Homeschool Financial Literacy for Teens: An Authoritative Guide- help your teens prepare for a successful future.
Homeschool Financial Literacy for Teens: An Authoritative Guide
Many of us parents remember the financial crisis of 2008. That was a disastrous time in American history. Many people lost money and homes and did not have savings or financial plans to help them. It was in those days that 7Sister Sara decided she should share the course she had been teaching her teens and our local homeschool umbrella school.
That’s how Financial Literacy from a Christian Perspective was born! The generation of homeschool high schoolers who had the opportunity to take this course have been blessed to enter adulthood equipped to be good stewards of the resources God has given them. (Sara’s son, Luke, is now an entrepreneur. Here’s his story about Financial Literacy.)
First off, what is the difference between Consumer Math and Financial Literacy?
This is a logical question! Since the disasters of the 2008 recession, many states are requiring a Consumer Math credit for high school graduation. They want teens to be prepared to handle money wisely, so states want teens to cover the practical mathematical techniques that are used in daily life (for instance, budgeting and banking).
Financial Literacy goes beyond the Consumer Math. While it cover those Consumer Math topics, Fin Lit also equips teens to:
- Understand attitudes towards money
- Understand the vocabulary and strategies of planning for their financial future
- Understand the basics of using money: borrowing, investing, giving saving and spending
- Understand the basics of the monetary interactions between them and the government (taxes, for instance)
- Consumer Math is the study of practical mathematical techniques that are used in commerce and normal, daily life.
Financial Literacy for teens: How to get started
The first thing that teens need when learning about Financial Literacy is the “WHY”. Financial Literacy can sound boring or intimidating, so getting your teens’ buy-in will help a lot! (Let me tell you, though, 7Sisters Financial Literacy is not boring! That’s because it is interactive and pertinent to their lives.)
So, start off with sharing few blog posts that explain the benefit of learning Financial Literacy.
- Say “Yes” to the Dress? Why Should Homeschoolers Study Financial Literacy
- Sara explains to teens why they should learn to manage their money well.
- Homeschool Graduate Shares Why Financial Literacy is SO Important
- Another of Sara’s sons, Joel, shares his experiences with managing money using the skills he learned in Financial Literacy.
- Four Reasons to Study Financial Literacy
- A quick and concise, but convincing, list of reasons to learn to manage money.
- Listen to this episode on Financial Literacy for Teens on the Homeschool Highschool Podcast!
- Share a weekly infographic about Finances (and maybe have your homeschool high schoolers create some, too)
Download an engaging freebie: What’s the REAL Cost?
Your teens will discover the hidden costs to some things they may want or need to purchase. It is a quick lesson that really gets them thinking!
Use an interactive, thought-provoking, no-busywork curriculum
Of course, we suggest Financial Literacy from a Christian Perspective! But we know there’s not ONE right way to homeschool high school OR teach Financial Literacy. That’s why Sara shares some of her favorite curriculums in this post.
When we say our course is interactive, we mean it. I remember my son going through the course and looking up things online, developing his own budget, interviewing me about taxes, creating plans for his financial future and more. He is an adult now and continues to practice the excellent skills he gained in high school.
A good Financial Literacy course is understandable, useful and includes these features:
- Terminology and vocabulary for understanding finances
- Biblical foundations for wise stewardship
- A look at the time value of money
- A look at the impact of personal values on finances (along with tools for personal evaluation, goal-setting and review)
- Strategies for record keeping
- Instruction in the use of credit, credit scores and the pitfalls of the misuse of credit
- Clear explanations of pay, benefits and deductions
- Instruction on the use of debit cards
- Explanations of the various types of financial institutions (along with some pros and cons of each)
- Ways to recognize threat and fraud
- Ways to safeguard personal accounts
- Instruction on various types of insurance
- Basic tools for career exploration with costs of training or education
- Charts and videos for visual and auditory learners
7Sisters Financial Literacy course (like any good Fin Lit course) is comprehensive, including:
- Money – The Basics
- Setting Financial Goals
- How Values Affect Goals
- S.M.A.R.T Goals
- Financial Strategy for Achieving Goals
- Limited Resources
- The Budget – Freedom within Safe Bounds
- Income and Expenses
- Keeping Your Spending on Track with Your Budget
- Saving and Investing
- The Time Value of Money
- Simple and Compound Interest
- Investments: Risks and Rewards
- Revolving and Installment Loans
- Benefits and Risks of Credit
- Amortizing Loans
- Your Credit Report and Credit Score
- Financial Institutions and the Services They Provide
- Banks and Credit Unions
- Debit Cards
- Bank Statements & Balancing Your Checkbook
- Identity Theft
- Automobile Insurance
- Health Insurance
- Life Insurance
- Disability Insurance
- Renter’s/Homeowner’s Insurance
- Your Career
- Help for Choosing Your Career
- Education and Career Opportunities
- Payroll Deductions and Employee Benefits
- Christian Work Ethic
- Record Keeping
- Basic Income Tax Vocabulary
- Tax Preparation Exercises
7Sisters Financial Literacy has a unique interactive format that allows teens to truly get involved with developing the necessary life skills of managing money well. This is a downloadable course that comes in a unique format:
- Four Student .pdf files:
- Textbook (including Study Sheets at the end of the chapters & Appendix of suggested reading
- 2018 1040 Instruction Booklet (for use with Chapter 9)
- Four Parent .pdf files:
- Exercises Answer Key
- Worksheets Answer Key
- Tests Answer Key
If you would like a glimpse on how to use our useful Financial Literacy curriculum, here’s a mom’s guide.
Financial Literacy for Teens: Give your teen a syllabus to help them stay on track
A syllabus for Financial Literacy can help your homeschool high schoolers to manage their time and energy while they learn to manage their money. Here’s a suggested syllabus for Financial Literacy (FREEBIE that covers the full year) that you can adapt to your teens’ needs.
Now plan for some fun with Financial Literacy
Get together the family, friends and/or homeschool co-op and play some Financial Literacy games! Teens can enrich what they are learning in their Fin Lit course with gameified learning. Check out this post with a list of Consumer Math games!
- Bartering activity
- Need versus Wants activity
- Inflation activity
- Debt activity
- Insurance activity
- Personal property activity
- Employment forms activity
Hands-on, group learning is a great way to help Financial Literacy concepts stick!
Before the Holidays, have a Financial Literacy practical discussion
If teens learn early about the risks and woes of overspending during the Holiday Season, they will be better prepared for adulting. In December, read this post together about Holiday Financial Literacy. Then help your homeschool high schooler create a Holiday budget for themselves.
Don’t forget: You are your teens’ most powerful teacher
When you model good financial skills, teens will pick up some of these skills just by being around you. Discussions help, too! So plan to have regular financial discussions with your homeschool high schoolers.
You can equip your teens for the life skills of money management. What a blessing! Download 7Sisters Financial Literacy from a Christian Perspective for a solid Fin Lit course! (BTW- We periodically update the links for the Financial Literacy curriculum. Download this freebie for updated links.)
Many homeschooling families do 7Sisters Financial Literacy, Career Exploration and Apologetics. Did you know you can save a lot of money when you purchase together in the Curriculum Bundle to Prepare for Independence?
AND here are 7Sister Sara’s top picks for financial literacy.