Strengthen Your Family Through Biblical Homeschooling

Tag: Homeschool Financial Counselor

eccu start young money mangement

Over the last several months, we have been talking about our brand new, totally free  Homeschool Financial Counselor.  In addition to a free Roadmap to help you plot your approach to teaching financial literacy to your children, we have also published quite a few articles, produced live informational and instructional videos, and more from the team at Evangelical Christian Credit Union (ECCU).  As a mom (and a homeschool teacher,) I believe these resources are incredibly important for preparing our children to be good stewards of the good things God has given them and to prepare themselves to be usable no matter what He calls them to do. Carrying loads of debt, not managing resources wisely, etc., can be devastating when one is trying to follow God’s will for their lives. We don’t want our children to be strapped with that!!

Ready to find out more?  Download that road map today, sign up for our homeschool financial counselor program,  and check out these past blogs and videos for great tips:

Teaching Your Kids Stewardship (When you’re not good with money)

What You Need to Train Young Kids About Money

Tips for Teaching Kids to Manage God’s Resources

Giving Kids a Debit Card can be a Good Investment

Teach Your Kids to Succeed Financially: Video

TTD Financial Flying Start eBook – This is a transcript of an interview between Teach Them Diligently and ECCU.

Then, be sure to join us onsite at Teach Them Diligently events, where you can meet face to face with our homeschool financial counselor team.

Read on for more about ECCU and what they do to fuel a Christ-centered ministry worldwide!

ECCU Start Young Finances

Positive change from a biblical approach to banking:

At ECCU, your money does more than grow, it’s on a mission to change the world.

ECCU is a credit union for you, your family, your ministry and your church. We are a cooperative of Evangelical Christian individuals and organizations sharing our resources to grow and support ministry.

IN ADDITION to offering all the banking options you need (checking, savings, loans, credit cards, online and mobile banking, ATMs, etc.), we want to help you improve your financial life and give you the opportunity to align your finances with your faith.

Evangelical Christian Credit Union (ECCU) stands with homeschooling families with offers and resources that are specifically designed to benefit your unique lifestyle. 

Click the image and join the Financial Guidance Counselor Program for Free!

financial-guidance-counselor

And make your plans to join us at Teach Them Diligently Conventions this spring because we’ll have a special track of sessions that are all about finances, money savings, and financial education.

teach them diligently convention events speakers

For more great articles about teaching your children how to manage their money and more homeschooling information be sure to check out the Teach Them Diligently Blog.

Read through our essential homeschool resources for more encouragement!
Sign up for the Teach Them Diligently newsletter to receive more great articles!

Read our Blog, join TTD365, follow on Facebook and Instagram, and sign up to attend one of our homeschool events!

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Investing Wisely and Morally

Investing Wisely and Morally

There are really only a few things you can do with your money.

You can spend it.  You can save it.  You can give it away. You could throw it away on the lottery, but that would come under foolish ways to spend.  Finally, you can invest it.

The last – investing – can greatly affect how much we all spend, save or give away.

In David McCullough’s biography of the Wright Brothers, who built and flew the first airplane in 1903, the author relates that Orville and Wilbur became rich from their remarkable invention.  Instead of becoming avaricious or prideful, they tried to model stewardship taught to them by their father, Bishop Milton Wright.

Orville liked to say they were “well-to-do” rather than “wealthy,” and often quoted his father: “All the money anyone needs is just enough to prevent one from being a burden to others.”[1]

That’s fine as far as it goes.  But wouldn’t it be even better to have more than enough for one’s own needs in order to have enough to be a blessing to others?  The bishop would no doubt agree, and was just warning against greed.

Complacency Is not a Virtue

Jesus Himself cautioned against the folly of being content to sit on cash or any bounty from God without putting it to good use.

In the Parable of the Talents (a form of money in Jesus’s time) He praises two servants who invest their master’s money and reap dividends, but sharply rebukes a third servant who merely hid the money he was given and so there was no increase.

In Matthew 25: 25, the third servant desperately tries to explain: “And I was afraid, and went and hid your talent in the ground. Look, there you have what is yours.’

