Money isn’t the root of all evil; greed is the root of all evil.
Money isn’t the root of all evil; greed is the root of all evil.Money is necessary to purchase what we need and desire while also being a tool to teach responsibility to our children. Here are three ways you can teach your child the value of money.
1. Establish an allowance with your child.
Do you remember growing up and receiving an allowance from your parents for the chores you completed?
Allowances are a great way to teach children that money is something to be worked for, not always given freely. In 2 Thessalonians 3:10, Paul states, “For even when we were with you, we gave you this rule: ‘The one who is unwilling to work shall not eat.’”
Don’t let your child view money as an entitlement. When you allow your child to complete a chore or a task, they learn how to be responsible, and they will value what they have worked for. To set an allowance routine with your children, create a chore list with your children. Some chores should be assigned as contributions to the household. Donating time and effort is expected without getting a reward. Other chores should be assigned as work that needs to be done but is part of the child’s allowance.
2. Remind your child that money is a reward for their needed work.
Another benefit of allowances is your children’s sense of self-worth. Everyone loves feeling needed in their relationships, schoolwork, and jobs, for instance. By reminding children that their work is appreciated and needed, they will value their allowances even more. Helping them build their sense of self-worth will help prepare them to become responsible volunteers, employees, or family members of their own families.
3. Tithing
One way to help preserve Christianity is by contributing what you can to a place where Christians can gather and worship or service our Father and His Son. Teaching children to set aside 10 percent for charity will help them become responsible for tithing to the church as adults.
Tithing also teaches children how to save money, which makes them responsible, and prepares them to become financially cautious adults.
Why is it important that my child knows the value behind their money?
Children should know the true value behind their money because their understanding of it will determine how they merit it later on in life.
To go deeper into this analogy, the way children view money can go two ways:
- They can see money as something that should be given automatically— something that holds a place in their heart over God and what He wants for them. If children think of it as an entitlement, they may become greedy and selfish.
- If they can see money as something to be worked for, something they can earn, and then learn important life lessons, their perceptions of money may lead them to generosity and compassion. They would have the opportunity to share part of their treasure with the church or other worthy causes. They will see more meaningful ways to use money than spending it solely on insignificant desires.
Allowances help remind children that the worth of their work and their generosity, through tithing, pleases God.
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Your suggestions on teaching money to kids through their allowance is very helpful.