Teaching Kids About Money and How To Save

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Teach The Art Of Saving When They Are Young

by Lon King

  Besides eternal salvation, one of the best things we can teach our children is money management.  For a lot of us parent/teachers, we may be learning this lesson together with the kids.  Money management is a principle we can all embrace and is absolutely necessary for a life of balance.  While it took my wife and me more years than it should have to figure this out, we finally have that awareness.  The beginning was to put our egos on the shelf and realize we were not good money managers.  We had to get out of debt and stay out of debt.  What a great feeling that is.  Ironically, our parents were not equipped to teach either one of us this all important life lesson.  We can’t teach what we don’t know.  Fortunately there are resources and help available if we seek them out.  We discovered there are teachers and mentors that share ideas, thoughts, and expertise in the discipline of saving.  The best time to wrap our minds around money management is when we are young.  The second best time to start is today! 

The Formula

  I had no idea there was a formula to saving.  I was under the impression I could just squirrel away a certain amount once in a while and as long as I didn’t spent more than I made, things would be good.  Fifty years later (under my plan), I was no farther ahead than when I started.  As a married couple we began to listen to people like Larry Burkett and others, and once we discovered the formula things changed.  There are Biblical principles that prove as much.  In fact money is one of the most talked about subjects in the Bible.  Hmmm.  For starters, we found out we didn’t need a car payment.  We discovered Visa and MasterCard were not our friends.  And if we really think we needed that shiny new object, we can wait at least 24-48 hours and reconsider, just in case that feeling goes away.  We also learned that hearing these saving principles just once, was not enough.  Like any developing skill, it needs to be repetitiously internalized and repeated.  We learned our lives would be blessed through our charitable giving and having an emergency fund buys peace of mind.  We figured out it is better to collect interest than to pay interest and quality is affordable.  Lastly, if it’s worth having it’s worth waiting for.

Impress On the Children

  Part of our responsibility as parents must include the teaching of sound money management principles.  Our children can be world changers just in the way they handle their finances.  Churches and good causes need our help.  Only those who are not poor can help those that are.  Lifestyle is not about leveraging debt it’s about consistency, and money has a way of attracting more money.  Money will not buy happiness but neither will poverty.  Money is not to be a master but is to be mastered.  It is neither good nor evil, but a means of exchange.  It’s all about perspective.  What a great legacy to leave our children and grandchildren.

 

  “The plans of the diligent lead surely to abundance, but everyone who is hasty comes only to poverty.” Proverbs 21:5

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