Kids and Money

 

Teaching Biblical Stewardship and Allowances

This topic can go so many different ways based on the preferences of parents.  I’m offering just a brief overview of how we handle kids and money in our house.  I’d love to hear some of your ideas and thoughts about raising money-wise, generous children.

God tells us to give – to Him and to others.  Biblical stewardship can come in the form of money, things and time.  That’s something we try to teach our children early, so when they were little we bought My Giving Bank.  They would put their little bits of money in the tithe, save and spend sections and it gave them a good picture of one Biblically sound way to organize their money.  We would transfer the same idea over to time, for instance, too.  “Make sure your time is being spent on God, others and yourself – not necessarily in the same percentages as the money bank, though.”

As time has gone on, chores and allowance have been added to the mix.    We, personally, use allowance as “pay” for chores.  The amount is set.  Chores aren’t an option, so they get paid the full amount each week.  The older you are, the more you make.  (You also do a few more chores.)  Our children are expected to tithe and save part of their allowance.  They are responsible for purchasing all their “wants”.  Of course “wants” can be placed on a birthday or Christmas list, but the rest of the year, the “wants” are their responsibility.  No money may be removed from tithing or savings to purchase a “want”.

We do not give loans.  Brother or sister may choose to make a loan to the other, but nothing else can be purchased by the borrower until the original loan has been paid off.  A fair interest on the loan is acceptable if the loaner wants to charge the borrower.

If a big-ticket item is on the “want” list, our children may offer to do extra big-time chores and negotiate a fair wage for the chores.  They are also free to offer house cleaning, baking, pet-sitting, etc. to grandparents and neighbors if they’d like to try to earn even more money.

That’s our plan.

Here are some helpful resources.  Some of which we have used, while others have been recommended by friends.

Here are some fun and helpful websites:

US Government’s Online Money Games for Kids

Practical Money Skills for Life Online Games

Money Games and Lessons For Kids