Homeschool Financial Literacy for Teens: An Authoritative Guide- help your teens prepare for a successful future.
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 be able to understand:
attitudes towards money
vocabulary and strategies of planning for their financial future
basics of using money: borrowing, investing, giving saving and spending
the basics of the monetary interactions between them and the government (taxes, for instance)
Consumer Math on the other hand is different: the study of practical mathematical techniques that are used in commerce and normal, daily life.
Next, is Financial Literacy a Math credit or Elective credit?
Well, as we always say, there’s not ONE right way to homeschool high school. AND not one right way to delegate the kind of credit Fin Lit will earn. It could be a Math credit (especially for non-college bound teens) or Elective. Here’s a post to help clarify whether your teen needs to count Financial Literacy as Math credit or Elective credit.
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.
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.
7Sisters Financial Literacy from a Christian Perspective 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
Learning 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
Tools 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
Financial Literacy course (like any good Fin Lit course) is comprehensive, including:
Financial Institutions and the Services They Provide
Banks and Credit Unions
Checks
Debit Cards
Bank Statements & Balancing Your Checkbook
Identity Theft
Insurance
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
Taxes
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
Exercises
Worksheets
2018 1040 Instruction Booklet (for use with Chapter 9)
Four Parent .pdf files:
Exercises Answer Key
Worksheets Answer Key
Tests Answer Key
Tests
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
While learning Financial Literacy why not 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!
You can get co-op involved with these Financial Literacy activities (instructions in this link):
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! So go ahead and 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.)
Of course, 7Sisters Financial Literacy curriculum includes tests. Click here to view an excerpt of these tests.
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?
Read more about making financial literacy a fantastic course.
AND here are 7Sister Sara’s top picks for financial literacy.
What you need to know: California is ensuring that all high school students are taught personal financial literacy before graduating after an agreement between state leadership and NGPF Mission 2030, an affiliate of Next Gen Personal Finance was reached.
Earning an allowance through household chores or working at a part-time job can help kids build financial literacy. Opening a savings account, a kid-friendly debit card, or a custodial brokerage account teaches kids the value of saving and introduces them to the banking system. PBS. "Money Habits Are Set by Age 7.
The Governing Guide to Financial Literacy is the go-to resource for newly elected public officials, budget officers, government leaders and department heads. This Guide provides relevant knowledge to public leaders, which helps them to better understand and tell their jurisdiction's financial story.
It can be as simple as using positive language when you talk about money. Try saying “we have to save up for that” or “that's not how we choose to spend our money,” instead of “we can't afford that” to set a healthy financial goal for your impressionable child.
Do other states require personal finance courses to graduate from high school? As of January 2024, seven states—Alabama, Iowa, Mississippi, Missouri, Tennessee, Utah, and Virginia—required a personal finance course to graduate from high school.
Ah, the 50 30 20 rule – is the golden ratio for your finances. It's a simple yet effective way to manage your income. Allocate 50% to your needs, the essentials that keep your life running smoothly. Then, 30% goes to wants, those little joys and indulgences that make life worth living.
1. Budget your money. In general, there are four main uses for money: spending, saving, investing and giving away. Finding the right balance among these four categories is essential, and a budget can be a very useful tool to help you accomplish this.
Keep in mind that teaching these skills to your children is a process. Six key topic areas to build upon are: setting goals, earning money, spending money wisely through budgeting, understanding the value of money as you save and invest, using credit responsibly, and protecting assets.
When a person buys something they cannot afford, they risk going into debt. Try not to 'talk down' to your child. Avoid dismissive or insulting phrases like: "Money doesn't grow on trees" or.
Students who went to high schools where personal finance education was required were less likely to default on their debts and had higher credit scores than their peers, a study by researchers at Montana State University showed.
We don't have enough instructors to teach finance classes (see reason #1) Personal finance isn't part of the ACT or SAT – if it's not tested it's not taught. Education is up to the states, not the feds, and each state has different ideas. There isn't much agreement as to which finance concepts would be taught.
California high school students are required to take one semester of economics to graduate. The content standards for grade twelve economics include topics that support financial literacy knowledge, such as cost-benefit analyses, the functions of financial markets, taxes, and labor policies.
Financial literacy has become a mandatory high school course under legislation signed by Gov. Gavin Newsom. Managing money has long been absent amid the academic lineup in California public schools, leaving students on their own to figure out their finances.
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