Money and currencies
Microsoft has put out a pretty nice lesson plan on Current Currencies. With this, your middle school to high school age student will learn about exchange rates and the various forms of currency throughout history.
This lesson plan takes 3 days of 45 minute classes to complete and they have provided several good resources from online sources. The plan does say that you need Microsoft Office OneNote. I have this in my Office Suite but there could be a free application online that will work similarly.
This course may help your child not only in history, but also if they ever travel to another country, decide to buy gold online, or look at a career in currency exchange.
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currencyLabels: Economics, History
Interesting times
Along with high gas prices affecting homeschool families, the resulting increase in other things they shop for is also affecting them. Groceries and other consumer goods have gone up. I've watched produce prices increase three-fold in a few hours from my vantage point at work. Shoppers' habits are going to have to change if they are to have food and other consumables in the home.
I daresay,
mortgage lenders may find that homeschool families are less inclined to purchase a new home, given the state of things in this country. The deal on interest is going to have to be pretty impressive for them to choose to move, and lately I've seen a lot of lenders offering great interest rates to encourage home buying.
This would be a great time to educate your children about the economy and how it works, what interest rates are and how they are figured over the long term, and how things on the other side of the globe affect us in our everyday living.
Labels: Economics, Homeschool families
Government and the economy
An election year is a great to study the economy. The news is full of stories about either how slow the economy is, or how fast it's taking off. Occasionally, there are surprises, such as the recent one that unemployment is down. In other words, more people are working and earning money, which isn't exactly what the doomsday-sayers were predicting earlier.
Your classroom civics and government classes can include current events about
investor relations, the economic stimulus checks people are receiving, how money is being spent by the general public, and where government dollars are being allocated. Making charts showing comparisons and contrasts between 2008 and 1998 could give your students a clearer picture overall of how the current administration has done its job.
I suggest the 10 year spread because nothing happens overnight, either for the good or for the bad.
Labels: Civics, Economics
Economics learning
I don't know if you're aware of this, but using your debit card is actually more secure than writing a check for bills and purchases. This is especially true if you write something like "Ask for ID" on the back instead of signing your name. I really don't mind showing my ID at places that ask for it. That tells me that the business is aware of identity theft and is at least trying to protect their customers.
Another advantage to using your debit card is that you can download your transactions daily and enter them into your checking journal or let them be added to your money program, whatever one you use. I use Microsoft Money and I really like the
financial reporting it gives me. It shows a pie chart of where my money has been spent, which helps me to sometimes reduce some expenses, when I see where my money has gone. It also shows me what percentage of my spending is on the various bills, groceries, and other purchases so I can stay in line with my regular budget.
Teaching your children to maintain control of their own budgets, even if it's small, is vital to their training and will help them all through adulthood. Using a money program to which each of them can sign in, or using a ledger book, helps them see where their money goes. Incorporate pie charts, bar charts, and percentage lessons, and they really get a clear picture.
Labels: Economics, Finances
Learning about interest
Part of your consumer math will including things like simple interest, compound interest, fixed rate loans, and variable rate loans. These lessons will be vital when your child is grown and looking at
mortgage lenders.
Simple InterestLike it sounds, this interest rate is the same for the entire loan. For example, if you borrow $10,000 at 10% simple interest, for three years, the formula will look like this:
Year 1 - 10,000 x .1 = 1,000
Year 2 - 10,000 x .1 = 1,000
Year 3 - 10,000 x .1 = 1,000
You can also figure the simple interest with this formula:
P x I x T = Total, where P is principal, I is interest, and T is time or years of the loan duration. You then add the result to the original amount borrowed for the complete total you'll pay out.
Compound InterestThis is a bit more complicated, and lenders usually use a mortgage calculator to determine the totals and what your payments will be. There are a variety of variables to be taken into account, such as: is the interest applied annually or monthly?
B = balance after t years
A = amount borrowed
n = number of payments per year
P = amount paid per payment
r = annual percentage rate (APR)
Now you can see why a calculator is used.
Labels: Economics, Finances, Math
What's up with this?
At some point in time, your child will probably get a job. It might be at a local McDonald's or some other place, but a job can certainly be a learning experience for her. Through even a part time job, your child can learn to be a self-starter, can learn to deal with people, can learn to manage her own money, and can learn to rise to the challenges that she may face in her from time to time at work.
For instance, tonight I'm blogging from a motel room that's about 40 miles from my regular work place. I worked a full shift down here in a new store, helping to finalize things so it could open in the morning. Because our weather had gone all snowy, we were asked to come back and get a room so we could also be at work early in the morning.
