“These commandments…Impress them on your children.” Dt 6:6-7 NIV
Teach your children to handle money.
Your home is a classroom for teaching money-management skills.
(1) Teach them that if they honor God financially, He will honor them. “Honor the Lord with your wealth, with the firstfruits of all…then your barns [bank accounts] will be filled” (Pr 3:9-10 NIV).
Before you give your son or daughter money, teach them how to handle it responsibly so that they can avoid the “prodigal syndrome” (See Lk 15:11-32). The Prodigal Son’s attitude towards money and his misuse of it cost him dearly.
Give your child biblical wisdom in four areas-earning, giving, spending and saving-and you’ll position them for God’s blessing.
(2) Teach them God’s Word regarding borrowing, lending, and credit.
In a culture driven by slick advertising and easily obtained, high-interest credit cards, kids need to understand the consequences of their financial decisions.
The verse, “Train up a child in the way he should go, even when he is old he will not depart from it” (Pr 22:6 NAS) is not an isolated statement. Read the next verse. “The rich rules over the poor, and the borrower becomes the lender’s slave” (v. 7 NAS).
Teach them that what looks like the fast lane to plenty, can become the sure road to poverty.
Train them to delay gratification until they can afford what they want.
Don’t guarantee loans for them. The Bible says: “Do not be a man who…puts up security for debts…your very bed will be snatched from under you” (vv. 26-27 NIV).
– from a daily devotional