Money, how do I teach the little ones?
"Money, money, money Must be funny In the rich man's world Money, money, money Always sunny In the rich man's world Aha aha All the things I could do If I had a little money It's a rich man's world It's a rich man's world"
retrieved from (Money, Money, Money ABBA)
We live in a society ruled by money.
Money gives you security, control, stability.
"the more money you have, the better your life is"
That is why it is SO important to have a control on our finances.
Me, as a newlywed this topic is really important. Learning about it helped me to have a better understanding of our family finances and how
The gospel of Jesus Christ provides help for any kind of problem, even financial problems.
The Church have material such as "One for the money. Guide to family finance"
It provides a guide to successfully manage the money by points. Some includes:
1. Pay an honest tithing.
As members of the Restored Church of Jesus Christ, we believe in what the Bible says "that there may be meat in mine house, and prove me now herewith, saith the Lord of hosts, if I will not open you the windows of heaven, and pour you out a blessing, that there shall not be room enough to receive it."
We have as a policy of the church, the opportunity to see where those tithings go to.
Me and my family have experienced MANY blessings because paying tithing. We have found money where there should not be, we have had people who gives us food when needed and many others miracles.
2. Learn to manage money before it manages you.
The church also have many programs for members and no members to help them learn how to manage their personal finances. At the completing the program, people can receive a certificate from LDS Business College.
3. Learn self-discipline and self-restraint in money matters
"MARRIED COUPLES SHOW GENUINE MATURITY WHEN THEY THINK OF THEIR PARTNER’S AND THEIR FAMILY’S NEEDS AHEAD OF THEIR OWN SPENDING IMPULSES."
"One for the money" explains.
It also talks about getting rid of the debts you may have. Starting from the smallest.
4. Use a budget
Every family must have a predetermined understanding of how much money will be available each month and the amount to be spent in each category of the family budget.
5. Teach family members the importance of working and earning.
Teaching the little ones will prevent them when growing up not knowing what to expect, to do or how to get money to survive.
these and many other helpful sources this book helps us understand. I strongly recommend reading it and pondering what your family could do to be better at finances.
(retrieved from https://www.churchofjesuschrist.org/bc/content/shared/content/english/pdf/language-materials/33293_eng.pdf )
"The wind and waves will periodically interfere with our chosen course, even in financial matters; but the laws of the gospel can bring us back on course and guide us to peaceful waters"
-ELDER MARVIN J. ASHTON
Knowing all of that, how do you know: When to teach these important principles regarding money to your kids?
It is important being aware of the age and maturity levels your kids have before teaching them abstract principles like is saving money.
Elder Boyd K Packer explained it better in his talk ready or not you will be taught.(https://www.churchofjesuschrist.org/study/liahona/1977/12/ready-or-not-you-will-be-taught?lang=eng):
“There is wisdom in waiting until a child is ready to be taught
Here I come. Ready or not, you will be taught.” A good teacher will be alert and will seize upon the opportunity to teach when the youngster is ready. Many lessons that we have been anxious to teach our own children have had to wait until they were ready. Going along with the analogy, sometimes we feed our children when they are full. That is not being a bad person, but it means that you are not eating until a child is “hungry” or ready to learn.
I consider that many times as “busy parents” we are really concentrated in our own things that we give “snacks” as answers that children really needed to know. They were hungry but they do not differentiate between a good answer (good meal) or a poorly answer (just snacks). They just believe what we say and for them that is the knowledge they were looking for.
We can start, at a young age, teaching the way to save money and its benefits, to help in the house etc... However, we should wait until there are mature enough to teach them and include them in the family budget planning and many other kinds of conversations.
The key is to start with small and simple things, principles that will help them understand in a future other concepts and new information.
Chores, homework... You know your kid and you know when he or she will be ready to learn more.
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