Resources
Teaching our children that money doesn’t grow on trees….it is obtained through hard work, and that
we are accountable….to God and our families….for what we do with it, is one of the most important,
life-lessons we can teach them. There are Biblical standards and practical applications that will help
prepare them to live on their own and position them to become financially responsible adults.
The following resources are earning/budgeting/money management tools designed to help you get
started. They should be customized to fit your specific family needs, dynamics, and your student.
Scripture References
The Money Game (Budgeting & Parent’s Corner)
One Dad’s Approach
Facts About Money and Youth
 Only 51% know how to write a check, and only 34% can balance a checkbook.
 73% of teens whose families discussed the importance of saving reported saving 25% or more of
their income.
 More than $2 billion a year is spent on advertising specifically aimed at your kids.
 According to the 2000 United States Census, the 39 million teens in the U.S. spend $158 billion per
year. That's a lot of iPods and Lucky jeans.
 The average college freshman starts college with an average credit card balance of $1,585.
 High school seniors could only answer 47% of financial literacy questions.
 Individuals between 18 -24 spend nearly 30% of their monthly income to pay back debt.
Scripture References
WELL, THE BIBLE SAYS...
Did you know that the Bible talks about money more than any other issue? And it is the one place where God
tells us to “test” Him. It must be awfully important then, right? Below are several scripture references that
you and student can study, pray over and memorize together.
Proverbs 6:6-8 — Go to the ant, sluggard; consider her ways and be wise; who having no guide, overseer, or
ruler, provides her food in the summer and gathers her food in the harvest.
Psalm 112:5 — It is well with the man who deals generously and lends, who conducts his affairs with justice.
Ecclesiastes 5:10 — Whoever loves money never has money enough; whoever loves wealth is never satisfied
with his income. This too is meaningless.
Philippians 4:11-13 — For I have learned to be content, whatever the circumstances may be. I know now
how to live when things are difficult and I know how to live when things are prosperous. In general and in
particular I have learned the secret of eating well or going hungry of facing either plenty of poverty. I am ready
for anything through the strength of the One who lives within me.
1 Timothy 6:7-10 — For we brought nothing into the world, and we can take nothing out of it.
But if we have food and clothing, we will be content with that. People who want to get rich fall into temptation
and a trap and into many foolish and harmful desires that plunge men into ruin and destruction. For the love of
money is a root of all kinds of evil. Some people, eager for money, have wandered from the faith and pierced
themselves with many griefs.
Proverbs 22:7 — The rich rules over the poor, and the borrower becomes the lender¹s slave.
Romans 13:8 — Owe nothing to anyone except to love one another; for he who loves his neighbor has
fulfilled the law.
Proverbs 13:11 — Dishonest money dwindles away, but he who gathers money little by little makes it grow.
Proverbs 13:11 — Dishonest money dwindles away, but he who gathers money little by little makes it grow.
Proverbs 3:9-10 — Honor the Lord from your wealth and from the first of all your produce; So your barns
will be filled with plenty and your vats will overflow with new wine.
Malachi 3:10 — Bring the whole tithe into the storehouse, so that there may be food in My house, and test Me
now in this, says the Lord of hosts, see if I will not open for you the windows of heaven and pour out for you a
blessing until it overflows.
The Money Game
PRACTICAL REAL-LIFE APPLICATIONS
This is a 30-day exercise where you and your student will work through real-life situations. It will begin the process of teaching your student about work ethic and financial responsibility, and give you an
opportunity to share your values on Money Management.
Rules of the Game
Print the following materials found in the back of this packet and use them to complete this project.
Budget Form (included in this package)
Fake Money Graphics: Click Here (for printable copies)
Create Fake Bills: Click Here (for printable copies)
Fake W2: Click Here (for printable copies)
Using the Budget Form
You and your student will begin by creating a budget based on of the numbers found in the
budgeting section.
Fake Money
This will be used as a physical representation of how income & expenses flow in from a paycheck and
out through the household bills. You will need to print $3,500 to cover your student’s budget for the
month.
Fake Bills
These will be used to represent household bills and expenses. NOTE: You may use your actual household bills & expenses if you prefer. However, in that scenario, the mortgage is predetermined so you
will use the money game mortgage.
Fake W2
Print this to teach your student what they are, what they look like, and to explain about deductions that
will come out of their check before they get it, such as Taxes, Insurance, Social Security, etc.
Ugh! That’s a lot of work!
Yes it is! It’s going to take a little effort on your part to prepare, but the knowledge your student will gain,
and the time working through the project together is WORTH IT! This will be exactly what you make it.
So read through these materials, get prepared, and have fun with your student!
The Budget
IT TAKES HOW MUCH
TO RUN A HOUSE!!?
Print the attached “Basic Quickie Budget Form” and plug in these numbers to see what your monthly
expenses will be. You will be paid $1750 every two weeks, which means your monthly income will be
$3500. It helps to see these numbers on paper. Remember, these are costs per month.
BUDGET NUMBERS
Tithe: $350
Mortgage: $1,000
Utilities: $300
Car Payment: $464
Gas: $250
Car Insurance: $125
Groceries: $300
Clothing: $50
Haircuts: $ 25
Gym Fees: 30
Cell Phone: $110
Entertainment: $250
Try This
Try using the Weekly budget to see if you can make your manager your payments so you have money leftover.
The Basic Quickie Budget (Instructions for 2-sided form)
This form will help you get your feet wet in the area of budgeting. It is only one page and
should not be intimidating as you get started. The purpose of this form is to show you exactly
how much money you need every month in order to survive. We won’t get into the details of
credit card bills, student loans, and other consumer debts here. This is just to give you a
starting point as you learn to take control of your money.
