“In other areas of life, we were diligently teaching our children important values of responsibility, honesty, self-discipline, and faith. But failing so miserably in this matter.”
Any guessing on what “this” matter may be?
After looking at the book image above, you probably guessed it. Financial responsibility. Looking back, Mary Hunt realized that she was setting her children up for financial disaster by her example and lack of diligent teaching.
In her book Raising Financially Confident Kids, Hunt explains the need for monetary responsibility, the pressures that children face to purchase things, and practical ways to make your child monetarily responsible for their teenage and adult life.
According to Hunt, there are four basic financial values that need to be taught to all children:
- Giving – give off of the first part and give thankfully
- Saving – save and earn interest
- Spending – don’t spend more than you have
- Borrowing – avoid borrowing money; if you can’t avoid, borrow only for things that gain in value
Each one of these values are discussed. Then specific ideas are given to explain the concepts to children.
Budgeting, allowances, and chores are expounded upon as well. Money lingo that many adults don’t understand is put into simple terms. The book even includes a section for teaching preschool aged children.
Besides an understanding of God’s love for them, I believe a work ethic and financial responsibility are two of the most important things that we can teach our children. I found this book to have several practical ideas to start implementing with our children. For example, Hunt suggests including your children in discusses about giving, saving, and following a budget plan instead of thinking they can learn it later. In age appropriate terms, let them see the importance of each part.
The most important principle stated:
Values are more often caught than taught.
Whether it is honesty, kindness, patience, or financial responsibility, children learn more from what they see lived out than what they hear. So true!
What are you doing to teach your child financial responsibility?
Thank you to Revell for allowing me to review this book!