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5 Ways To Teach Good Money Habits To Your Kids

5 Ways To Teach Good Money Habits To Your Kids

For most adults, the first meeting with money management comes in the form of a coin collector box. You remember getting a buck from family after a task or doing a good deed and putting it in your piggy bank.

Did you know that kids as young as three years old can understand the theories of spending and saving? Not only this, but their money habits are typically set by the age of seven, according to a study by the University of Cambridge. As per the report, parents have the biggest influence on their children’s money-management habits. Consequently, the teaching of financial responsibility by parents should not stop with the piggy bank, as they are the first influence on their child’s financial behaviors. Teaching some good money habits to kids can save them from making some major mistakes in the future. The economic crisis indicates that every parent should start developing good money habits in their kids (from the age of three) to establish a well-founded financial base.

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Here are some important lessons about money that we should all impart on our children to help them take control of their financial futures.

1. Model good financial behavior

The first and most important thing to keep in mind is that children have a tendency to do what their parents or their elders do. Children are very observant, and often adopt and soak in many actions simply from watching their parents. Therefore, parents should model good financial behavior by showcasing positive financial habits and philosophies on a daily basis. This includes things like shopping on a set budget, using coupons and discount offers to pay less for goods, and making choices between new and used baby accessories, which can all make a huge impact on savings. Do your research to demonstrate the opportunity costs involved, and talk about money management.

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2. Save for the future

The concept of saving to build a successful financial foundation is very common, but it can be difficult to implement as kids quickly become attracted to the latest items on the market.

Open a savings account for your child to which they contribute each week. At the end of each month, show them the monthly bank statement — this will motivate them to save more from their weekly pocket money. This is the first baby step toward setting your child up for a lifetime of good financial habits.

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According to a research by the University of Wisconsin-Madison, even preschoolers can learn basic financial concepts.

3. Involve them in shopping and budgeting

You can help your kids to learn constructive money habits by involving them in your weekly household goods shopping and in creating monthly budgets. During visits to grocery store and other shops, let children take charge of the shopping lists. Encourage them to choose the best products with value and use this situation to discuss spending, saving, planning, and more. Budgeting should be a part of yours, as well as your kid’s, life. The development of successful personal finance hinges on budgeting. Train kids to budget for every little thing.

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4. Let them wait to buy something they want

This is the hardest lesson for every age group to learn, especially for teenage children. Parents should assist them in choosing things that they really need. Extra expenses will make them devalue the amount of money given to them.

“Money doesn’t grow on Trees” — this is the guide that every parent should use to raise financially responsible children. At an early age, kids need to learn that if they really want to buy something, they have to wait and save to buy it. Money lessons at this age set the tone for their future. Make them understand that going into a store doesn’t always mean you will buy something.

 5. Let them make mistakes

Even if you believe that your child is about to waste their money on a toy or game they will be soon tired of, let them buy the item, because it might just teach them a lasting lesson. They will feel like they wasted money ​on toys they enjoyed only one or two times and will remember this in the future. So, let the kids do the work themselves, let them make mistakes and have fun. Explain how you learned from certain missteps in your own childhood.

Featured photo credit: studio-r via studio-r.biz

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Published on November 7, 2018

How to Homeschool in the 21st Century (For All Types of Parents & Kids)

How to Homeschool in the 21st Century (For All Types of Parents & Kids)

In 2016, it was estimated that 1.7 million children were being homeschooled in the U.S, roughly 3.3% of all school-aged children.[1] Although this may not sound like a big portion of the population, the growth rate of homeschooling has been 7 to15% per year for the last two decades.

The burgeoning numbers are not a coincidence. There are tremendous benefits to homeschooling, including one-on-one teaching, adaptability to individual needs and learning styles, a safe learning environment, encouraging learning for knowledge rather than grades, and tailoring a curriculum to the child’s interests.

Is homeschooling something that you have been considering for your family? With all of the tools and resources available for homeschoolers in the 21st century, it may be easier than you think.

How to Homeschool (Getting Started)

After thinking it through, you’ve decided that homeschooling is the right step for you and your family. Now what? Here are the first things you should do to get your homeschooling journey started on the right track.

Figure Out the Laws

Homeschooling is regulated by the state, not the federal government. The first step is to find the current and accurate legal requirements mandated by your state in order to educate your child legally.[2]

The regulations can vary widely, from strict guidelines to no guidelines at all. However, don’t be overwhelmed by the legal jargon. There are many resources and local communities for homeschooling families that can help you figure out the logistics.

Decide on an Approach

Every child’s needs are different. This is your chance to choose the homeschooling style or combination of styles that best fits your child’s learning style and interests. A brief description of seven different homeschooling methods are listed below.

Supplies/Resources

Often times, purchasing a homeschooling curriculum is done too early in the planning process, resulting in buyer’s remorse.

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A curriculum is not always needed for homeschooling, and other types of free or less structured resources are readily available.

