and pay off a debt.

When it’s time to set aside your monthly tithe, share with your kids why you give. If you have a family vacation coming up, share with your kids why it’s important to save in advance for trips and what sacrifices you might have to make now to put more money towards an experience. 

Bring them into the conversation. 

• Have Your Kids Budget

Are your kids old enough that you pay them an allowance or they are now receiving money for birthdays or Christmas gifts? Walk them through how to fill out a budget. This could be in Excel or on paper. Create line items for spending money, saving money, tithing money, and even investing their money. Having your children practically apply the financial habits you model to their own money will quickly highlight the importance of financial planning in their lives. 

Talking about money and stewardship with your kids doesn’t have to be a struggle. It can be a fun way to equip them early on with the tools and wisdom to be good stewards of their finances. Get started today with the 10 Dinner Devotionals for your family! 

Are You Teaching Your Kids About Budgeting?

Are you teaching your kids about budgeting? 

Money is a foreign concept to most children until they are about 4 or 5 years old. It is at around this age they become aware that money has the ability to purchase things. However, most of their financial knowledge is focused on spending because that is what they SEE happening with money.

• Mom gives money to the grocery store clerk and carries groceries out of the store.

• Dad swipes his credit card at the gas pump, and it allows him to put gasoline in the vehicle.

• Grandma gives money to her beautiful grandchildren (your children, of course) and you take the child down the toy aisle to buy something with it.

Since “spending” is what we see happening with money from our earliest days, it is what most children grow up knowing about money. For them, money equals spending.

The important financial principles of giving, saving, investing, and budgeting are not learned. Consequently, grown children leave the house knowing only that money equals spending. This is a recipe for financial disaster!

Here’s a simple thing you can do immediately to change that for your children (grandchildren):

Ask the child to prepare a budget for any money they receive – BEFORE they are allowed to spend any of it.

For example, when my wife and I started teaching our daughter about budgeting, we would give her birthday money. She and I count the money so we know exactly how much she has received, and then I confiscate it. Upon receipt of a well-planned budget, I release the money to her for use. Later on, I do a “check in” to ensure the money has been used according to the plan.

One time my daughter was planning the use of $20. Her first budget had $2 for giving, and $18 for spending. I rejected it because there was no saving or investing. Her revised plan showed $2 for giving, $0.25 for saving, and $17.75 for spending. She gave the budget to me with a smile – knowing there was little chance of it being accepted.

I rejected it.

Her third try included giving, saving, investing, and spending. I released the funds to her.

Here are the reasons I love this process:

1. Teachable Moments This process creates space for “teachable moments” about money. It forces a conversation about the importance of giving, saving, and investing. It allows us to talk about the “spender” mentality that we both share.

2. Learned At Home Before my daughter enters the real world, she is receiving real financial knowledge that will set her apart. She knows what a mutual fund is and how it operates.

3. The Pain of Wasting $20 is Less Than The Pain of Wasting $20,000 I want her to recognize the pain of poor financial decisions NOW when she is making $20 decisions so she doesn’t have to learn the lesson with a $20,000 purchase later.

4. My daughter actually enjoys the process It has helped her save a substantial amount of money toward her first car. She has financial margin. She knows her parents care about her.

I have my daughter use our FREE BUDGETING TOOLS.

My book, What Everyone Should Know About Money BEFORE They Enter The Real World, is a perfect resource for helping your child start out life with the financial tools and principles essential to life.