Nearly 60 percent of parents provide financial support to adult children, according to a May 20, 2011, article in Forbes magazine. “The majority of parental help is housing (50%), living expenses (48%), transportation costs (41%), insurance coverage (35%), spending money (29%), and medical bills (28%).”1
What’s wrong with this picture?
There may always be times our adult children will need our help, but is there any way we can train our young children to be good money managers so that when they grow up, they can be equipped to avoid this parental dependency trap as far as possible?
As we have raised our three children to adulthood, my wife, Lois, and I have tried three things we highly recommend in preparing children to manage money in a way that is pleasing to Jesus:
1. Use allowance to teach faithful financial stewardship.
When each of our children turned 3 years old, we began giving them an allowance based on a dollar per month times their age. This was so they could learn to manage money. I remember some of those first allowance lessons.
“Jacob, you’re 3 years old, and we’re going to start giving you an allowance. When I get my paycheck each month, I’ll give you a dollar for each year old you are. Here’s three dollars,” I said as we sat together at the dining room table. There were three piles of dimes and nickels, each totaling a dollar.
“How much of this belongs to Jesus?” I asked.
“All of it!” he beamed.
“That’s right,” I said. “Now, out of each of these piles we need to give one dime, or 10 percent, for Jesus and His workers around the world. That’s called ‘tithe.’ ” I helped him slide a dime from each of the three piles off to the side, forming the “tithe” pile.
“Next, we give Continue Reading…