Children have a built-in curiosity that allows them to soak things up like a sponge. It is a wise parent who understands this and goes about building the character of the child in the virtues early on. The Catechism of the Catholic Church reminds us that, "The role of parents in education is of such importance that it is almost impossible to provide an adequate substitute" (2221). In teaching your children about money matters, you will want to emphasize the development of a Christian attitude, in addition to showing them the practical skills they will need to properly manage their money when they leave home.

This will be especially important as it relates to the education of our sons, as they will be dealing with a society that encourages them to seek self-gratification rather than place themselves at the service of their families. They will also find a society that fosters dual-income families instead of promoting a full-time parent at home. Our sons will not only have to be capable of earning a sufficient amount to provide for their families on one income, but will also have to learn to manage those resources in such a way as to give glory to God. Here is a game plan you can follow to help your sons be effective stewards.

The Power of a Good Example
Fathers, there is probably no greater influence on the attitude of your children than your example. Are you satisfied that your priorities are following the Gospel message? Is God first in your life? Are you fostering the virtues of simplicity, generosity, sacrifice and personal responsibility in your home? Your living example is a more valuable blessing to your children than any material inheritance you may provide. St. Gregory the Great said, "For true doctrine tries both to teach by words and example…When one practices first and preaches afterwards, one is really teaching with power."

Teaching Children Early Pays Big Dividends!
One approach you can use to teach your children about money is to pay them for completing tasks around the home. I would encourage you to start this no later than when your child reaches the age of reason (7 for most children). This is a simple and effective way to introduce them to the concept of pay for work, and it avoids an "allowance," where the child is receiving something for nothing. Our seven year-old daughter (a saver if there ever was one) has proven to be quite industrious at collecting snails to earn money. In fact, when spring comes, she has quite a bonanza!

I would encourage you to set up a system that divides their earnings into three components: twenty percent should be set aside in equal amounts for their tithe and long-term savings, while the remainder can be spent on a hobby or treat. The child can also elect to put the remainder into short-term savings in order to build up enough cash to make a more substantial purchase like a bicycle.

Encourage your child to carefully consider how he will distribute his tithe. I recommend a good portion (half) be given to the Church, with the remainder going for other apostolic works. By giving the Church portion of the tithe on a weekly basis, the child will develop a good habit that will remain with him for a lifetime.

Growing Teens in Responsibility
When it comes to teaching teens about money management, one very effective approach is to allow them to manage the portion of the family budget that directly impacts them. A good category to start with is clothing. Determine the teen’s budget for the year, then give him responsibility for managing it. You might be surprised at the lessons learned as a result of this exercise.

I remember the story of one teenager after he was given responsibility for his budget at the start of the school year. He immediately went out and bought expensive brandname basketball shoes, an expensive pair of jeans and an expensive shirt. He thought he "needed" the name brands, and as a result, the budgeted amount didn’t go very far. After a few days, he realized he didn’t have enough clothes, and he asked his parents for additional funds. They wisely reminded him that the amount he had been given was the budgeted amount for three months and he would have to wait. You can imagine the lesson learned after he had worn the same clothes to school for a number of days!

By basing your son’s money management on Christian principles, and continually increasing the responsibility he takes for his own finances, you will be establishing a solid foundation that he can build upon once he gets married and starts his own family. God love you!

Philip Lenahan is the founder and president of Financial Foundations for the Family. Phil and his wife, Chelsey, have been married for thirteen years and are the parents of five children.