26 “But his lord answered and said to him, ‘You wicked and lazy servant, you knew that I reap where I have not sown, and gather where I have not scattered seed. 27 So you ought to have deposited my money with the bankers, and at my coming I would have received back my own with interest. 28 Therefore take the talent from him, and give it to him who has ten talents.

29 ‘For to everyone who has, more will be given, and he will have abundance; but from him who does not have, even what he has will be taken away.’”

While reassuring us of providence (And my God shall supply all your need according to His riches in glory by Christ Jesus” Philippians 4:19), the Bible gives ample advice about managing our wealth.

The Book of Proverbs comes down hard on laziness.

Go to the ant, you sluggard! Consider her ways and be wise, Which, having no captain, Overseer or ruler, Provides her supplies in the summer, And gathers her food in the harvest.” (Proverbs 6: 6-8)

Prepare your outside work, Make it fit for yourself in the field; And afterward build your house.” (Proverbs 24:27)

Financially speaking, this means making wise investments with our time and money before spending what we have on non-essentials.

Teaching them Young

It’s almost never too early to teach children to truly value money and understand that there are ways to save it, increase it and not spend it foolishly.

Children can be given jobs or allowance and asked to place the proceeds into four jars – one for tithing, one for saving, one for investing and one for spending.  They can set a goal to buy something they want, and learn about budgeting while they see progress toward their goal as the jars fill.

Ambitious older kids can operate lemonade stands or sell cookies that they paid for themselves so they can learn profit and loss.  For older children, purchase of a share or two of stock that they can check regularly helps them understand the power of investing but also its risks. For teens, opening a checking account and obtaining a card with a tight credit limit can teach money management.

An Eternal Perspective

The whole idea of investing is to increase our money.  But it can also be a way to impact the marketplace with our values, and our place in eternity.

Many well-known corporations and stock funds profit from people’s propensity for sin.  They trade in pornography, abortion, gambling, anti-family entertainment, tobacco and alcohol, immoral lifestyles, and some even aid and abet human oppression, human trafficking, slave labor, terrorism and Christian persecution.  Others are characterized by greedy management that treats its employees and even its stockholders badly.

You don’t have to be a Christian to want to invest your money in companies that make the world a better place.  But Christians and Jews have the added insight through the Scriptures that all of our money belongs to God, not just the amount we tithe.  So, it’s not unreasonable to take responsibility for how our money is used in the marketplace, including investing.

Until fairly recently, Christians did not have a way to differentiate investments or choose financial advisors who would avoid profiting from companies that promote moral corruption.

The Rise of BRI

Biblically Responsible Investing (BRI) began in 1992 when pro-life activist and financial expert Art Ally sought to assist churches in providing Biblically sound retirement resources for pastors.

Two years later, in April 1994, Art founded Timothy Plan, named after two verses in I Timothy that Art’s wife Bonnie thought best defined the fund’s purpose:

5:8:  But if anyone does not provide for his own, and especially for those of his household, he has denied the faith and is worse than an unbeliever.

22:  Do not lay hands suddenly on anyone, and do not partake of other men’s sins.  Keep yourself pure.

Biblically Responsible Investing means putting money into stocks or mutual funds that do not profit from promoting or peddling sin.

In addition to the Timothy Plan, there are a variety of other BRI-centered investing firms.  More information can be found at the Christian Investment Forum.[2]

Nearly $16 trillion is invested in mutual funds.[3]  About 68 percent of that is held by Christians, as well as 41 percent of all money invested in securities.[4]

Imagine the impact on society if more people conscientiously put their money where their values are.

[1] Quoted in David McCullough, “The Wright Brothers” (New York: Simon & Schuster, 2015), p. 259.
[2] Christian Investment Forum website, About Us, at: https://christianinvestmentforum.org/about-us/members/
[3] 2015 Investment Company Fact Book, 55th Edition, Investment Company Institute, Washington, D.C. (www.ici.org)
[4] 2014 Religious Landscape Study, conducted June 4-Sept. 30, 2014. Pew Research Center (www.pewforum.org).