Find a Community

Getting connected with a community of homeschoolers is one of the most important parts of building a successful and thriving homeschool environment for your kids.

Look for communities online for virtual support or a local group that you and your kids can interact with. Partnering with others fosters better socialization skills for the students and provides opportunities for field trips, classes, and outings that wouldn’t have otherwise been a part of the homeschooling experience.

7 Different Homeschooling Methods

1. School-At-Home

Also known as Traditional homeschool, School-At-Home uses essentially the same curriculum as the local private or public school but at home.

The lessons can be completed independently, but more commonly, they are administered by a parent or a teacher-facilitated online school.

  • Benefits: formal standards, wide selection of curricula, same pace as peers, short-term friendly
  • Drawbacks: expensive, inflexible, time consuming, parent can get easily burnt out
  • Resources: K12, Time4Learning, Abeka

2. Classical

One of the most popular homeschooling methods used, it borrows educational practices from Ancient Greece and Rome. Subject areas are studied chronologically so that students can understand the consequence of ideas over time.

Socratic dialogue fosters effective discussions and debate to achieve beyond mere comprehension. There is often a strong emphasis on Great Books[3] as well as Greek and Latin.

3. Unit Studies

Rather than breaking up education into subjects, unit studies approach each topic as a whole, studying it from the perspective of each subject area.

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For example, a unit study about animals could include reading books about animals, learning about the classification of animals, figuring out which animals live on which continents, etc. This method is often used as a technique in other more comprehensive educational methodologies.

  • Benefits: promotes thinking about concepts as a whole, not monotonous or redundant, student-directed, bolsters weaker subject areas, beneficial for teaching multi-age students
  • Drawbacks: incomplete, knowledge gaps, curriculum-dependent
  • Resources: Unit Study, Unit Studies, Unit Studies Made Easy, Konos

4. Charlotte Mason

This Christian homeschooling style utilizes shorts periods of study (15-20 minute max for elementary, 45 minute max for high school), along with nature walks and history portfolios.

Students are encouraged to practice observation, memorization, and narration often. With a focus on “living books” (stories with heroes, life lessons, socio-ethical implications), reading plays a big role in this student-paced teaching style.

5. Montessori

Maria Montessori developed this method through working with special needs children in the early 20th century.

With a primary focus on the student setting the pace and indirect instruction from the teacher, this approach includes free movement, large unstructured time blocks (up to 3 hours), multi-grade classes, and individualized learning plans based on interests.

6. Unschooling

Unschooling is a learning model largely based on the work of John Holt.[4] The teaching style focuses mainly on the students’ interests, putting priority on experiential, activity-based, and learn as you go approaches.

For basic skills such as reading, writing, and math, a systematic technique is employed, but testing and evaluations are typically not utilized. Teachers, in general, play more of a facilitator role.

7. Eclectic/Relaxed

As the most popular method of homeschool, eclectic homeschooling is child-directed, resourceful, and non-curriculum based.

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Parents can sample any combination of homeschooling methods and styles or resources. One growing sector of eclectic homeschooling combines part homeschooling with part traditional schooling.

How to Facilitate Homeschooling with Technology

One of the reasons homeschooling is more feasible than ever before is due to the accessibility of tools and resources to enhance the learning process.

Email

Email is a tool that has really stood the test of time. Invented in 1972, it is still used today as a primary means of communicating on the Internet.

It is a great way to share assignments, links, and videos between parent and student.

Google Drive/Calendar

Google Drive offers a multitude of essential programs that can come in handy for homeschoolers, such as Docs, Sheets, Slides, and more.

With its sharing capabilities, easy accessibility, and auto-save ability, it’s easier than ever to organize and complete assignments. It will improve students’ writing and typing skills, as well as eliminate the need for paper.

Google Calendar is an excellent tool for tracking assignment due dates, planning field trips and activities, and developing time management skills.

Ebooks

Rather than invest in physical copies of books, ebooks are a wonderful option for saving money and space. There are plenty of places that offer a free or paid subscription to a wide selection of ebooks:

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E-Courses

When a structured curriculum is necessary for teaching a certain topic, an e-course is the way to go.

From watercolors to calculus, there are e-courses available about almost everything. Including different teaching styles that vary from the parents will encourage students to learn in different ways.

The visual and auditory stimulation will also be beneficial in helping students understand and retain the concepts being taught.

Some recommendations:

Youtube

Youtube is not just a platform for music videos and cats doing funny things. There are a number of Youtube channels that produce quality educational videos, free of charge.

Creating a playlist of videos for various topics is a great way to supplement a homeschool education.

Some recommendations:

Final Thoughts

Homeschooling in the current age looks much different than it did ten years ago. There are more options and more flexibility when it comes to educating kids at home.

Don’t be overwhelmed by the idea of homeschooling your children if it could make a positive impact on your family.

Featured photo credit: Hal Gatewood via unsplash.com

Reference

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