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Personal Finance for Homeschoolers

checkbookHave you considered adding an elective in personal finance to your homeschool high school schedule? In a time of economic downturn, student loan crisis, and record credit card debt, it really makes sense to teach kids financial literacy. Whether it ends up being included as an official course on the high school transcript, I advise all families to find the time to teach their kids about personal finance. Topics that kids need to learn about include: earnings, debt, credit cards, insurance, taxes, budgeting, car shopping, mortgages, bankruptcy, and savings and retirement planning. Fortunately there are some great free resources out there that make it easy to teach your kids about personal finance.

Kahn Academy Practical Money Skills

I suggest the lectures from Kahn Academy as the foundation for a personal finance course. The subject matter is divided into three sections: Career and Retirement, Financial Basics, Credit and Debt. Kahn offers easy understand, but in-depth lectures on these topics.

Junior Achievement Game Lessons

JA is a national organization that provides activities and resources about financial literacy and business. JA has several free online video games about personal finance topics.  The middle school level game helps students understand sources of income and credit. The high school game helps students get practical hands on experience with the sorts of decisions they will need to make as adults with buying a car or a house and making financial plans.

Council for Economics Education

The Council for Economics Education is an amazing resource. They offer a wide array of lesson plans which are sorted by subject and by grade. This is a great place to find a few short activities to add some fun when you are stuck in a homeschool rut.

Dave Ramsey Show

There seems to be kind of a love-hate thing with Dave Ramsey, so this may not be for everyone. Ramsey’s radio show offers very easy to understand information for families who are interested in avoiding debt or getting out of debt. This might be a great conversation starter with your teen.

Student Loan Calculators

No personal finance education for a college bound student is complete without a understanding of student loans. The majority of students going to college do take out student loans and average over $20,000 in student loans. Help your student be an informed consumer by teaching them to use online loan calculator tools. These allow students how different interest rates or repayment terms will affect their monthly rate. There is even a calculator that helps students predict their monthly income based on their career. This is a great way to encourage realistic thinking.

2 comments

  1. Angie Holt

    Hi,
    I’m looking for a 1-semester Personal Finance high school course for my 11th grade daughter. We homeschool and are under the HomeLife Academy umbrella and it is required to graduate. Can you recommend a good pre-made course? I couldn’t find one under places like A Beka or BJU or Sonlight. BJU has Economics, but she is already taking that through Dual Enrollment, and she needs a personal finance course.

    Thank you,
    Angie Holt

    1. Barbara Hettle

      Hi Angie,
      I have links to a few different courses on my Pinterest for Personal Finance. You’ll have to work with Home Life Academy to make sure it meets their requirements though. http://www.pinterest.com/hsuccess/homeschool-financial-literacy/
      Good luck!

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