Focus on the Family Magazine - April/May 2023

had not just learned biblical principles
of money management from her parents;
she had developed a Christlike
heart for giving.
Are you wondering how you can
teach your kids wise money habits?
Here are some tips:
STARTING POINT
As soon as kids receive money,
help them with giving and saving
habits before spending any of it.
Starting with a similar approach to
the division of money that Rachel was
taught can set children on a solid path
toward saving and stewarding even
what little they may have.
Point out that these practical
habits are taught in the Bible. For
example, Proverbs 3:9 encourages
us to give back to God the first and
best portion of what we receive. And
a paraphrase of Proverbs 21:20 (TLB)
teaches that it’s wise to save, noting
that “the foolish man spends whatever
he gets.” Doing what the Bible teaches
is one way we show our love for God.
REASONS TO SAVE
Saving also helps children thoughtfully
consider what to buy and diminishes
the possibility of impulsive spending.
When our kids spend their entire allowance
and then see something else they
want, we can empathize but must hold
firm to the principle that they need to
wait until they get their allowance or
can work for pay. Kids will find that it’s
satisfying to buy something with the
money they’ve saved, and it may
motivate them to take better care
of their purchases.
Guiding children into the habit of
saving also introduces them to realworld
economics. Most things won’t be
freely given to them in life; they have
to earn them. Teach them now that the
wise approach is to wait until they’ve
saved enough money before buying
something.
DELAYED GRATIFICATION
It’s easier to teach children to save
by encouraging them to develop
attainable goals for things that don’t
take too long to save for—perhaps a
book or inexpensive toy. As they get
older, have them begin to save for
bigger expenses, such as a bike or
skateboard.
To make it easier to save for more
expensive goals, encourage children
to draw or cut out a picture of what
they’re saving for. Have them create a
financial goal “thermometer.” Instead
of degrees of temperature, make the
tick marks be financial milestones with
the total at the top. Have them color it
in as they make progress.
LITTLE STEPS,
LIFELONG IMPACT
Teaching a child to save might not
seem like a big deal—but it is. Not having
enough money is a stressful way to
live. Think about that the next time you
see your child putting 10 cents of every
dollar into his savings jar. Imagine his
future marriage and the peace of mind
he and his wife will enjoy by living
with margin.
Think also about how God cares
enough about maintaining a reserve
to include instruction about it in His
Word. So, let’s teach our kids to save,
cheer them on when they do and
help them see that it’s part of what it
means to follow God. Then one day, if
they decide to give away all their savings
because they see a need and feel
compelled to help meet it, let’s cheer
them on all the more. Thank God that
our kids are learning not just biblical
financial principles; they’re developing
hearts for Jesus. •
Matt Bell is a personal finance writer, national
speaker and managing editor at Sound Mind
Investing. This article is partially adapted from
Trusted: Preparing your kids for a lifetime of
God-honoring money management, a
<strong>Focus</strong> on the Family book published by
Tyndale House Publishers.