Page 79 - Managing Your Resources - Student Syllabus - short combined

Study Section 13: Teaching Children about Money

13.1 Connect.

Kids grow up very quickly. They are all grown up and on their own. The problem is some of
them have made some terrible mistakes when it comes to finances. While parents may try
to teach them right and wrong principles in managing money, somehow some of what they
are taught does not sink in in every situation.

You have a short window of time to teach your children how to manage God’s money. Take advantage
of the time you have by applying several of the suggestions we have for you in today’s lesson.

13.2 Objectives:

1. The student should be able to explain several ways to teach God’s financial plan to children in
three different age spans.

2. The student should be able to describe what financial freedom is and to enjoy living it out in
your life.

3. The student should be able to explore what the Bible says about being financially free with what God
provides for us, and to truly enjoy God’s provision and caring hand in your life.

13.3 Teaching Children about Money

There are many simple ways to incorporate financial lessons into your child’s everyday life.
The following are some suggestions from Money Management International
(https://fsp.moneymanagement.org/Premium-Partner/Credit-Articles/Everyday-Lessons-to-Teach-Kids-
about-Money.aspx?RCTAG=IDBIIC):

Turn grocery shopping into a teachable moment. This is a great
opportunity to teach kids about comparison shopping. Teach children how to shop
by value rather than brand. Remember to always shop with a list. Shopping with a
list helps children understand how prior preparation can lead to great savings in
the end.

Give children an allowance. There are differing opinions on whether or not to give children an
allowance. While some may consider it “spoiling” kids, giving children a regular “income” can be a great
opportunity to teach them the basics of earning, spending, and saving. Parents can also use an
allowance to help children learn the difference between wants and needs.

Help your child open a small business. During the warm summer months, lemonade
stands are common in many neighborhoods. This is a great way for young entrepreneurs
to learn financial skills. The adventure of starting a small business is a great financial
and confidence-building lesson for kids. Children learn how to set and achieve goals,
understand profit and price, and further develop basic math skills.
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