Connecting Math To The Real World latest 2023

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Home School Your Teen to Financial Success

Can you imagine a scenario where your child is in their mid-thirties and still buried in student debt? This is a reality for many parents. By including financial literacy in your homeschool curriculum, you will be instrumental in providing a brighter future for your child.

Talking to parents who are homeschooling their children, most understand the importance of teaching practical money matters. Unfortunately, many parents don’t know where to start. They have never received practical financial education in school and there is a dearth of home financial education programs on the market.

If you are not currently homeschooling your children, you should when it comes to the subject of financial literacy! Financial literacy is not taught in most public high schools and, according to recent surveys, more than 70% of young adults consider their parents to be the main source of financial education.

The school curriculum focuses almost exclusively on the subjects necessary for young adults to be accepted into college. It is important though; equally important is the need to be financially prepared when entering a college campus. As they arrive on many college campuses, credit card companies are offering free gifts to any student who signs up for a student credit card.

To ensure your homeschooled child is prepared for the real financial world when they head off to college, here are some simple steps that will help you feel confident that they can handle the temptation of easy credit and achieve financial success.

1. Connect money to lifestyle. Most young people are not motivated by having a big bank account. It’s what money brings to them that encourages them to learn money management skills. These are the experiences they want to have, the places they want to travel, the people they want to help and get the toys they crave.

Find out what your child wants, what he dreams of and make the connection with money. It’s a great homeschooling exercise that allows you to connect with your child on a deeper level while teaching them a valuable skill.

2. Develop a savings plan. Give your child a head start by developing a savings plan. As part of your home study program, have them manage their own finances and create a work budget. If your child still lives at home, require him to save at least forty percent of the money he earns or be good at long-term saving. This will not only help them build a nest egg, but will also help them develop a good habit of saving.

An essential element to include in your homeschool budgeting plan is to help them understand the difference between a “need” and a “want.” Wanting a $5 cup of coffee every day is over $1,800 a year. These essential homeschooling lessons will help counter the years of “buy, buy, buy” advertisements they are exposed to.

3. Open accounts. To get your child involved in a real-world home school activity that will prepare them for the future, ask them to open their savings account and checking account. Your child will need them anyway, so why not start them early. Also, you will find that the longer the relationship they have with a bank, the more benefits they will receive.

Their student checking account is the center of their finances. It is suggested that they open two student savings accounts. One for long term savings and another student savings account for the fun things they want to experience. The long-term student savings account will provide them with financial security while the playful student savings account will allow them to live life to the full right now.

4. Invest early and regularly. When homeschooling your child, one of the most important math lessons you can teach is the power of “compound interest.” This allows your child to earn money on the initial investment plus any money the investment has already earned.

In your home math program, show them how quickly a small investment can add up. An investment of just $80 made each month could mean over a million dollars in their account when they are in their 50s. Homeschooling your child with these practical financial lessons will give them an edge that most people won’t have.

Financial education should be a central part of your teen’s homeschooling program. With a practical financial education, they will avoid the most common financial mistakes, be able to enjoy life better, and be on the right path to secure their financial future.

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