Making “Head & Tails” of Training our Children About Money
The best teacher is experiential learning. Certainly we can learn from our successes, but we are more apt to remember lessons from our blunders and mistakes. It is an important part of parenting to teach our children the value of financial stewardship. For our discussion, let’s use the imagery of “flipping a coin.”
“Heads” represents intentional spending, saving, stewardship. Let’s assign “tails” as spontaneous, impulsive and unplanned expenditures. “Heads you win and tails you lose” is true because the discipline, or lack of, can either be beneficial or detrimental.
Cheri and I have two sons with two differing financial bents (at least back in high school days). They have both become excellent stewards, but they took two very different routes to get there.
The younger is a saver and thrift miser. This started at age 8 with his preferences/priorities being that of presents to be in cash, opening a bank account, starting a lawn business at age 10 and he has always had sufficient funds in his pocket. He even bought stocks at age 12!
The older, more impulsive, had the privilege of being a ball boy for the San Antonio Spurs. Around mid-summer after the 2005 Championship he received a $1,200 post season bonus check. I gave it to him around 3 p.m. and later that night we heard him stirring in his room only to discover he had gone out to buy a huge $900 flat screen TV. This provided a wonderful opportunity to discuss and learn about expenditures. Clearly a rough start, he is now very intentional and frugal. He has a heart for the down and out- the beggar, and when we travel internationally, reminds me to be kind in my bartering.
As a family we have committed to be debt free. We are intentional in our giving, careful in our eating out and mindful with impulsive purchases. My point being that the boys were informed, involved and invited to share in making (hopefully) wise decisions with our money.
Use your “tail” tendencies to bless others, but do keep your “head” about it. Make sure you take the advice of a family member who has “head” disciplines.
The purpose of money is to bring honor and glory to God. It’s His and we’ve got it on loan.
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