There are four columns on this form, as follows:
COLUMN 1: Monthly Total
 This column shows you how much you are spending on necessities each month.
 If you do not know the amount, write down your best estimate.
 If an estimate is grossly inaccurate, then you may have never even noticed how much you
were spending in that area before now. Don’t beat yourself up about this!
COLUMN 2: Payoff Total
 Write down how much money is required to completely pay off that item.
 This line only appears in the relevant categories (mortgage, car debt, etc.)
COLUMN 3: How Far Behind?
 If your account is past due in any category, write down how many days you are behind.
 If you are up-to-date, simply write a zero or “N/A” (not applicable) here.
COLUMN 4: Type of Account
 Write in how this area is paid—by check, automatic bank draft, cash, etc.
 Early in the FPU course, you will see the benefits of using cash for certain
items. Challenge
yourself by identifying categories for which you can use cash only.
 The asterisks ( * ) on the form indicate areas in which a cash-based approach could be
helpful.
The Basic Quickie Budget
Plug in the numbers from your monthly budget here.
Item
GIVING
SAVING
HOUSING
First Mortgage
Second Mortgage
Repairs/Monthly Fee
UTILITIES
Electricity
Water
Gas
Phone
Trash
Cable
*Food
TRANSPORTATION
Car Payment
Car Payment
*Gas & Oil
*Repairs & Tires
Car Insurance
*CLOTHING
PERSONAL
Disability Ins.
Health Insurance
Life Insurance
Child Care
*Entertainment
OTHER MISC.
Monthly
Total
Payoff
Total
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TOTAL MONTHLY NECESSITIES _______
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How Far Type of
Behind Account
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Parent’s Corner
REAL-LIFE EVENTS
Unexpected Events
During this time pay your student Fake Money in the Sum of $1750 every two weeks. Allow them to budget
the money to pay for the Fake Bills you create as well as the money for gas and other items. Their monthly
expenses total $3284, which leaves $54 a week or $216 at the end of the month. Problem solving can be
learned when something unexpected happens. Be sure to throw a few life-events in to see how they handle
them. Some examples are:
 Blown Tire $100
 Spontaneous Weekend Trip to Atlanta Braves Game with Friends: $500
 Any other real life events that cost $100-$500 dollars.
These situations give your student an opportunity to spend the money now or delay pleasure and budget for it.
Some may respond with get a credit card and pay it off the next month but that will not work. They have to
stay within the budget.
Debt
Debt is no good and as you see from the budgeting section the car payment is $464. That is the average car
payment in America. Take some time to teach your student the power of “NO DEBT” and what it can mean
for their retirement. Plug the car payment ($464) into this INVESTMENT CALCULATOR to see how much
that monthly payment will be worth in 40 years (starting amount of 0 averaging 10% per year which is very
doable). How is the car driving once you see that number? Explain that if they start investing when they are
18, by the time they are 58 they will be Millionaires with no Debt.
Future Work
Many students have a false sense of what they will earn when they get their job. If they would like to see they
average salary of their future job. Click Here put in the job you want to do with the zip code you live in.
Reward
Successful completion of the project opens the door for to discuss questions on money, college, and other
expensive topics. You’ll enjoy talking with each other on a more adult level, and planning for the future!
If your student does not have a checking account consider opening them an account with $25-$100 to allow
them to implement what they have learned.
One Dad’s Approach
WE REALLY DO LOVE YOU AND THIS IS
FOR YOUR OWN GOOD!
This is an example of how one New Vision family is teaching their teenagers the value of work, earning money
and making financially responsible decisions. Use this as a starting point to create a program that will work in
your home with your student.
The purpose of paying you to work:
1. We love you
2. We want you to learn important life lessons regarding money
Life lessons we are trying to teach:
1. You work to earn money
2. You save to buy things that costs more money than you have
3. It feels good to give, especially when you have worked for
the money
How you are expected to spend the money you earn (not
an all inclusive list):
1. Tithe 10%
2. Save (example is "car")
3. Spend (examples):
a. Gifts for friends (birthday and Christmas)
b. School related tee shirts/sweat shirts
c. Non-necessary clothes (your mother's discretion)
d. Entertainment items such as i-tunes, coffee, ice cream
Job
Wash and dry clothes
Fold clothes
Load dishes in dishwasher
wash pots and pans
Unload dishes and put away
Give Sidney a bath
Make bed and pick up room
Clean the upstairs bathroom
Vacuum upstairs
Vacuum downstairs
Dust upstairs
vacuum baseboards - downstairs
vacuum baseboards - upstairs
clean ceiling fans
polish hardwoods
Cook dinner
Car Agreement:
1. We will give you a sum of money for a car (TBD)
2. If you desire to spend more for a car, we will match the
amount you save (up to $TBD)
3. We reserve the right to approve of the type of car (it must be
safe!)
EXTRAS:
1. Money can be deducted for disrespectful behavior (back
talking, smart mouth, shoes left in kitchen, etc) at our discretion
2. We do not intend to be unreasonable and inflexible
3. Most of what you will be paid to do is normal chores that we
could make you do anyway
4. We really do LOVE you and believe this is for your own good
Frequency
$$$
each occurrence
each occurrence
as needed
as needed
as needed
each occurrence
daily
weekly
monthly
monthly
monthly
monthly
monthly
monthly
$2.00
$1.00
$2.00
$2.00
$2.00
$3.00
$2.00
$3.00
$2.00
$3.00
$2.00
$8.00
$5.00
$3.00
$4.00
$2.00