Robert Knight

 

Robert Knight is an author and Communications Advisor for Timothy Partners.  Some of this material was drawn from a curriculum from the Timothy Plan for family economics called “Stewardship:  God’s Plan for Financial Success.”

Written by Timothy Plan founder Art Ally, the 112-page workbook, which, along with brief video segments of a couple discussing their income and giving, offers a Gods-eye view of money, investing, giving and cultural impact.  Learn more at timothyplan.com.

 

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Join the Financial Guidance Counselor Program for Free!

For more great articles about teaching your children how to manage their money and more homeschooling information be sure to check out the Teach Them Diligently Blog.

 

Sign up for the Teach Them Diligently newsletter to receive more great articles!

Read our Blog, join TTD365, follow on Facebook and Instagram, and sign up to attend one of our homeschool events!

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In our modern world, it’s all too easy to fall into debt and then further into debt.

We’re bombarded daily by advertising that makes us want more of whatever it is they’re selling. The world tells us to “go for the gusto” regardless of affordability, because, well, we’re entitled to it.

The lure of debt is an ages-old problem.  William Shakespeare and Benjamin Franklin had some acute observations about it:

“Neither a borrower, nor a lender be; for loan oft loses both itself and friend. And borrowing dulls the edge of husbandry,” says the king’s loquacious but perceptive chief counselor, Polonius, in “Hamlet.”

Benjamin Franklin reminds those tempted to go into debt that, “Creditors have better memories than debtors.”

The Bible is full of warnings about living beyond one’s means. Proverbs 22:7 informs us that “the borrower is slave to the lender.”

In Romans 13:8, Paul admonishes, “Owe no one anything except to love one another, for he who loves another has fulfilled the law.”

Living Beyond Our Means

If we do find it necessary to borrow, we need a plan to pay it back sooner than the period of the loan.  Otherwise, we wind up paying far more than the original price.  The most striking example of this is the National Debt of the United States.

The USDebtclock.org, which tracks our rising debt at dizzying speed, was introduced on Feb. 20, 1989 by New York real estate magnate Seymour Durst.  The clock began by reporting a national debt of “only” $2.7 trillion.

By 1991, it was ticking up at $13,000 per second. In fact, it “began accumulating so fast that the last seven digits became totally illegible,” Time magazine reported.

The clock actually broke down in 1998 because its computers couldn’t handle the total of $5.5 trillion.  In 2008, a digit was added because the debt had grown to $10 trillion.  Over the next eight years, the nation’s debt grew to more than $20 trillion and today it is past $21.6 trillion.

Why is this important?  Because the government is living beyond its means, and we’re all paying interest on the debt, which compounds, creating more debt.  The debt for each individual taxpayer as of October 2018 now exceeds $216,000 and the total debt per family is upwards of $850,000.  Who will pay for all of this? Our children and grandchildren.

The Bible tells us that piling up debt on the next generations is a dereliction of duty.  In 2 Corinthians 12:14, the apostle Paul states: “For the children ought not to lay up for the parents, but the parents for the children.”  This doesn’t mean that children cannot assist their elders, especially as people live longer than ever.  It means that parents should provide for their children and not saddle them with debt.

The Lure of the Card

Personal credit card debt is out of control for many people.

The average American has a credit card balance of $6,375, up nearly 3 percent from last year, according an annual Experian study on the state of credit and debt in America,[1] as reported by CNBC.  Total credit card debt surpassed $1 trillion in 2017, according to the Federal Reserve.

“About one-third of America’s 44 million student loan debtors say they were late paying that bill at least once last year,” CNBC states. “And years of aggressive auto lending, particularly targeting subprime buyers, have led to a dramatic increase in delinquencies and repossessions.”

God’s Economy v. the World’s

Problems with debt begin in the human heart, Scripture informs us.

“Watch out! Be on your guard against all kinds of greed,” Jesus told a crowd. “Life does not consist in an abundance of possessions.” (Luke 12:15 NIV)

Author Randy Alcorn notes that wanting more material goods can mire us in a lifestyle that contrasts with a forward-looking, eternal outlook in which trusting God and giving back to Him is more important.  In God’s economy, giving is the coin of the realm, not getting.

