Getting homeschool students to understand money matters is very important, but most parents tend to shy away from it. This is probably because they were never spoken to about money as a child themselves. Considering the illiteracy in financial matters which is causing economic hardship to many people, it may be a good idea to ensure that your child knows how to handle their money. Here are some ideas to get you to break ice on this sensitive topic.
Give Them Pocket Money
There’s a huge debate about whether of not a child should receive pocket money, and if they should what age it should start at, and how much it should be. No matter what your personal choices in this matter, you must be sure that you will give them some pocket money. They can’t learn to handle money if they never have any of their own. The practical experience here can’t be replaced with mere mentioning to be cautious with money. Ask them to account for what they buy with the money. That way you can show them how to do some simple book keeping. Then involve them in saving for a big purchase that they have coming their way. Trust me, they will value it all the more for having bought it from their own money.
Show Them Your Investment Plan
This assumes that you do have an investment plan which you follow and save regularly for. Show them what all you invest in, how often and how much. If you don’t have a formal investment plan, then now is a good time to study the financial investments available in the market along with your homeschool student. Decide what is the exact amount you want to invest and for how long. Then turn your attention to different financial instruments of saving and have your homeschool student come up with a list of three choices. These can then be considered and vetted before the actual investment is made. Being involved in the whole process will make a remarkable impression on your homeschool student on the importance of saving money.
