Budget, Blank Check, Bootstraps: Raising

Money-wise Kids

Kendra VanderMeulen

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lifestyle taxes

The power of our story

• We all bring our story to the question of money

• You will pass on values about money by the way you live

• Jesus talks about money more than any other single topic– Critical spiritual battleground– We have no choice but to engage the battle in our own

lives for the sake of our kids and the Kingdom

• Money is a great revealer of sin in our lives– Having money is not a sin but it can show us where our

idols are

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My story• What did I bring to the question of money as a

result of my story?– Fear of dependence– Security and approval are my idols– Habits that reflect values

• Meticulous budgets and record keeping• Hard work – driven by approval + a little brains = corporate

success and more money• Debt is bad – leads to dependence• Nice things are proof I am good• Tepid generosity

– Something I am “supposed to do”– No sense of trust in God + no idea of how much is enough = no

freedom in giving

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My story shifts

• Journey of “generosity”

• Money is a worldview issue, what do I really believe?

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Money as a worldview issueWorld’s View Biblical ViewI earned it, it’s mine Everything belongs to God

I must provide for self and family Provision vs. Protection – We are to provide, but He is the ultimate source and protector

Abundance is a sign of success, is to my credit He alone gives us the ability to prosper – the purpose of wealth is to meet needs

More is better Bigger barns are foolish

Life is short, go for the gusto Life is short, lay up treasures in heaven

Give obediently, sparingly, cautiously, with and eye to my needs and my future

Sow generously, cheerfully, abundantly, ready to give on every occasion

Financial decisions are just business, maximize gain and control

Every financial decision is a spiritual decision

Worldly wisdom – proud, cynical, selfish Mind of Christ – humble, gentle, generous

Greed and Fear Gratitude and Freedom

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My story shifts

• Journey of “generosity”

• Money is a worldview issue, what do I really believe?

• Why can’t I live what I believe?– Learning to trust

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Yikes, what is going on with the kids and money?!

• Eastside culture

• We have so much, how do I draw lines?

• What do I really need to teach them?

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Principles (not rules)• Money is a finite resource to be used

carefully

• Giving is a responsibility and a joy

• Delayed gratification

• Basic competency in dealing with money– Planning, tracking, saving

• Bias against debt

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What we did

• Ages 11 and 12

• Set up checking accounts, debit cards, an allowance system, and a set of ground rules and let them learn

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The basic contractItem We would do They would do

Allowance $250/month Budget, give, save and spend

Basic needs Housing, food, medical, transportation, 2 pairs of shoes/yr, and school uniforms

Clothing beyond the uniforms

Gifts On there own for friends and family

Entertainment Family vacations, family outings

Everything else, books, music, outings with friends, etc.

Other Sports fees, music lessons, necessary equipment

Anything else they wanted to do or have

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Enhancements to the contract• Cellphones

– we used prepaid phones with a small allowance per month

• Cars– We provide one car to share, insurance, repairs, and a tank of

gas per month– They provide the rest– Bess started doing things to earn money

• College– We provide tuition board and room– They provide the rest (books, spending money, dues, etc.)– The both learned to buy used books– They both got jobs

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Lessons• Good to give them significant responsibility over

things that matter– Keep a safety net

• Let them fail, do not rescue them– Remember you have a safety net

• Maintain oversight– Online banking is a wonderful tool

• Find creative ways to accomplish the things you care about if they don’t

• Be patient and encouraging– Avoid nagging, and let the circumstances be the teacher

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Back to my story

• How much is enough?

• So you think you are giving the big bucks, but is that really all you can give?

• Do you trust Me?

• What about your legacy?

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Learning to give proactively

• Setting goals

• Funding them wisely

• Prayerfully seeking areas of passion and calling

• Family meetings

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Estate and legacy

• How much is enough for the kids? Why and for what?– Not so much that..– But enough that…

• What is to be done with the rest?

• Have we prepared the kids to handle it?

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Discussion

• What are the critical questions our family has been avoiding about money and values, and what are we going to do about it?

• What other ideas would you like to share with your group?