If you homeschool your teenagers, you may worry if they’ll get the financial education they need. Fortunately, you can make that happen with the following tips and tricks for teaching teens about finances.
Enroll Them in a Course
One of the best ways to teach your homeschooled teen about finances is to find a course they can take outside of a traditional school. Some colleges offer continuing education, so you may be able to enroll your teen in one of those courses.
They shouldn’t have to apply to the university to take the class. Some of these courses are online, so your teen can study when they have time. This is a great option if you don’t know a ton about finance, and you may even be able to take the course with your teenager.
Find and Watch YouTube Videos
Another thing you can do is look for finance videos on YouTube. Consider how old your teen is to find age-appropriate videos. For example, you may want a more basic video to show to your 13-year-old, but a 17-year-old could watch something more detailed.
There are tons of YouTube channels that cover finances, so you should be able to find at least a few that your teenager may like. Have your kid watch the videos, or watch them together and discuss what you learned so that your teen can help remember the material.
Be Open About Your Finances
You don’t have to tell your kids everything, but try to be open about your finances when you can. For example, maybe you need a mortgage and are looking at conventional loan rates. When you choose a loan, tell your teenager what the rate is and how long the term is.
Explain why you chose one loan over another. Sometimes, a more practical, relatable example can help kids understand finance more than abstract stories. If they see how finances affect their parents, your teens may start to learn a bit, or they might want to learn a lot.
Have Them Work
Another excellent way to teach teens about finance is to have them start working. If your child is 16 or older, they can usually get a traditional job at a restaurant or retail store. However, they can also find work around the neighborhood, and they can do this even when they’re a bit younger.
You can ask your teen if they might want to babysit, pet sit, or mow people’s lawns. Then, spread the word among your neighbors and friends about those services. Help your teen come up with a fair rate to charge so that they can start to earn and manage their own money.
Open a Bank Account
When your teenager starts earning money, they should have a bank account to keep it safe. If your teen is under 18, you’ll most likely need to be on the account with them. However, you can let your teen control the account regarding deposits and withdrawals.
Having a bank account is pretty important during adulthood. If your teen learns how to use a bank account now, they won’t have to learn that skill later. They may know what to do to keep from incurring bank fees or other expenses, which is a great finance lesson.
Meet With a Financial Planner
You may also want to look for a financial planner or advisor who’s willing to meet with you and your teen. The planner can answer any questions you and your teen have about finance. Your teen can ask about anything from savings to investments.
Then, you and your teen may even be able to set up some investment accounts for your child. A good financial planner or advisor can help direct you and your teenager. That can help you set your teen up for financial success in their adult life.
Teaching teens about finance is important, especially if you homeschool your kids. Keep these tips in mind to help educate them about money and related topics.