Debt keeps us from giving our best to our Creator.

“How can we be fully free to serve God when we’re indebted to human creditors?” Timothy Plan founder Art Ally asks in his course “Stewardship: God’s Plan for Financial Success.”

Instead of striving for ever more worldly acquisitions, we benefit much more from following the advice of Jesus, who said, “But seek first His kingdom, and His righteousness, and all these things will be given to you as well. (Matthew 6:33 NKJV)

It comes down to trusting God to provide rather than chasing the empty promises of the world.

Parents and grandparents need to take this to heart and teach children about the use and misuse of money – especially the temptations and dangers of indebtedness.

[1] Jessica Dickler, “Credit card debt hits a record high. It’s time to make a payoff plan,” CNBC, January 23, 2018, at: “https://www.cnbc.com/2018/01/23/credit-card-debt-hits-record-high.html.

 

Robert Knight

 

Robert Knight is an author and Communications Advisor for Timothy Partners.  Some of this material was drawn from a curriculum from the Timothy Plan for family economics called “Stewardship:  God’s Plan for Financial Success.”

Written by Timothy Plan founder Art Ally, the 112-page workbook, which, along with brief video segments of a couple discussing their income and giving, offers a Gods-eye view of money, investing, giving and cultural impact.  Learn more at timothyplan.com.

 

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Join the Financial Guidance Counselor Program for Free!

For more great articles about teaching your children how to manage their money and more homeschooling information be sure to check out the Teach Them Diligently Blog.

 

Sign up for the Teach Them Diligently newsletter to receive more great articles!

Read our Blog, join TTD365, follow on Facebook and Instagram, and sign up to attend one of our homeschool events!

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The Power of Giving

Give Until It Hurts

“Give until it hurts” might describe most of us if we think of giving as an obligation instead of a privilege.

The secret to effective giving is understanding ownership.  If we think that everything we have is ours, and that anything we give is evidence of our magnificent generosity, then we tend to be stingy as we pat ourselves on the back.  That’s human nature.

On the other hand, giving can be joyful when we recognize that God owns everything and that we are stewards of his bounty.

“Indeed, heaven and the highest heavens belong to the Lord your God, also the earth with all that is in it,” states Deuteronomy 10:14.

Likewise, Psalm 89:11 proclaims: “The heavens are Yours, the earth also is Yours; The world and all its fullness, You have founded them.”

The Bible contains many other verses along these lines, including the famous phrasing in Psalm 50:10 about the Lord owning “the cattle on a thousand hills.”

The Meaning of Stewardship

So where does this leave us? In a very good place. We are highly privileged stewards of God’s mighty creation and everything that comes from it, including the products of our own time and labor.

As stewards, we work best with an attitude of gratitude.  Knowing that we cannot accomplish anything without God’s help tempers our tendency to cry, “It’s mine!” which begins as soon as we can speak our first words.

One of the most important lessons to convey to children is the power of generosity.  Forced sharing is not enough; they need to feel the joy that comes from giving to others.  The same goes for giving back to God.  None of this comes easily, given our tendency to cling to “what’s ours.”  Praise for acts of generosity can go a long way to reinforce the notion that it really is better to give than to receive.

Some Revealing Statistics

According to nonprofitsource.com, Christians give 2.5% of income, which is less than during the Great Depression, when giving was 3.3%.[1]

Here are some other interesting stats:

  • Only 3 to 5% of Americans who give to their local church do so through regular tithing.
  • When surveyed, 17% of Americans state that they regularly tithe.
  • For families making $75k+, 1% of them gave at least 10% in tithing.
  • The average giving by adults who attend U.S. Protestant churches is about $17 a week.
  • 37% of regular church attendees and Evangelicals don’t give money to church.[2]

One study showed that American households with incomes under $10,000 gave 2.3% of their income to religious organizations, whereas those earning more than $70,000 gave religious organizations 1.2%.[3]

The more we earn, it seems, the more we take credit.  But God wants us to give, and give generously.

