A good personal finance for teens course will include; managing money, budgeting, and the importance of staying debt free, among other things.
This society is appallingly apathetic about the amount of money we spend. When your young man finishes up his education in your homeschool I pray that you will have taught him the value of a dollar and the value of the work that he puts into earning that dollar.
The first way you can teach your children about personal finance is.... personal responsibility on YOUR part. Ouch. Don't you hate that. Your kids will learn by seeing and living what YOU do. That is just the way it is. There is no getting around it.
Do you live within your means? Are you over your head into debt? Learn to spend less than you make. Make wise buying decisions. Plan for YOUR future before you try to teach your teens to plan for theirs.
Personally we don't offer our kids allowances. We do pay them for jobs that they do. That is the way the world works after all. You don't get paid for just being alive.
If you do give your kids allowance, be sure it is not excessive! If they never feel the need to save up for something they never have that satisfaction of achieving that goal.
When your kids reach the teen age, encourage them to get a job! Having their own money that did NOT come from mom and dad is the best feeling for kids. Personal responsibility is fulfilling and satisfying.
As soon as they are able, help them to start looking for part time work or just occasional jobs for neighbors. Then teach them to spend less than they make. Let them start purchasing and paying for things they want themselves. AND teach them to save.
Have your sons get a checking account when they have money coming in. Make sure they balance it each month. Let them enter your checks and debits into your money program if you use one. Be sure and look over what they do. By doing this your sons will see just how much you pay in taxes, how much groceries add up to, and how much your bills are each month. It really does open their eyes.
You need to be sure and balance your checking account with your bank statement each month... remember the bank doesn't care who entered the checkbook... you are still responsible.
NO Credit Cards!! Here is that teaching by personal example again. Do you have a credit card? Do you use it excessively? IMO One credit card that is paid off at the end of EVERY month is all you need. Teach your sons that. If you don't have the will power to pay that card off at the end of EVERY month.... cut up ALL cards and do without. Use a debit card. That will keep you from having to pay ridiculous amounts of interest each month.
My favorite finance curriculum for teens is Dave Ramsey's Foundations in Personal Finance. This is a repackaging of his Financial Peace University program that he has recorded and made available as a home study course. Teen friendly and entertaining I HIGHLY recommend that you parents watch this WITH your teens. Click the link for my full review.
Do you have a curriculum you use for teaching personal finance for teens? Let us know how it works. I can't use every curriculum out there but if we all share we can help each other.
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