Many parents have made this statement to our children over and over again hoping that it would sink in. Parenthood seems to be centered on our kid’s needs, wants, and desires. We know that money does not grow on trees but if our children understood the concept of finances they can become that tree. Here’s an alarming statistic - 60% of parents support their adult age children financially. It’s nothing wrong financially supporting children but at some point we must cut the rope for the learning experience to kick in. Our objective is not to raise children but to raise future responsible adults.
Every tree is known by their fruit (Luke 6:44). Children can produce good fruit by parents teaching and communicating responsibility in finances. Helping our children become financially responsible rests into four areas - stewardship, budgeting, giving, and investing. We must help them understand they have a God given responsibility (stewardship) to bear fruit in their lives. They will understand that having money to live life is essential and will think twice about haphazardly spending.
Training and teaching of finances in budgeting, giving and investing will prepare them for adulthood. "Make a tree good and its fruit will be good, or make a tree bad and its fruit will be bad, for a tree is recognized by its fruit (Matthew 12:33). We are responsible for their instruction. The best instruction to give them will be life experiences. As you assist in their education, here are some thought starters:
Allow them to copy your behavior in exhibiting responsible financial behavior
Discuss with them future plans for family finances
Reward exceptional behavior in academic work and household chores
Play family games that deal with money management i.e. - Monopoly or MoneyWise Kids
Let them feel the pressure of balancing a budget in opening a checking/savings account
Deposit everyday spare change into their piggy bank
Provide them opportunities to help those in need
Register them for youth/teen financial classes at local area colleges/churches
Allow them to invest
Life experiences will teach our children how to handle most financial situations. Give instruction to a wise man and he will be still wiser, Teach a righteous man and he will increase his learning (Proverbs 9:9). Our children’s success is an indicator of how well we have trained them.
Make it a great day
Cedric Dukes is the author of two books, Hostile Takeover – Manifesting God’s Plan and Purpose for Your Finances and the newly released book, The Power of Time- Living a Life of No Regrets. His specialty is finances, family and personal development. His focus is on the individual to leave a legacy as there is one life to live. He has written for several national and regional publications. Cedric has also spoken at national conferences across the U.S. and Canada and has been a guest on national radio shows. His website is CedricDukes.com.