Exodus 23:15 states: “No one is to appear before me empty handed.”

Although the Bible is clear about the value of tithing, that is, giving 10 percent of one’s income, it’s just the beginning.

“A tithe of everything from the land, whether grain from the soil or fruit from the trees, belongs to the Lord; it is holy to the Lord.” (Leviticus 27:30)

As Biblically Responsible Investing pioneer Art Ally writes, “Tithing begins as a duty, but can become a delight, leading to joyful voluntary giving.”[4]

In Proverbs 3:9, we’re told to “honor the Lord with your wealth, with the first-fruits of all your crops.”

Giving beyond that is encouraged: “All…who were willing brought to the Lord freewill offerings” above and beyond the first fruits.

God Gives Back, but Beware the ‘Prosperity Gospel’

Often, we hear about people who thought they could not afford to tithe, given their financial situation, and how, after beginning to tithe, their financial picture brightened.

Some people find that the more they give, the more they get back.  R.G. LeTourneau, who made a fortune by inventing earth-moving machines, eventually was giving 90 percent of his income.  As he put it, “I shovel out the money, and God shovels it back. But God has a bigger shovel.”[5]

God honors our sacrifices, and not always in the ways we expect.  It’s a mistake to think that if we give a certain amount, we will get back a certain amount, with heavenly interest.  Even though that often happens, we must avoid the cold, transactional formula best known as the “prosperity gospel,” which boils down to giving more so we can be richer ourselves.

There is nothing particularly Godly about being rich or poor. When Jesus blesses whose who are “poor in spirit,” He means that those people know they depend wholly on God and are not fooled by the materialism sold to us by this world.  They don’t think better of themselves than they should.

There is one major advantage, however, to having more money beyond the amount necessary to meet our needs; we can give more to help the poor, advance the Kingdom and make this a better world.

[1] Nonprofitsource.com, at: https://nonprofitssource.com/online-giving-statistics/
[2] Ibid.
[3] Cited in “Christianity Today,” December 5, 2008, and in Art Ally, “Stewardship: God’s Plan for Financial Success,” (Maitland, Florida: Timothy Partners, Inc., 2017), p. 83.
[4] Ibid, p. 78.
[5] Ibid, p. 85.

Robert Knight

 

Robert Knight is an author and Communications Advisor for Timothy Partners.  Some of this material was drawn from a curriculum from the Timothy Plan for family economics called “Stewardship:  God’s Plan for Financial Success.”

Written by Timothy Plan founder Art Ally, the 112-page workbook, which, along with brief video segments of a couple discussing their income and giving, offers a Gods-eye view of money, investing, giving and cultural impact.  Learn more at timothyplan.com.

 

financial-guidance-counselor

Join the Financial Guidance Counselor Program for Free!

For more great articles about teaching your children how to manage their money and more homeschooling information be sure to check out the Teach Them Diligently Blog.

 

Sign up for the Teach Them Diligently newsletter to receive more great articles!

Read our Blog, join TTD365, follow on Facebook and Instagram, and sign up to attend one of our homeschool events!

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Start Young Accounts encourage responsible saving and spending—all at a pace parents set.   These digital accounts give kids of all ages the hands-on features of adult banking, but with safeguards and limits that parents control.

Kids accounts that keep them accountable to you!
  • No maintenance fees or minimum balances
  • Digital banking for kids 0-17
  • Parental controls monitor account access and limit spending
  • Created by ECCU, the trusted source for stewardship development

 

Accounts also come with a Start Young Visa® Debit Card—complete with spending controls to help you safely teach your kids about using money in a digital world.

 

Discover Youth Accounts that You Control
Start Young Accounts help your kids learn how to save, spend
and grow their money—using practical skills based on biblical values.
 

Learn More Now!

 

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ECCU 955 West Imperial Hwy, Ste. 100 Brea, CA 92821
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Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration (NCUA), a U.S. Government Agency.

 

Click the image and join the Financial Guidance Counselor Program for Free!

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And make your plans to join us at Teach Them Diligently Conventions this spring because we’ll have a special track of sessions that are all about finances, money savings, and financial education.

