Today on MoneyLife with Chuck Bentley

We're going to talk today about teaching your children how to manage money.

The National Jump$tart Coalition surveys high school seniors to determine their financial literacy. The test results show that financial literacy is declining, as the average score was 48 out of 100 on basic financial questions.

I've read about families sending their children to financial boot camps. The problem is that the children are being taught principles of man’s economy, things like the lack of money is the root of all evil.

Children need to know what God’s Word says about money in addition to the basic information. They need to be equipped to make wise financial decisions.

Our guest today, Cynthia Shyne, will help us do that. She’ll teach us how to tell our kids no and model good financial behavior to them. Cynthia has a wonderful testimony about the impact this program has had on her family over the years. Her children learned God’s financial principles alongside their parents.

Cynthia and her husband, John, have been married 33 years. They have 5 children, ages 30-12. John has been a pastor for almost 30 years. He leads a blended congregation that was created when two churches merged. One church was white and the other was black. The members are learning and growing together.

Cynthia says they have been longtime listeners of Crown radio programs and that Christian radio is always on in their house.

When Cynthia and John were married, they agreed not to spend more than they made and only buy what they had money to pay for with cash.

They didn’t loan family members money, but instead gave it to them, not expecting to be paid back. If they were paid back, that was great, but they didn't look for it.

Cynthia says she and John always tried to save money, so they’d have something to give to others. They use credit cards sparingly and pay them off immediately. They learned to do that the hard way after realizing how much they were paying in interest.

Cynthia's mother always believed in saving, and taught Cynthia to save. That teaching has been reinforced by what she’s heard on the program. When the teaching lines up with God’s Word, you know it’s something you need to do.

Cynthia says one of their sons, Gabriel, wanted them to give him a car when he became eligible to drive. They told him no. Instead, they gave him an old car after graduating from high school. He wanted another car and they told him he would have to pay for it.

Gabriel got a job, saved, and bought a better car. He drove it for two years, then needed a better car, so he continued to work and save. He didn’t want to borrow money to buy a car.
Eventually, Gabriel surprised them by buying a truck. He told his parents he had been listening to the radio too and learned about saving from what he had heard from Crown. Cynthia contacted Crown to share how Crown had made a difference in Gabriel's life. They were surprised and thankful he had been paying attention.

Cynthia’s other children have learned from listening too. They often went to second-hand stores for clothing. Cynthia told her girls if they saw clothes they liked at the mall to pray about them and watch for sales. If the clothes never went on sale to a price they could afford, God didn’t intend for them to have them. They became thrifty shoppers.

One of her daughters got married and they decided to live on one income to be prepared if she got pregnant. They wanted to buy a house they could afford if she wasn’t working. The young couple went to a financial advisor and starting saving money. They had $10,000 for a down payment after a year and purchased a home within their budget. They also set aside money for emergencies.

Another of Cynthia's daughters, Rebecca, is living on a budget and bought a foreclosed home two years ago. She fixed it up and has moved into it, and now has a roommate to share the expenses.

Cynthia and John believe strongly in tithing, that God owns it all. They tithe to their church and support other missionaries as well.

Cynthia says parents who want to teach their children how to handle money wisely should immerse their children in Christian values. You have to live it, not just talk about it. All your money decisions should reflect the fact that the money belongs to God.

She says you should make spending decisions that honor God. Buy what you need. It has to be part of your lifestyle. One-on-one counseling can be very helpful. Listen to radio programs like MoneyLife. Everything belongs to God and should be used for His glory.

Cynthia is a wonderful, encouraging example. Hers is a great success story of how her children have learned God’s financial principles. I enjoyed giving a mom the opportunity to brag on her children.

Ann and I took our boys through Crown's Discovering God's Way of Handling Money Teen Study. We taught them about God’s part and their part in handling money, debt, wise counsel, honesty, work, saving, giving, and resisting peer pressure.

The group had 8-9 teenage boys. About half way through the course, I asked them to each bring $5 to go out to eat. I told them that whatever money was left over would be put toward a party at the end of the course. They ended up with about $9 left. We took the money and bought $9 worth of groceries.

The boys thought that party was better than going out to eat. It was a practical application that made an impression on them about being wise stewards. Those boys are now young men with children of their own and many have thanked God for what they learned in that study.

Invest in your own children. Be intentional in teaching them financial literacy early in their lives. Be a positive example to them. Give them ways to apply God’s financial principles to their lives.

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I'll be appearing at two events next month as part of the God Provides™ film tour. I'll be in Atlanta, February 11, at Hebron Baptist Church and Chattanooga, February 18, at Ridgedale Baptist Church.

These events are family friendly and free, bring your children. We'll be showing Abraham and Isaac and the Widow and Oil films. You can register here.

I encourage you to see God as your provider during these difficult economic times. I hope you’ll make plans to be there if you live in those areas. If you do, please say hello and let me know you're a MoneyLife listener.

Children and Finances Pt. 1

Parents’ goals should be to slowly develop financial discipline and wisdom in their children.

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Children and Finances Pt. 2

Parents are not raising children; they are raising future adults.

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Materialism vs. Self-Esteem

More children believe that their clothes and brands describe who they are and define their social status.

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Disciplining Children Financially

Financial pressure placed upon young adults is almost impossible to resist. As parents, our responsibility is to teach children self-discipline.

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Other Resources:

• ABCs of Money Package
• Career Direct
• God's Principles for Operating a Business
• Business By the Book
• Crown Mvelopes