Simple Ways to Teach Children Financial Stewardship
Money management and financial stewardship best practices should be cultivated early in children. In my opinion, it is a foundational life skill. As a parent, ensuring children have the best start in life is our responsibility. For me, I don’t take it lightly. In today’s post, I am sharing simple ways to teach children financial stewardship.
Childhood Money Lessons
As a child, one of my favorite games was “banker”. Yes, I’d save and put aside my money and pretend to be a teller at the bank. I loved going to the bank with my mom and watching her get cashier checks to pay bills and withdraw money for our needs. I would play pretend based on my experience. When I could, I’d try to loop my brother into my games, but he loved playing sports and outdoor games more.
To some, this may sound odd. I get a good chuckle when I reflect on this childhood pastime that I developed and enjoyed. In reality, I learned so much about organization and finances as a result of running “bill pay” errands with my mom.
Who would have thought back then that these experiences would send me on the path of obtaining both my bachelor’s and master’s degrees in Business Administration with concentrations in Finance? I’ve also enjoyed a successful career in corporate finance with unique opportunities to lead divestiture projects, private equity deals, and manage large-scale technology financial budgets.
Lastly, I also developed a love for budget planning. I’d watch my mom list out the bills and how much was owed as we made our rounds to pay them. Someday’s she’d let me manage the list which included checking things off and balancing the totals. This seemingly simple task is now a part of how I manage my finances. You can watch some of my Budget Planning Videos on YouTube to learn more about this method of monthly budget planning.
Simple ways to Teach Financial Stewardship
I’ve found that the simplest way to develop financial stewardship in children is by example! Engaging children in money management in an age-appropriate way fosters an understanding of finances. Children are very observant and they take in more than what we think. Showing our children what it looks like to manage money real team provides practical and invaluable lessons.
Another way to teach financial stewardship is by allowing children to manage their own money. Although my children don’t have a structured allowance, they still manage to amass a pretty penny in their piggy banks courtesy of grandma and grandpa.
I teach the importance of giving some as their tithe and/or to those in need as they feel led, putting aside some for emergencies, and wisely spending what is left over. I try my best to take a balanced approach and allow them to make their own decision with parental guidance. It has proven to be extremely helpful.
There are a number of creative and simple ways to teach money management. Your approach may differ from my approach and that’s ok. The goal is to raise well-rounded individuals who can steward their current and future finances well.
What are some simple ways that you teach your children money management?
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