Before I could teach my kids about money I needed to figure out what I really believed about it, both biblically and practically. Training my kids to manage money is about more than just simply being able to balance a check book. I transfer my values and attitude towards it to them, not just by what I say but by what they see me do.
It’s caused me to examine how and when I used money. I wanted a clear vision before I got started so my husband and I created a family finance mission statement.
We let it guide the decisions we make and formulate our strategy for living.
Money is not the root of all evil. Not matter what translation of the Bible I read, I found that according to1 Timothy 6:10 “…the LOVE of money is a root of all kinds of evil.” Money is neither good or bad, it’s simply a tool. What you do with it…that can be good or bad.
The first part of the money we receive we give back to God. we do it as an act of thanksgiving but also an act of worship. Not only do we tithe, but we keep my eyes open for other opportunities to give.
We save part of my money so it can grow by earning interest. It’s not okay to spend all our money and not think about the future. However, accumulating money does not give us security, our trust in God does.
We do not spend more than we earn. If there is something we want that we don’t have the month for we wait until we do before we purchase it. It’s okay to have things, but when we think those things will make us happy, there’s a problem. Money provides enjoyment but our joy comes from a heart of gratitude.
We avoid borrowing money. If we need to borrow money its for things that will increase in value over time, such as our home.
These statements are specific to our family and may differ from family to family.
Do you have a family finance mission statement?
Here are some questions can get you started:
- What do I think about giving?
- What do I think about saving?
- What do I think about spending?
- When is okay and not okay to borrow?
- What do I want to leave behind?
This post is apart of a 31 Day Series on Kids & Money.
Yesterday's Post: Day 2 - Got Debt? I Did