Teaching the Homeschool Student to Manage Money
By Mimi Rothschild
It is easy to incorporate lessons about budgeting into a homeschool curriculum. Homeschool students have the opportunity every day to see how their families handle finances. Trips to the grocery store, a trip to the mall to get new shoes, and helping parents when they are paying utility bills are all things that afford homeschool students a chance to learn about handling money.
A great way for homeschool parents to teach their children lessons about money is to help them create their own budget. Parents can give their homeschool children allowances or give them opportunities to earn money by performing tasks around the house. Once homeschool students are earning money each week, parents can sit down with them to help them create a budget. The budget should reflect the needs and values of the homeschool family. Together, parents and homeschool students can decide how much of the children’s earnings should go toward savings, how much can be used for spending, and how much should be given to charity. Parents can take homeschool students to the bank to open their own savings and checking accounts. They can sit down together each month to reconcile the checkbooks.
Most teenagers have a need for instant gratification, and homeschool teenagers are no different. Working together on a budget is a great way to teach homeschool students the value of saving money. When there is an item that a homeschool student wants, parents should hold off on buying it for them. Instead, allow the homeschool child to put a little of his earnings aside each week until enough money has been saved to buy the desired item. There is no better way for homeschool parents to teach their children the value of a dollar than to have them work and save for what they want.
Another positive aspect of creating a budget is learning about charitable giving. Homeschool parents should discuss with their children the importance of giving to charities. Homeschool students should decide where the money they are donating should go. Homeschool children can look to their own interests and values to decide where to donate money. For instance, a homeschool student who loves animals may decide to donate to the local animal shelter. Homeschool parents can make a field trip out of bringing their children to see where their charitable contributions are going.
Parents who teach homeschool students how to manage their finances now are setting their children up for a future of making good choices about money. The homeschool child who has to save up for the things he wants is more likely to appreciate those things. These are important lessons that will stay with homeschool students for the rest of their lives.
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