one a penny, two a penny.......

 Money management is something that I have only just recently got a handle on how to properly handle my money.  That is learning experience I can save (or try to save) my children.  Now that they are are old enough (and almost old enough) to understand the concept of money and how it works, I thought of how I could start teaching them about money management.  First of all, when they ask for something, I always make a reference to our budget.  If we're in the grocery store and they ask for something, I show them my shopping list, how much project I will spend and how much room I have put in the monthly budget for food.  Then I explain that I have room or that I don't have room to grant their request.  That brings up questions like, what is a budget? how does it work? And that's a great starting point.  But now I want to drive it home a bit more.  Every week I have been giving them chump change to put into the collection plate.  God gives us everything, so it's only right that we give some of it back.  To help me teach them I bought a book called The ABC's of Handling Money God's Way.

They also each have the Magnetic Responsibility Charts from Melissa & Doug where they can learn about responsibility, working with the family as a team to accomplish goals (be they the dishes or putting toys away).  I can use this to help them earn their allowance that I will soon implement.  By achieving a certain amount of magnets, the can earn some money.  Then I will help them divide the money into 3 jars.  1 jar for Tithe, 1 jar to Save and 1 Jar to Spend.  I just went to the dollar store and bought some jars and used the label inside to make a label for their intended use.  

My prayer is that this will make good money management a habit so that when they get older and are entrusted with more money, and get jobs that they will know what the right and proper thing to do is and hopefully they won't find themselves in debt.


We (being being the parents) have also changed out tune on money.  If we don't have the money for it up front (baring an emergency) then we don't buy it.  We save for it and then buy it.  That way we can be a living example as well.