Christian Parenting: Stewardship
How to give, save, and spend money wisely
Kids love to get money for birthdays and holidays, but they need to be taught the basics of using their money wisely. Check out these sensible money habits for kids.
Getting money for birthdays, holidays, or for any other reason is very exciting to a child. It also very often gives them a sense of empowerment that can be either healthy or unhealthy. Your child might be savvy with their money with a natural will to save - healthy. On the other hand, your child may feel the impetuous need to go and spend that money quickly and get satisfaction in a sale right away - unhealthy. In essence, your child needs to be taught proper money skills called "stewardship." Stewardship means someone managing another's finances. Whose money is your child managing? God's of course. As a Christian parent, you want to make sure that your child is using her money wisely and giving and saving as prescribed by the Bible. A good timeframe to start this one-on-one teaching is between the ages of 6 to 9. At this age, a child can start to identify with their financial situation when given in terms that they can understand. Overwhelming your child with fancy terms will make the whole idea of stewardship seem frustrating.
Give: The first thing a child should do when receiving money either as a gift, an allowance, or for any other reason, is prepare to give 10% of their money to a good cause. The Bible calls this tithing, which means giving back to God in a way that helps others. This, in many cases, is given back to the family church, but they might also choose to give 10% to a charity that interests them. Depending on how much money your child receives, 10% might not be quite enough to give away, and so they may want to build that fund up until it is ready to give away. Your child can make a special box to put their tithe into and kept in a safe place.
There is no magical number of how much your child should save to tithe. That is a personal decision between parent-child. In fact, the amount a child tithes never needs to be discussed with anyone. It is a gift to thank God for his blessings. The important point is that a child should put 10% aside for this purpose every time they receive money for anything, including work they perform and get paid for (mowing lawns, cleaning cars, etc.). Teaching a child about tithing at an early age will more than likely foster a habit in them that will continue throughout their adult life, as well.
Save: The next step in teaching stewardship is saving money, such as a savings account. This kind of saving simply means putting away a decided amount of money for use later or for an emergency. The amount that a child should save is, again, a personal decision between parent-child. An easy way to remember how much to save might be 10%, just like for tithing. In this way, your child will give equal amounts to tithing and saving, making it easier for them to remember. Many banks offer savings accounts for children that do not charge service fees for limited amounts in their accounts. Of course, this varies with different banks.
Saving money is a good way for a child to reach for a goal, instead of experiencing instant satisfaction with their money. For instance, if your child is longing for a Lego kit that costs $50.00, it may seem like forever that he will be able to buy it, especially if he spends money as soon as he gets it. Promoting a savings account will show that there is value in being patient and waiting for something that you want. A savings account should never be dwindled to nothing at any point in time. It is there for a reason and is not useful if there is no money to draw from it. It is an ongoing entity.
Spend: The remainder of money given or earned after setting aside for tithing and savings can be used to spend whenever and for whatever your child wants. It is the instant gratification that comes with receiving money, and your child deserves to have some fun with it.
Stewardship is a way of life. It is not something a child does for a certain amount of time and then goes back to old habits. If taught properly, stewardship should be instilled in children and carried on throughout their entire lives. They will learn that giving and saving have real value in a Christian walk. They will learn that their money can be a blessing to others, they will learn patience and not acting on selfish gain, and they will experience the joy of spending their money wisely. The satisfaction they receive with stewardship will be far more fulfilling than just meeting their physical needs, but more importantly their spirtual desires.
