Financial Literacy: Homeschool Graduate Shares Why It Is SO Important
Financial Literacy: Homeschool Graduate Shares Why It Is SO Important
Adaptable, NO-busywork Ebook Curriculum from 20+year Veteran Homeschool Moms
Here are 3 ways to develop financial skills for homeschool high schoolers.
Just like anybody, your homeschool high schoolers need to be skilled in financial literacy. If they are well prepared to handle money and financial responsibilities, they won’t be as prone to falling into the errors of the past generations.
Here are 3 ways to develop those necessary financial skills for your homeschool high schoolers:
7Sisters’ Financial Literacy from a Christian Perspective helps you and your homeschooler hit each of those goals.
Designed to be truly interactive, this curriculum includes online assignments and family discussions as well as solid life-preparation skills. (My son found it to be one of his most useful high school courses.)
Here are the topics covered in Financial Literacy from Christian Perspective:
How Values Affect Goals
Financial Strategy for Achieving Goals
The Budget – Freedom within Safe Bounds
Income and Expenses
Keeping Your Spending on Track with Your Budget
The Time Value of Money
Simple and Compound Interest
Investments: Risks and Rewards
Revolving and Installment Loans
Benefits and Risks of Credit
Your Credit Report and Credit Score
Banks and Credit Unions
Bank Statements & Balancing Your Checkbook
Help for Choosing Your Career
Education and Career Opportunities
Payroll Deductions and Employee Benefits
Three Federal Income Tax Forms
Tax Returns: Experience with Each Form
Download the FREEBIES and Financial Literacy from a Christian Perspective and give your teen a great financial start!
Once upon a time (as all good stories begin), Sara’s 3rd son was just a year away from completing high school and was just itching to stretch his wings and leave the nest! Sara wanted to be sure said son was equipped to handle his finances wisely and not fall into the pitfalls befalling many young people first venturing out on their own.
(Nothing worse than falling into a pitfall befalling others!)
So what did she do? She called her friend Maureen, another homeschool mom (and Sara’s 1st son’s Consumer Math/Financial Literacy teacher from years before).
This, my friends, was the conception of what would become Financial Literacy from a Christian Perspective – a truly unique, interactive, life-skill-building, rich and FUN etext for high school students. (It’s available in our ebookstore for $34.99.)
“Maureen,” Sara asked, “What curriculum did you use?”
(Isn’t it wonderful when homeschoolers help one another out?)
Maureen gave her info and as many pointers as she could. Then Sara embarked on her first year of teaching Consumer Math/Financial Literacy at her local homeschool day school. Sara’s third son (and numerous other students) graduated that year with a good foundation for facing the realities of financial decision-making in their lives.
But the story doesn’t end there!
The class continued on each year at our local homeschool umbrella school (click here to see what other cooperative classes we’ve taught with success in our local community), and Sara found herself modifying the curriculum in various ways.
– First, the curriculum wasn’t from a Christian perspective, and since handling financial matters is such a big part of life (and God says SO much about it!), Sara began supplementing the curriculum with Christian principles.
– Then, Sara noted that the curriculum her class was using sometimes only lightly covered topics which she believed would be more beneficial to teens if covered a bit more in depth. She sought out resources that would shore up these weak spots for her students.
The years passed (as they always seem to do), and Sara continued teaching Consumer Math/Financial Literacy, making improvements and corrections to the course each year. One day, Sara looked at her curriculum and realized that her ‘changes’ had evolved into a course of her own with an exclusive focus on Financial Literacy!
The topics are the same as those in most Financial Literacy courses, but the angle of approach is quite different.
– First, God’s perspective is considered in every topic, from setting up a budget to understanding the principles of insurance to paying taxes.
– Next, as a homeschooling mom herself who understands how important it is to parents to be able to share their values with their children, Sara included numerous assignments asking students to discuss with their parents financial topics which might not otherwise come up in day to day life.
– Finally, realizing that this generation of students will turn to the internet to have their financial questions answered, Sara’s curriculum utilized reputable sites to reinforce financial literacy topics. Articles, videos, and interactive sites provide varied activities throughout each chapter.
With a ‘hat tip’ to the painstaking work of 7 Sisters’ editing team and a grateful prayer of thanks to the Lord for His unfailing faithfulness, 7 Sisters is pleased to offer to you Financial Literacy from a Christian Perspective.