 

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For more great articles about teaching your children how to manage their money and more homeschooling information be sure to check out the Teach Them Diligently Blog.

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Originally aired as a Facebook Live, this video will give you some great insights and ideas for how to teach your children to succeed financially. Linda Carlson and Vere Reynolds from Evangelical Christian Credit Union are part of the Homeschool Financial Counselor Team here at Teach Them Diligently, and they share some incredibly helpful ideas for preparing your children to be financially prepared as they get older.

 

Giving Teens the Freedom (and Guidance) to Succeed Financially

VIDEO:  Giving Teens the Freedom (and Guidance) to Succeed Financially

In this conversation, Linda and Vere cover the following topics:

  • How to Help them Build a budget
  • How to Help them Prioritize spending
  • How to Help them Gather their tools  (Understand the Basics of Opening and Managing a Bank Account)
  • How to Help them Plan Ahead
  • How To Help Them Get familiar with Credit

 

Sign up for the FREE Homeschool Financial Counselor Program to make sure you don’t miss any additional helpful content about teaching your children how to handle their finances.

Check out some of the other articles that have been published as part of the homeschool financial counselor program.

Learn more about the ECCU Start Young Program and how that tool can be invaluable to your family as you teach your children solid financial principles.

Linda Carlson also did an interview with Leslie about Teaching Your Children about Money. Check that out here.

 

Evangelical Christian Credit Union (ECCU) stands with homeschooling families with offers and resources that are specifically designed to benefit your unique lifestyle. 

 

Make your plans to join us at Teach Them Diligently Conventions this spring because we’ll have a special track of sessions that are all about finances, money savings, and financial education.

 

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“Children are a heritage from the Lord, offspring a reward from him.” Psalm 127:3

Children are indeed a gift from the Lord. To offset some of the financial costs of raising them, the new tax law may be able to help. Enacted at the end of 2017 this law provides a great tax benefit to many homeschool families. Below I highlight the change in the law from 2017 to 2018 and three ways you can utilize the potential tax savings.

Law in 2017

In 2017, the child tax credit let you reduce your federal income tax bill by up to $1,000 for each qualifying child under the age of 17 you claim as a dependent. The child must be your daughter, son, foster child or adopted child but can also be a grandchild or descendant of one of your siblings. You were able to claim an exemption of $4,050 per person and the standard deduction was $12,700.

The income limit for married people filing a joint return was $110,000 of modified adjusted gross income. If you made less, you would receive the full credit. If you made more, the credit would begin to phase out by $50 less in credit for every $1k over the $110,000.

Example:

Joe and Rhonda have five children. Their modified adjusted gross income (MAGI) is $120,000. They have $17,000 of deductions and $28,350 (7 people x $4050) of exemptions dropping their taxable income to $74,650. They owe $14,401 of federal tax. Since they are over the $110,000 MAGI limit, their child tax credit is phased down to $500/child for a total credit of $2500 dropping their federal tax bill to $11,901.

Law in 2018

The new law increased the child tax credit to $2,000 for each qualifying child, eliminated personal exemptions, increased the standard deduction for married filing jointly to $24,000, lowered the tax brackets for some and increased the income threshold to receive full benefit of the credit from $110k to $400k.

Let’s look at how Joe and Rhonda would do under the new law.

Example:

Let’s assume Joe and Rhonda make the same modified adjusted gross income in 2018 ($120,000). They now get the standard deduction of $24,000 but lose the personal exemptions which makes their taxable income $96,000 ($120,000-$24,000). They will owe $12,999 before applying the tax credit. Since they have 5 children, they pick up an additional $10,000 child tax credit (5 X $2000) which drops their federal tax bill to $2,999! This equates to $8,902 less in tax paid!

Three Ways to Utilize Tax Savings

  1. Build your emergency fund. Having 3-6 months of living expenses in a savings account is crucial for a solid financial foundation.
  2. Pay down debt. Use these savings to pay off/down credit cards, student loans, auto loans or your mortgage.
  3. Fund a Roth IRA/Convert IRA dollars to Roth. Roth IRA provides tax-free growth and if withdrawn after 59.5 it can all be withdrawn tax-free. Plus, Roth principal is available penalty-free for withdrawal. Withdrawal of earnings before 59.5 would be subject to a 10% penalty.

