Frugal Friday--Raising Financially Fit Kids

8:42 AMHeather

Wednesday brought a true highlight to my week. I put on make-up for the first time in over two weeks and felt almost like a normal person! Chris and I were invited to speak to the MOPS group at our church, Church at the Cross. We were asked to talk about Raising Financially Fit Kids, and were delighted to share some insights from lessons we've learned over the last few years. Of course, we've had a good chuckle about how we better be the people this MOPS leadership apparently thinks we are!

So, I thought it only fitting on this Frugal Friday to share our basic outline with you, my bloggy friends. Besides, about the only other real world experience I've had lately is how little you spend when you don't go anywhere. Except for all the co-pays on doctor appointments and medications. May you find something below that you can apply to your real world experiences.

1. You gotta be the people you want your children to be!
--Have a budget. Have a plan for your money--directing each dollar. Check out Dave Ramsey's website or Crown Ministries for ideas on what percentage of your take-home pay should go to each category.
--Get out of debt.
--Start building a savings. Have a safety net for the emergencies that will come.
--Plan for the future, saving for retirement and college.

2. Financial principles to teach your children.
--Stewardship. The idea of being wise with the resources God has entrusted to you.
--Self-discipline/self-control
--Responsibility and ownership
--Biblical principles. Check out the over 800 Bible verses on money--God has much to say!
--Budgeting
--Wisdom and discernment
--Need vs. Want
--Live within your means
--Strong work ethic brings income
--Value for your dollar

3. Be intentional in teaching your children about money
--Dialog continually about money--let money talk be part of your family culture
--Be intentional in your phrasing so you are reinforcing the principles above
--Seize and Create teaching moments
--Appropriately involve your kids in family finances

4. Give your kids opportunities to PRACTICE, PRACTICE, PRACTICE
--Let them earn their own money for work done well
--Teach them to budget their money for tithe, savings, and spending
--Reinforce the merits of savings for a big ticket item
--Coach them on wise choices as they spend their own money
--Let them complete their own transactions
--As they get older, let them open a checking account and create a budget
--Give them real world practice on paying bills, etc.
--Involve them in investing eternally with their money and TIME

INTENTIONAL challenge: I am only giving you the broad bullet points, but if you want any more details on anything--just comment below! If we are raising our children according to God's word, we cannot neglect the subject of money. As mentioned above, the Bible includes over 800 verses on money! Take some time to think about how you might pump up your financial training with your kids. It's an important part of your legacy.

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