(and we’ll all live financially-literate-ly ever after!)
What resources have you used thus far to help your teen become financially literate?
Here’s a free taste of Financial Literacy from a Christian Perspective – download “What’s the REAL Cost?” worksheet and answer key from the ebookstore as our gift to you!
High School is the time to start becoming financially literate. It’s not enough to know how to monitor your online bank account or write a check. Teens need to really learn about personal finances, and they need us to help them understand –
– What kinds of topics they should explore
– How to use tools that will help them explore these topics
– Ways to make sense of the often-conflicting information on the internet
– What wisdom God has provided for us in managing money
Young adults with monstrous mountains of debt…no parents want to see their children in that situation!
Learning about credit is one of the most important topics in Sara Hibbard Hayes’ mind when she teaches Financial Literacy to high school students. (A whole chapter is devoted to it in her new ebook text, Financial Literacy from a Christian Perspective.) Teens entering the adult world will have to establish a credit history and build a healthy credit score in order to achieve independence, rent or buy a home, purchase a car, apply to college or graduate school, or start a business. Understanding how to establish a credit history wisely is often overwhelming for young adults.
Consider these articles:
CNN busts 8 Myths about Credit Scores here, and I’d be surprised if there wasn’t at least ONE of these myth that you thought was accurate (I got caught on two of them when I read the article). How is a young adult with no personal experience with credit equipped to do better?
This Fox article offers suggestions for establishing credit history, but many of the behaviors they suggest CAN be dangerous for young adults who don’t know themselves well enough to recognize temptation to foolish spending. The advice is sound, but it’s only a piece of the puzzle teens need to make wise choices for themselves.
Or how about these dissenting opinions regarding whether or not credit card companies purposely target young and/or poorly educated people with high-interest account offers?
What do you think?
What are some of the best ways you’ve come up with to help your teens learn about personal finances?
We need financially literate teens; let’s share ways to help them become savvy about personal finance!
While it’s clear that traditional high school Consumer Math isn’t going to prepare our teens for life in the world of today (read this post if you’re not convinced of that), what’s not always clear in our minds is what SHOULD be included in a homeschool high school financial literacy curriculum.
There are lots of great pieces of the puzzle scattered around the internet (like getsmarteraboutmoney.ca), buried in books that would overwhelm a high school student, or learned from our own experience, but pulling together a wise framework for a comprehensive financial literacy course requires a lot of time and effort. Sara Hayes has done the work for us, and her high school financial literacy ebook text will be available in just two more weeks here at 7Sisters.
Sara didn’t go to college for business and finance; she didn’t apprentice under money gurus in a bank or investment firm somewhere. She did what homeschool moms do: she saw a need in her own kids’ education and she worked to find a way to meet that need.
You can find the story behind the creation of this new Financial Literacy curriculum here. For this post, we want to give you a peek at the curriculum itself, currently in the final stages of editing and due for release in January 31, 2015.
****NEWS FLASH: It’s HERE!
Financial Literacy from a Christian Perspective, downloadable etext for $34.99!****
Included in this friendly-toned, interactive curriculum will be:
– Terminology and Vocabulary for understanding financial matters
– An extensive set of links to internet-based tools for learning and money management
– A Biblical foundation for wise stewardship
– A look at the time value of money
– A look at the impact of values on personal finance
– Tools for personal evaluation, goal-setting and review
– Strategies for record-keeping
– The wise use of credit, types of credit, the importance of the credit score, and avoiding the pitfalls of credit misuse
– Clear explanations of pay, benefits and deductions and the use of debit cards
– Explanation of the various types of financial institutions and the pros and cons associated with each
– Tools for recognizing threats and fraud, and ways to safeguard personal accounts
– Explanation of all common types of insurance with practical scenarios
– Tools for Career Exploration and the evaluation of the school costs associated
– Charts and video for visual and auditory learners
and much more!
****NEWS FLASH: It’s HERE!
Financial Literacy from a Christian Perspective, downloadable etext for $34.99!****
Consumer Math used to be almost a throw-away course. It’s what we decided to cover for a non-college-bound teen, a kid who needed one more Math credit on the homeschool transcript. It was supposed to be easy-peasy, mostly obvious stuff, with a few amortization tables thrown in and some practice keeping a checkbook. I am a bit red-faced to admit that this is pretty much all I provided for my four homeschooled kids in high school, and now that the youngest has graduated, I wish I had understood sooner that homeschool consumer math often misses the mark.
