| Message from the President A Tailor-Made Education: Home School
Summertime
Teaching Children The Importance of Saving
The Flag Goes By
July Links |
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Teaching Children The Importance of
Saving
 Traditionally, children store
all their savings in a piggy bank, shaking out money as they need it. However, you can use
a piggy bank to teach your child the importance and value of saving money.
Instead of having a single piggy bank, try setting up four piggy
banks. For example, the banks could be jars, ranging in size from a jam jar, a mason jar,
a quart jar and a gallon jar. They should be different sizes because each jar serves a
different purpose.
| The smallest jar
would be similarly to an ATM: money can be withdrawn at any time. Children can use this
petty cash to buy an after school snack, a magazine or any small item that they want.
There would be no set amount for this jar; the child can remove or add money at will. The second jar would serve as a short-term saving fund:
money for a new baseball glove or a new outfit for school. The money saved in this jar
would be redeemed in a few months, so the savings amount could be set at twenty-five or
fifty dollars.
The third jar would be a long-term saving fund:
money for a new bike, a laptop computer or something similar. The money saved in this jar
would be redeemed in a few years. The amount of money set for this would be at least a
hundred dollars, and could range for up to a thousand dollars.
The last jar would be a planning fund: a new car or
tuition for college. There would be no amount of money set for this jar: car costs vary
widely, as do college costs. This jar would emphasize the large cost of these items and
the importance of long term goals. |
 It may seem somewhat ridiculous to ask a seven-year-old to start planning
for something so far off in the future, but it may prove to be a wise investment. Annual
tuition for public schools currently cost around $10,000, and private schools cost more
than twice as much. According to the federal reserve, the average amount financed on a new
car loan was over $18,000.
However, there is one caveat to this savings plan: if your child
decides to save towards a college education, you will want to carefully examine where that
money will go. If your child seeks financial aid for college, current financial aid
formulas ask the student to contribute up to thirty-five percent of their income, whereas
the parent is asked to contribute only five or six percent. If you and your child decide
to take the jars to a bank and set up separate accounts, it may be to your advantage to
set up the account in your name rather than your child’s. |
The
months continue to roll by more quickly than one can imagine. The staff here have been
busy working on new programs and services that will benefit educators, parents and
students. Watch for the launching of LessonPro.net, within the next few weeks.
LessonPro.net is a free service that lets educators add an online component, to their
classroom lessons, without knowing any html. E-Tutor II will debut in the Fall and will
include many additional features to the very popular e-Tutor program. Keep an eye on all
of our web pages, they will take on a new look in the weeks ahead.
This is the month when families and individuals traditionally get away for a
few days, weeks and even months. When I was young we always looked forward to those times
when all six of us would stuff ourselves into the old family station wagon and take off
for a week of camping. We played, laughed, and, sometimes, argued and cried with one
another. It was fun and different, because it was not at home and we weren’t bound by
the schedules of our regular days. 
The
home schooling movement gained national attention in 1987 when Grant Colfax, a home school
student from California, gained admission to Harvard University. Colfax and his three
younger brothers had been home schooled throughout their lives. Colfax went on to become a
Fulbright scholar, and also gained admission to Harvard Medical School. His siblings have
attended Harvard, Yale, and Harvard Law School.
Other
parents use home schooling to attend to the needs of their gifted child or their child
with special needs. The flexibility of the home school schedule allows a special interest
to be nurtured, and special needs to be attended to. Such one-on-one interaction between
teacher and student is not often available or possible in schools.
The summer is a great opportunity to do a lot of things: you have free time
to explore your interests and enjoy the freedom that summer always seems to bring. Involve
your children and students in your activities; make learning a year-round process.
If you are uncomfortable with the idea of your child
having easy access to money, or do not feel that they are ready for the responsibility,
use play money. As your child earns money through chores or receives their allowance, pay
them play money. When they do decide to purchase an item, they must ask you to redeem
their play money for real money. You can decide whether their purchase is appropriate and
responsible before redeeming the play money.
