While Father’s Day brings extra attention and honor to dads, I think one of the best ways to win the respect of your kids is to be a financial role model and advisor. Jesus taught about finance more than heaven, hell, and prayer combined. About half of his parables concern the use of money. The Apostle Paul also had much to say on the subject, citing “the love of money is the root of all kinds of evil.” (1 Timothy 6:10)

Jesus taught about finance more than heaven, hell, and prayer combined.

Fathers have a divine mandate to teach their children the life lessons that lead to success and human flourishing. Make no mistake, by life and lip, your kids are learning the financial values you live out on a daily basis. Discuss with your kids what the Bible teaches about money. According to a 2018 survey by T. Rowe Price, “Young adults who discuss money with their parents are more likely to have a budget, savings, and an emergency fund, than those who did not.”

If you don’t know where to start, here are three fundamental principles to teach and live out yourself, followed by some practical tips to reach iGen youth:

1. The principle of work.

Parents that give their kids money without requiring them to earn it are making a huge mistake. Certainly, there are times for gifts, but you need to instill a biblical work ethic in your children. The New Testament teaching on money assumes it is something earned. Both Jesus and Paul were craftsmen who supported themselves by working as carpenter and tent-maker, respectively.

Many parents use allowance—paying a set amount of money for completing chores—to teach a fundamental connection between work and money: Work = Get Paid. Don’t Work = Don’t Get Paid. Such chores may include taking out the trash, cleaning their room, or mowing the lawn.

Obviously, these tasks must be age-appropriate; your five-year-old may not be ready to operate a chainsaw. And don’t give your children too much. It’s your job to teach them the value of work and the joy of earning.

2. The principle of contentment.

The Bible sets forth contentment as a way to a happy and meaningful life. Being satisfied with what you earn and possess reflects the balance between having too much and too little.

“Give me neither poverty nor riches! Give me just enough to satisfy my needs. For if I grow rich, I may deny you and say, ‘Who is the LORD?’ And if I am too poor, I may steal and thus insult God’s holy name.” (Proverbs 30:8-9 NLT)

The New Testament teaches that “godliness with contentment is great gain.” We want our children to learn that money is a tool to meet tangible needs, not a goal in itself.

It’s your job to teach them the value of work and the joy of earning.

3. The principle of stewardship.

Most importantly, stewardship is the first financial lesson your children need to learn. Biblical stewardship is based on the truth that God owns everything, including you. All we are and have belongs to him, and from him we receive the ability and opportunity to gain wealth. (Deuteronomy 8:18)

The Lord expects us to honor him with our finances. You do your children a disservice by failing to teach them to give back to the Lord (cf. Proverbs 3:9-10). There is no better way to protect your children from bondage to materialism than by teaching and exemplifying biblical stewardship.

Teaching the smartphone generation

To help you become an effective financial advisor to your kids, consider visiting the app store. While technology has often proved a hindrance in raising kids, here is where it can be your helper. Julie Jargon of The Wall Street Journal says, “Putting stickers on chore charts and dropping coins in a piggy bank don’t cut it with the smart phone generation.”

Children can now check off chores, receive payments, monitor spending, and track savings right on their phone or PCs with apps such as Greenlight, Gohenry, and RoosterMoney. Parents are able to set limits, select where purchases can (and cannot) be made, and receive alerts for non-approved expenditures.

Parents have discovered that these tools open the door to meaningful conversations at home and can make financial concepts tangible, not just theoretical. They also encourage discussions about making responsible financial choices.

These apps can be a great way to teach biblical principles of finance to your kids. They make it easy to connect a job well done with a financial reward or set a goal and save for it (instead of making impulse purchases). For example, one young person tracked his savings in order to pay for his car insurance. Another was encouraged to save for certain veterinary expenses.

Continue your own education

If you need to get your own financial house in order, perhaps the best thing you can do is attend Dave Ramsey’s Financial Peace University. (Faith Family Church will be offering an FPU class starting in September—you can register here.)

Over the course of nine weeks, it will teach you how to handle money God’s ways and give you an action plan to get on track. In fact, it’s common to see teenagers attend FPU with their parents so they can learn these principles as well.

Moreover, when you register for FPU, you get access to Smart Money Smart Kids, a 6-week online course to help you teach your children how to make wise financial decisions.

So, perhaps this Father’s Day, as you receive honor from your children, return the favor by discussing these things and possibly initiating a new system for their allowance. In the long run, they’ll not only learn to be more financially responsible, but also more grateful for your influence in their life. Happy Father’s Day!