Allowing My Children to Experience Money Management
The third step in training your children for financial responsibility is experience. They have to be allowed to practice as children with small amounts of money so that they can learn valuable lessons about money early. Their first experiences in spending and saving should not be after they have gotten their first jobs. If this is the case we have not set them up for success.
As parents this is one of the areas that we can step back and allow them to practice small financial decisions with their allowance. We must be prepared, through this time of practice, for our own emotions. When our child has spent all of their money and is looking to us to purchase something for them, we cannot give in to guilt. We must allow them to make the choice and possibly make a poor choice in this area. They will not learn the lesson, however, if we step in and rescue them. There may be some painful moments for our child as they learn the value of saving and not spending all of their money immediately. We have to let them learn these lessons as children and they must learn them before they are on their own making major financial decisions that can affect their future!!
Listen to today’s podcast for more insight on training your child for financial responsibility through experience.
Exposing My Children to Financial Realities
The second step to training your child for financial responsibility is exposure. We must expose them early on to how money works so they can understand the process.
When children are young it is hard for them to grasp that things are not free because all of their needs are taken care of. It is our job to expose them to the fact that it is an exchange, I want something so I must give something to get it. An example of this for a child may be something like, if you eat your vegetables then you will get dessert.
As parents it is our job not only to expose them to the way money works but spend time communicating about it. Help your child to process it. The complexity of your conversations can grow with your child. The older they get the more in-depth you can go in your teaching. Before your child can practice with money they must have at least a basic knowledge of how the system works. Spend the time not only exposing your child to how money works but also communicating with them about it.
Listen to today’s podcast for more insight on training your child for financial responsibility through exposing them to it!
Setting an Example with Finances
All areas of training begin with our example. We must make the most of every opportunity, sometimes even going out of our way, to lead by example in the area of finances.
Remember that there are always little eyes watching how we do things. This is such an overwhelming thing at times but if we are intentional it can be less so. One of the areas we can create intentional moments is generosity. Are we leading by example when it comes to being generous? Ephesians 4:28 says “If you are a thief, stop stealing. Begin using your hands for honest work, and then give generously to others in need. “ It doesn’t say begin doing honest work and then spend every penny of it on yourself or save every little penny for a rainy day. We are commanded to be generous. We are not born with this innate attitude of generosity. Because we are born selfish, we even have to teach our children to share their toys. Look for opportunities to train in generosity!!
Listen to today’s podcast for more insight on training by example for financial responsibility.
Why Train My Children to Handle Money?
Why is it important to train my child to handle money? As an adult there are many areas that money can have a major impact; marriage and employment being two. We have seen through many of the financial difficulties of today what can happen if our children grow up with out any training in this area.
As parents we need to process what our philosophy of parenting is on this issue. Are we going to overindulge our children, satisfying their every whim or are we going to focus on training for financial responsibility. Training in this area will mean that there will be times that we have to say no. In this overindulged culture, how do we refocus our children? It begins with an attitude shift. We can start by helping to train our children to be grateful. Being grateful for what we have can be a key point for financial maturity. One way we can help our children see all that they have been given is by teaching them to serve those who are less fortunate. There are many opportunities to do this as we have addressed in the past. It can be as simple as giving a gift on Christmas to a family who doesn’t have as much. Having your children get involved in cooking and delivering a meal to a family. Many churches and ministries such as Sheridan House have opportunities for your family to get involved and serve in the lives of others. Take advantage of these moment and talk to your children about all they have been given Remind them that no matter what our current circumstances there are always those less fortunate.
Listen to today’s podcast for more insight on why it is important to train your children to handle money.
Ways To Get Help As A Mom And As An Individual
One thing that we could all use more of is encouragement. As moms we really benefit from being around others who are in the same stage of life as we are or even people who have gone ahead of us. It is so easy for us as moms to get isolated in our daily activities and unless we are intentional we end up feeling so lonely.
There are many ways to find time to be with other moms. Many churches have ministries solely for moms. You can even set up a time every week for a park date with other moms who have kids of similar age. Especially as we head into the summer months with our children home we need to be intentional about making these times out with other moms.
It is also beneficial to be able to have some adult woman time away from the children. Whether that is a bible study that has child care or your husband is willing to take the children for an evening every once in a while. Women thrive in community. We even seem to get energy from being around each other. This is another thing that is important to make sure and some how fit it into that crazy schedule. It is worth the effort!
Listen to today’s podcast for more insight on the topic of mothering.