MINI CHALLENGE TEACHING CHILDREN TO HANDLE MONEY IN A GODLY MANNER DAY 4

Getting your children ready for the envelope system.

Step 1: What financial things are your children going to be responsible for? Now this is going to depend on their age. For elementary aged children will they be responsible for half or some of their friend’s birthday presents? Teenage children will they be responsible for gas for their car, insurance (some or half), ect. Look at your family dynamic, the ages of your children, your personal financial place, expectations you place on each one of your members, ect. and decide which is best for your family. It’s important that you know regardless of their age they still need to get the envelop going. If they are three have them be responsible for saving for a birthday gift or Christmas gift for the entire family. Re-evaluate yearly the envelopes with the kids.

Step 2: Sit down with your children and give them envelopes, large gallon Ziploc bags, or piggy banks for each individual thing they will be responsible for. Label each one for the specific thing they will be saving or responsible for. For example, clothing/gas/gifts. This will be important for them later on, once we start giving them their money. They are going to have to decide what percentage of their allowance they are given will go into each envelop. Will they be taking a % out of each payday or every other one. This is going to help teach our children to be prepared for the monthly and yearly things that come up. Add in 3 more envelopes/piggy banks/Ziplock bags for saving. You will have one for the following: tithing/giving, emergency and future saving. Eventually these will go into the bank and to the church or an organization that you believe God is leading you to tithe too.

Created for the Gift of the Home Group by Jennifer Cangiamila

Come join us for encouragement and support at https://www.facebook.com/groups/GiftoftheHome/

piggy bank

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