The Basics of Financial Literacy for Families
Want financially literate kids?
You’ve got to set the example for your family. Here are the basics for Biblical financial literacy. First, acknowledge God owns everything. I can’t emphasize this enough. It’s contrary to the way the world teaches, and it changes the way we look at everything. It should impact the financial decisions we make every day. Track all spending. This reveals where money goes and provides motivation to work, give, save, spend wisely, and invest. Set goals. A budget is an effective tool to reach short-term and long-term goals. Review it often and revise as needed. Make sure short-term goals are realistic. Exercising discipline and self-control will develop good habits. Understand the dangers of debt. Eliminate bad debt like credit cards, payday loans, and money owed to friends and family. Wisely limit good debt, like a mortgage, that will improve your financial position, and finally, learn from your mistakes. Pain is a great teacher. Children who go without, learn to be more disciplined with money.
Biblical financial literacy can be gained through Crown Bible studies, budget coaches, radio programs, and articles. As you wait to see progress, don’t lose hope. Pray fervently, and remember: “Do not be anxious about anything, but in everything by prayer and supplication with thanksgiving let your requests be made known to God. And the peace of God, which surpasses all understanding, will guard your hearts and minds in Christ Jesus.” (Philippians 4:6-7)
Has the lack of financial literacy led to credit card debt? Christian Credit Counselors can help by creating a debt management plan specifically for you. For more information call the Crown Helpline at 800-722-1976 or visit online at crown.org/ccc.