The concepts of handling money according to biblical principles are very important ones and parents often do not take the time to teach their children about them. Proverbs 22:6 talks about training your child in the way he should go so that when he grows up, he will not depart from it. Training your child also involves teaching these financial principles so that he can be a wise steward. But, of course, you must know and follow these principles yourselves as parents.
In his online article entitled 10 Financial Principles That Are Biblical, author George Fooshee addresses principles that Christians need to know to properly manage their financial resources. Too many Christians are mired in debt and have become slaves to their out of control spending habits. Knowing and then obeying God’s Word in regard to money management are critical to financial freedom.
The 10 financial principles are:
1. Understand that God is your source. Philippians 4:19, Proverbs 8:20-21, and 2 Cor. 9:8 all refer to God being our source - financial and otherwise. The Christian walk involves putting our trust in Him to provide for our needs.
2. Tithing should be a regular part of our giving. As Christians, we all understand that we should tithe. Proverbs 3:9 instructs us to honor God with our first fruits. But, do we really do it or do we make excuses and believe that God will understand why we have not tithed regularly? God’s Word should be alive and something that we adhere to every day not just when we want to.
3. Prepare and plan. Handling our money wisely involves preparation and planning.
5. Keep out of debt.
6. Do not co-sign.
7. Keep records and set a budget. From young, children should be taught how to budget. When giving an allowance to your children, for example, enforce the categories of “save”, “spend”, and “tithe” so they learn and put these concepts into practice.
8. Be content with what you have. For example, if you know that you cannot afford a new vehicle at this time, do not shop for one. Be content with what you have until you are truly able to afford a new or different one.
9. Work hard.
10. Seek Godly counsel.
As I have said many times before in my blogs, your children are observing what you do and listening to what you say every day. Training or raising successful children first starts with you as parents.
To read more of this article, click here.