Teaching your kids the reality about money is not something you teach lightly. As a kid, I had no idea what it was like to have to pay bills, to pay out a mortgage or rent or to pay for insurance for just about everything. And as a child, there was really no reason to go into all the intricacies just yet. There are, however, different habits that you can start teaching your children from a young age.
For example, when we turned eight years old, our parents would always buy us a bank with slots on the top with three different sections. The sections were marked with the words personal, savings, and tithing. The personal money was ours to do with as we pleased, whether to save up for a new video game, to go to the movies or somewhere with our friends, it didn’t matter.
The savings section was put toward a future education and in my faith we encourage young men and women to serve as missionaries for which they have to contribute for expenses.
The third was in accordance with the biblical law of tithing, which states that we should give 10% of our income back to God in order to help those less fortunate than we are.
Though I wanted to put 100% of my money and personal at first, my parents talked me down. Tithing by definition was 10%, so that was no problem and we eventually grade on the 20% in savings. That left me with 70% of the money that I earned to do with as I pleased. I really wish I could get that kind of percentage now from my paychecks. This is before I had to pay any taxes.
I’m grateful for my father for insisting on this at an early age. He got me thinking in the right way and though I don’t have those three-sectioned banks anymore, I do have those sections in my budget. We remember to pay down other things first and before all, tithing needs to be a priority. However you decide to teach children start today. They’re never too young to begin developing good habits.