A simple definition of Consumer Math is this: the set of practical arithmetic and other math skills used in commerce and daily life.
Financial Literacy is what our kids need.
(For more on the difference between the two, you can read The Difference Between Consumer Math and Financial Literacy here.)
As we have been finalizing Sara Hayes’ new ebook text for High School Financial Literacy here at 7Sisters, I’ve been facing the hard truth that I left a big gap in my kids’ learning in high school. I’m thankful that they are all still somewhat open to my guidance even now that they are young adults, and I hope to take some of the new things I’m learning about Financial Literacy and fill in some of that gap.
An international study by the OECD yielded this sobering observation:
“Developing financial literacy skills and knowledge is critical now that individuals are becoming increasingly responsible at an ever earlier age for financial risks affecting their future…” (OECD Secretary-General Angel Gurría)
I, for one, had not thought of it quite that way before, but the Secretary-General is right.
– The internet has changed the world forever.
– The advances in technology and gadgets have done away with the idea that a teen is saving up only to try to buy a car (’cause he also needs a smart phone, a tablet…).
– Money is physically handled differently than it was even 10 years ago (plastic doesn’t mean what it did when I was a teen).
– The opportunities for debt are so readily available.
– The impact of social media on credit reports is not an urban legend.
– The constant bombardment of the media has led to an epidemic of “affluenza” in our young people,
– and on and on!
Instead of simply knowing how to track the flow of money in and out of her checking and savings accounts, how to plan for major purchases and budget for day-to-day expenses, our daughters now need to have a much broader base of literacy in regards to financial matters.
Instead of just practice accurately reading interest tables and amortization schedules, our sons now need a whole vocabulary to make sense of the financial world; they need a way to discern what is a reputable source of information and what is a scam instead.
I am sad that homeschool consumer math missed the mark with my own kids.
I spent an uncomfortable evening with one of my grown children a few months back re-vamping the budgeting strategy that wasn’t quite cutting it, helping that child deal with a hefty piece of humble pie even as I choked it down myself. Since that night, our conversation has been much more often focused on looking into expanding our true financial literacy (yep, I’m learning a bunch of new stuff right alongside my kids!).
I’ll be sharing about our adventure from time to time here on the blog. If sharing honestly about my mistakes can help someone else whose kids are a bit younger than mine, I will be so happy! God has a way of redeeming our messes. He’s cool like that.
Want to see what Sara’s Financial Literacy Curriculum is all about? Click to learn more!
Financial Literacy is worth so much more than simple Consumer Math. In high school, our students need a Consumer Math credit, but we offer them rich life skills when we go beyond that basic requirement and equip our teens with Financial Literacy. Here’s help for understanding the difference between Consumer Math and Financial Literacy.
The difference between Consumer Math and Financial Literacy is this:
Consumer Math is the study of practical mathematical techniques that are used in commerce and normal, daily life.
Financial Literacy is a course of study that equips students to use those same consumer math techniques, but also:
$ – equips them to understand the implications of attitudes toward money,
$ – teaches the vocabulary necessary to understand finance in the news,
$ – teaches them to observe and evaluate the use of money in the world,
$ – and encourages them to explore a variety of ways to make money, to invest money, to give money away, to save money, and to wisely spend money.
A Consumer Math credit teaches a student to understand an amortization schedule for a loan.
Financial Literacy prepares a student to decide when taking out a loan is a worthwhile risk and when it is simply foolish.
A Consumer Math credit teaches a student how to compare and take advantage of sale prices at a retail store.
Financial Literacy prepares a student to understand how the strategies used to set prices can also be employed by an individual in an entrepreneurial endeavor.
A Consumer Math credit explains, “This is HOW money works in this situation.”
Financial Literacy starts by explaining how money works in a situation and then goes on to reveal much more. “This is WHY money works that way, and you can apply that understanding to all sorts of life scenarios for greater financial success!”
7Sister Sara Hibbard Hayes is delighted to make Financial Literacy from a Christian Perpective available for $34.99 in our ebookstore!
Her reason for taking on the daunting task of creating this curriculum? She says,
“As your children graduate high school and move on to college and ‘real life’, you (and they) will be thankful if they have learned the difference between needs and wants, and how to master their money, rather than being mastered by it.”
