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2. Teach by example as a couple

Elder Marvin J. Ashton commented:

In the home, money management between husband and wife should be on a partnership basis, with both parties having a voice in decision- and policy-making. When children come along and reach the age of accountability, they too should be involved in money concerns on a limited partnership basis. Peace, contentment, love, and security in the home are not possible when financial anxieties and bickerings prevail (Marvin J. Ashton, “Guide to Family Finance,” Liahona, Apr. 2000, 42).

How do you help involve your children in money matters on a “limited partnership basis?”   Elder Ashton recommends the following to parents in his article “Guide to Family Finance”:

  1. Pay an honest tithe.
  2. Teach family members early the importance of working and earning.
  3. Teach children to make money decisions in keeping with their capacities to understand.
  4. Teach family members to contribute to the total family welfare.
  5. Teach family members that paying financial obligations is part of integrity and honesty development (Marvin J. Ashton, “Guide to Family Finance,” Liahona, Apr. 2000, 42).

 



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