Curricula and Learning Links
Home and Life Management Skills
Financial Training
Without a firm understanding of budgeting and basic finances, your child will spend his life struggling. Start early! The most important thing you can do to give your child a basis for a financial stable future is to SET A GOOD EXAMPLE. If your child is raised with the "see it, buy it" mentality, living hand-to-mouth, he will live that way as an adult. "Train up a child in the way he should go, And when he is old he will not depart from it." Proverbs 22:6.
Budgeting
How to Make a Budget
Crown Financial Ministries Budgeting Articles
Car Financial Issues
Consumer Reports Car Section
Objective group that crash-tests cars and reports the results. Tips for car buying are on the site.
Ideas for study:
- Study when leasing a car is better than buying one.
- Investigate insurance prices for different types of cars to see which ones have the lowest or highest insurance rates.
- Determine what affects your insurance premium (like speeding tickets) by interviewing an insurance agent.
- Discuss how cars depreciate (go down in value) the minute you drive them off the lot.
- Develop an understanding for car loans and how you can get "upside-down" with a car loan versus the car's value.
- Discuss with a mechanic how regular oil changes and maintaining tires can affect the life of a car.
Taxes
Many people have the idea that the government GIVES things to the populace, but in fact, government TAKES your money to spend (or waste) at the whim of politicians. Never think of money from the government as a gift. Someone had to give his hard earned money to the government first! Develop a good understanding of taxes and how the taxation system works. Here are some ideas:
- Pick up some extra federal tax forms and work through them with actual or fictional numbers.
- Show how sales tax works during a shopping trip.
- Investigate your state's taxes -- income, intangible, etc. -- and figure out how they work.
- Look at the price of gasoline, and find out what portion of it is tax.
- Do a search to find out if your state taxes services (like a veterinarian or lawyer), has a bed tax (for hotels), or other tax on businesses.
- Find out which roads are toll roads (a road tax) and calculate how much it costs to drive that road from end to end.
- Analyze your property tax bill (or borrow one if you don't own your home.) What portion funds schools, libraries, parks, and public safety (police and fire fighters)?
Mortgages
Interview a real estate agent, title company, and/or mortgage specialist at a bank. Discover what all the expenses are in buying a house -- private mortgage insurance, interest, closing costs, points, real estate agents' commissions, etc. Compare a mortgage cost on a modest house with rent. Determine how much would be needed for a down payment and start saving!
Insurance
Insurance is extremely important, because it will save your family from financial disaster in the case of something unexpected. Look into each of these types of insurance:
- Life - Adults should always carry at least enough life insurance to cover their debts, including mortgage. That way the family would not be homeless if the parent departed this life sooner than expected.
- Health - Adults should look into carrying health insurance with a high deductible so that a catastrophic illness such as cancer or a severe auto accident would not ruin the family financially.
- Car - Car insurance is required if the car has a loan on it to protect the bank's investment. You should make sure to carry liability even if your car is paid off to protect yourself from being sued if you have an accident.
- Homeowner's -- This type of insurance covers your home in case of fire, windstorm, falling trees, etc. Options include flood insurance and insurance on your belongings IN the house.
- Renter's - This insurance covers your belongings against theft, loss, or damage when you rent an apartment or home.
Investing
Every young adult should be familiar with how to save money and invest money.
- Open a savings account. Become familiar with the rules about withdrawals. Make regular deposits.
- Play the Stock Market Game to become familiar with how one can win and lose with stocks.
- Learn about Certificates of Deposit (CD's) and other financial topics on the U.S. Securities and Exchange Commission site.
- Study mutual funds.
- Encourage your student to form his own business.
- Read Rich Dad's Rich Kid, Smart Kid: Giving Your Children a Financial Headstart by Robert Kiyosaki
HomeschoolChristian.com Reviews of Economics Books
- Review of Cost Benefit Jr.: Stories in Microeconomics
- Review of Economics, A Free Market Reader
- Review of The Clipper Ship Strategy by Richard Maybury
- Review of The Money Mystery by Richard Maybury
- Review of Uncle Eric Talks About Personal, Career, and Financial Security by Richard Maybury
- Review of Whatever Happened to Penny Candy? by Richard Maybury
Return to the Home and Life Management Index.