Conclusion

Depending on the specific situation the new child tax credit can provide a great opportunity to save, pay down debt or give more to God’s Kingdom!

 

Authored by Michael Pemberton, Certified Kingdom Advisor®, RICP®, Financial Advisor, of Strategic Stewardship.

The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra Investment Services, LLC.  This is for general information only and is not intended to provide specific investment advice or recommendations for any individual.  It is suggested that you consult your financial professional, attorney, or tax advisor with regard to your individual situation.

 

Join the Financial Guidance Counselor Program for Free!

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And make your plans to join us at Teach Them Diligently Conventions this spring because we’ll have a special track of sessions that are all about finances, money savings, and financial education.

 

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For more great articles about teaching your children how to manage their money and more homeschooling information be sure to check out the Teach Them Diligently Blog.

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Teaching Kids to Use a Debit Card, can Really Pay Off

As Parents, we would never toss our car keys to our teenagers without first teaching them to drive. In fact, we begin explaining the rules of the road to our buckled bundles of joy as soon as we start shuttling them between their countless events. It’s a natural way to ease them into an important skill they’ll need later.

So, why would we send them out into the adult financial world without training them how to manage a debit card? Before they are inevitably bombarded to open a credit card, we can drive home the benefits and consequences of credit, but use a similar and safer alternative learning tool—a youth debit card.

A debit card can be a great way for kids to gain practical experience with digital money management while they are still under your guidance and protection.

They Get Card Experience—You Stay in Control

Kids can miss the fact that swiping a little plastic card equates to spending real money. Having their own debit card and account helps them understand the cost of each swipe. Your kids can see how fast money actually disappears on small things, and we can monitor and motivate our kids to make better financial decisions.

Practice Makes Perfect (sense)

What better time for kids to make spending mistakes than when you can monitor their activity and correct any unhealthy financial habits. When they use a debit card, you can track their spending activity from anywhere and then later discuss and re-direct their spending. And, when they do make a financial mistake, and you’ve set a spending limit, it’s the perfect learning opportunity!

Spending Safely   

Carrying around a lot of cash has risks. If your teen’s wallet is stolen, you won’t be able to recoup the lost cash. Debit cards are safer, as they protect your child’s money with a security code, and they are subject to spending limits that you can control.

Cashless Convenience

No more handing out cash or worrying that they have enough for last-minute events. You can transfer money into their debit card account in seconds with a digital app, no matter where you are. Plus, it gives them the ability to not only use the card, but to get cash from an ATM while they are out.

The Credit They Deserve

Using a debit card won’t help with their credit report, but teaching kids to use a debit card responsibly is the first step toward building a good credit score later. If kids can keep debit card spending managed properly, that will affect their credit card habits later and help them establish a strong credit score.

If you’re looking for a youth debit card with all of these features and no maintenance fees, check out the Start Young Visa® Debit Card, the debit card that safely helps you prepare your teens (and even younger children) for the world of digital banking. The card is included with every Start Young Saving and Spending Account from Evangelical Christian Credit Union, the trusted source for Christian financial training.

Evangelical Christian Credit Union (ECCU) stands with homeschooling families with offers and resources that are specifically designed to benefit your unique lifestyle. 

 

Click the image and join the Financial Guidance Counselor Program for Free!

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And make your plans to join us at Teach Them Diligently Conventions this spring because we’ll have a special track of sessions that are all about finances, money savings, and financial education.

 

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For more great articles about teaching your children how to manage their money and more homeschooling information be sure to check out the Teach Them Diligently Blog.

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About David and Leslie Nunnery

Leslie Nunnery and her husband David founded Teach Them Diligently, the nation’s premier source for gospel-centered homeschool events. With seven years of homeschooling experience from preschool-high school and a passion to encourage and equip homeschool families, this mom of 4 shares her know-how and insights weekly through Teach Them Diligently media and on TeachThemDiligently365.com.

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