Teach Your Children To Manage Money

With so many adults in financial trouble today, experts are urging parents to teach their children about money—and to start early. Ask most children where money comes from, and they might say, “Daddy” or “the bank.” If you can teach your children the value of money—how to separate needs from wants, how to save, and how to invest—you may help them avoid the heartache of crushing debt and economic slavery. Here are a few suggestions.

1. Be a good example. Your children will generally imitate what you do more than what you say.
2. Set spending limits. Discuss how much, you and they can spend. Learn to say no, and mean it.
3. Allow them to manage money. If they receive an allowance or earn money from a job, give them some guidelines. Then allow them to make some decisions.
4. Teach them to share. Encourage your children to share what they have with others as well as regularly to set something aside to honor God.