While Consumer Math is important, Financial Literacy offers so much more.
Also, be sure to check out the many FREE resources available for download in the EBookstore. Making use of good FREE materials is a financially literate choice!
If you are a family who celebrates Christmas with (among other things) an exchange of gifts, how can you teach wisdom and financial literacy to your children in the process?
1. Practice wise decision-making.
Actions speak louder than words; if your children see you shrug and overspend, or agonize when credit card bills come in after Christmas is over, they will not learn the lessons you hope to teach them. They will be likely to follow your poor example when they are adults. Take the time to make a comprehensive Christmas gift list for all the people you plan to bless. Set a budget. Divide the available money up wisely among the folks on your list. Spend what you have, not what you wish you had.
2. Give joyfully and fearlessly.
Once you are operating on a wise budget, don’t moan and groan about the cost of gifts. If you have planned wisely, then give cheerfully. It’s fun to give gifts!
3. Equip your kids to do the same.
If there are people to whom they will give gifts, discuss their options for paying for these gifts (must they save their allowance? complete extra chores to earn money? stay within the amount you give them?). Help them to set up a budget on paper. Then gently encourage them to hold themselves accountable to that budget.
4. Receive joyfully.
Don’t allow yourself to feel guilty for receiving gifts; they were given to you because someone WANTED to bless you with a present. Make a fuss — the good kind that says, “Oh, I love it! It’s such a beautiful color!” Don’t do the whole, “Oh, you shouldn’t have gotten me anything. It’s too expensive!” thing. Your kids should see that people really like the things they receive, even if those things did not come with an outrageous pricetag. If you are genuinely excited about what they gave you, they will learn to shop wisely in the future.
5. Talk to your kids openly about the dangers of buying on credit, even if you have to sheepishly admit to debt in your own family.
With older kids in particular (high school, for sure), you are teaching them something extremely important when you share with them your own struggles to keep a wise budget. Show them how many credit card applications arrive unsolicited in your mailbox in the season for Christmas shopping. Draw their attention to the fact that every cashier offers you an extra discount if you open an account right there and charge your purchases. Before they are 18 and begin receiving those applications in the mail with their own names on the envelope, let them know what a deadly trap debt becomes.
Ebenezer Scrooge is NOT the man to be at Christmas time, but his story is a GREAT one to read!
A Christmas Carol study guide is just $3.99 for a resource that enhances the learning without killing the enjoyment of the story!
Don’t forget: 7Sisters has a unique, interactive high school etext –
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On Fridays we link up to Lisa-Jo at www.thegypsymama.com for a 5-Minute Friday prompt word. 5-Minute Fridays are a chance to just let the words flow out…no over-thinking, no over-editing allowed! Write because words are awesome!
I like to add a challenge and try to connect Lisa-Jo’s prompt word (this week it’s TOGETHER) to the theme here on the 7 Sisters blog for the week. This week we looked at MATH and FINANCIAL LITERACY. Can I do it? Ready, set, go!
Okay, it’s only one book title, but it has 2 dads in it, and this book is a real eye-opener about our personal finances and the core philosophy flaws that many of us have about how to plan for financial stability and success.
I’m a big believer is having chores that my kids have to do simply because they are members of this family and residents in this house (personal responsibility and service, in other words), but also in giving them the opportunity (even when they are quite young) to do extra work that is NOT on their chore list to earn money for special things they’d like to buy or do. I think it models from the start that no one has to just GIVE them money; they need to work for it. Also maintaining a list of other expected chores, however, shows them that we don’t ALWAYS get paid for everything we do in life; some of it is just done out of personal responsibility to those around us.
I have enough trouble dealing with the math problems on the notebook page; I can’t bear to have a dull, smudgy pencil in the mix as well. A super-sharp point on the pencil creates a neat and tidy sum on the page, and somehow it’s less intimidating to me that way. (I know, I know….I have issues!)
When the explanation in our Math text just aren’t quite getting it for me, I think the internet is a great help. I can Google examples of problems, other math-savvy-people’s explanations, and if it’s REALLY bad, I can email a homeschool pal and say, “Help! I will gladly do something for you and your kids if you will explain this to me and my kid.”
Without the support of homeschooling in community with Math-savvy moms, teaching Math to my kids would have been overwhelming to me! I am mighty thankful for my friends who have helped me along the numbered way!