It's not too bad, though. The room our supervisor reserved for us is clean and nicely appointed. The bathing facilities are bright with nice
Danze faucets and a cheerfully colored shower curtain. I suppose things could be worse, and I really have stayed in more dreary rooms in the past. Ideally, I'd be home in my own bedroom, but sharing this room with three of the girls from work isn't bad at all. I'm sort of like the "dorm mom" tonight...lol
Labels: Economics, Musings
Children's earnings
When my kids were old enough to get part time jobs, that was exactly what they wanted to do. They wanted their "own" money so they could make more decisions about spending and saving. We went with them to the bank to help them set up
checking accounts and savings accounts.
Of course, we had to sign with them because they were under the age of 18 at the time. But when they got older, we had our names removed from the accounts.
These bank accounts taught them a lot about money management, and what happens if you mis-manage your account and wind up overdrawn! That was a costly lesson for them, but they didn't repeat it and moved forward into better account reconciliation and tighter spending habits. They learned to postpone what might be impulse buys, and they learned how to budget their money so it would last them until the next paycheck.
Labels: Economics, Finances, Homeschool families
Practical Money Skills free curriculum
A commenter,
Starlily, recently asked this concerning the
previous post:
This is such an important topic! Home learning has given our children the opportunity to open and manage their own bank accounts. This year I'm looking for some time/financial management curriculum that is suitable for children. I'd like them to learn to be accountable for both. Any suggestions?
I may have posted this before, but it's certainly worth a re-post. I will look for a time management curriculum, but in the meantime here's a
money management curriculum that's great!
Practical Money Skills for Life is a free money skills curriculum offered by Visa. The lessons range from K to adult, so anyone can make good use of it.
We used the complete program when we homeschooled. At the time, you could get it all on CD-ROM and print the lessons from it. The CDs also included interactive games to see what the child had learned and where they needed more teaching. All this is now available straight from the website. You can view and print lessons, let your children play the games, view Case Studies, and use the calculator they supply. They even have lesson plans for special needs children.
We loved this program and it's a complete money management curriculum.
Labels: Economics, Free stuff, Lesson plans, Printables
Teaching children about finances
Besides "the birds and the bees", a topic that many parents find difficult to teach to their children concerns money and finances in general. It may be because some parents don't have a good grasp of money-speak themselves. Or maybe they believe they are protecting their children's innocence by avoiding teaching about finances, money, investing, and
banking. I happen to believe these things are vital if we are to raise children who are armed with knowledge that will keep them fiscally responsible.
With the advent of internet banking comes even more we need to learn about and teach to our children. After all, they will be the ones in the future who will be more likely to utilize these services. They need to know what banking and internet banking are all about and how to protect themselves from poor investments.
In short, they need to know how to handle their money and where it's safe.
Labels: Economics, Education, Finances, Reviews
Free economics lessons
Without sound teaching concerning economics, our children will set out in life unarmed to fight the battle of the budget. They will also be ill-equipped to engage in any real business activities or could be duped when entering into a contract with someone else. In order to assist you in teaching economics to your child, you can visit
Thinking Economics and find free lessons to get you started. Don't neglect his very important part of your high school homeschooled child's education.
Labels: Economics, Education, Finances, Free stuff, Lesson plans
Money 101 by CNN
While I'm sure these lessons were aimed at adults, the fact is even your high school aged homeschool child could take advantage of these free online lessons.
CNN Money 101 presents you with 23 lessons on such topics as Setting Priorities, Making a Budget, Insurance, Investing, Saving, Stocks, and much more. Each lesson ends with a test you can take. These lessons also include a glossary to help you better understand the terminology surrounding money issues.
Money savvy is too important to be left to chance. Arm yourself or your child with the knowledge needed to be wise when it comes to handling money.
Labels: Economics, Education, Free stuff, Lesson plans
Economics
The National Council on Economics Education offers free lessons in this subject. Right now, they offer 541 lessons you can choose from so there will be something there you can use in your homeschool for your high school student. You simply select from the pull-down menu and go from there.
Economics lessons should be high on your list of curriculum priorities so that your student can understand how our economy works in this country and around the world. The law of supply and demand, free enterprise, and even personal budgeting and finance will affect them their entire life.
Labels: Economics, Education, Free stuff
Teaching about money
MoneyInstructor.com has materials you can use to teach your homeschool child about money, money management, earning money, and starting their own business. These lessons go from pre-K through grade 12, so those of you with several children could get plenty of good use from
Kids and Money.
They offer lessons, lesson plans, worksheets, activities, and printables plus they have instructor's pages as well.
Labels: Economics, Education
