Can you please explain more about the envelope system?
In this short video (3:13), Ron continues a Virtual Feedback Loop series on training children to manage money. This week, Ron goes into detail about how to implement the envelope system for training children to manage money.
As always, Ron’s encouragement to you is to go back to God’s Word to restore your faith. Take a moment to consider the following Scriptures and meditate on their Truth and their application.
Ecclesiastes 7:11-12 (NKJV)
“Wisdom is good with an inheritance, and profitable to those who see the sun. For wisdom is a defense as money is a defense, but the excellence of knowledge is that wisdom gives life to those who have it.”
Proverbs 22:6 (NASB)
“Train up a child in the way he should go; even when he is old he will not depart from it.”
Philippians 4:17 (NKJV)
“Not that I seek the gift, but I seek the fruit that abounds to your account.”
1 Corinthians 16:2 (NKJV)
“On the first day of the week let each one of you lay something aside, storing up as he may prosper, that there be no collections when I come.”
1 Timothy 3:4 (NASB)
“He must be one who manages his own household well, keeping his children under control with all dignity.”
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Related Articles & Links:
Deborah Nayrocker answers, "Should I trust my teen with an allowance?"
Crown Financial gives age appropriate guidelines for training kids about money.
Steven B. Smith discusses "Envelope Budgeting in a Cashless Society."
Phil Downer discusses six questions you need to help your child answer about money.