My husband and I decided to homeschool our daughter a few months after she started kindergarten in the public school systems. There were several reasons I wanted to homeschool, however, we wanted her to get through a few years at the public school before we made our final decision. That didn’t work out as planned, we had several issues with the school she was going to and pulled her out three months after she started.
One thing that I as well as several other homeschoolers like, is the fact we decide what we teach our children. Some parents want to teach their children about the Bible and others want their child to know all about science and evolution. Although, we all have different teaching styles and teach different materials, one thing we all need to teach our children is Personal Finance.
MyJobChart.com is a great resource to help with teaching that one subject our children will need for the rest of their lives.
Gregg Murset, is the father of six children, a Certified Financial Planner and the Founder and CEO of the fastest growing website, MyJobChart.com, which teaches kids about work and money.
Below you will find some Personal Finance tips from Gregg Murset himself, that will help guide you in the right direction when it comes time to teach your children about Personal Finance.
My Job Chart Tips for Homeschoolers Teaching Personal Finance
While there are several programs on the market which can be purchased, if you have any knowledge of how financial principles work or can follow a program that can be download for free, you can guide your students through the maze of small print surrounding most money matters. To get you started, here are some suggestions anyone running a homeschool could implement right away to teach their children personal finance skills.
Make It Standout
While more states are having public schools teach personal finance as a topic inside another subject (often math or social studies), make personal finance a subject all its own. Especially in the upper grades, there are few subjects that will be used after graduation as much as personal finance. Show your kids the importance by blocking off time just for this one topic.
Start Them Young
Studies have shown that children already have some kind of understanding of money as early as 5 years old. While the lessons and tools would need to be simpler, don’t be afraid to teach young children about the value of money and how banks work. A field trip to a local bank would be a great way for an expert to give some insight and since online banking is growing, it might be a rare opportunity for your kids to see inside a bank.
Teach Them The Basics
Explain the basics of personal finance – budgeting, interest rates, difference between debit & credit cards, tricks of credit cards, why are banks and credit unions differ, credit scores, taxes, etc. Knowing the basics is the first step of being money smart, but also spend time on work ethic, responsibility, accountability and philanthropy. These topics are often overlooked in finance education but they can be a deciding factor when it comes to getting a job or not.
Make It Real
Put together a session plan that allows for a real-life scenario on personal finance, including getting a job, paying rent, buying objects and dealing with emergencies. Provide each child with a starting bank account, a choice of jobs (with salary), and family or no family. Allow them to make decisions on what to do with the funds based on certain situations that you put them in. Final grades are based on how successful the students are at saving, sharing and spending money wisely.
For other helpful resources on teaching Personal Finance make sure to check out Parenting Advice from Gregg Murset at kidsinthehouse.com
About Jammie Morey
I think I may want to homeschool but still deciding.