Financial Lessons

While moving the diapers from the washer to the dryer this evening, I had an imaginary conversation with a "concerned relative" about homeschooling, particularly unschooling. (I doubt that I will use the term unschooling with relatives at first, though.) Anyway, in my imaginary conversation, we were discussing lessons and learning things that "we" wanted to learn. I decided that even though I plan to unschool and let the boys learn where their interests take them, I do plan to make sure some financial lessons are covered or "taught" or at least "learned" one way or another.

I want to teach my sons to manage their money and to live within their means. I know too many intelligent and otherwise competent people, who, for circumstances beyond my knowledge and understanding, have filed for bankruptcy. I can think of 5 right off the bat, several of whom are relatives. I know only a little about their situations. Some included job loss and some included divorce. I don't really want to know the details, and they really aren't any of my business. It's something that I do not understand and have a hard time even comprehending. So I resolve to "teach" my boys about personal finances, including saving, earning, spending, tithing, credit/debt, and being frugal.

Some things are truly "needs," but many things that most people think they need are really "wants". I (we / the whole family) have a lot more material possesions than I wish we had. Over the course of the next year I hope to reduce the "stuff" (aka clutter) in our home. When the house is paid for in 3 or so years, our family will be completely debt free (unless we happen to have a car payment at the time). When that happens, I plan to quit my job and stay home with my children. Without the debt, we will easily be able to adjust to one income. We did fine while I was on maternity leave (without pay for most of the last one), so I know that it will only take minor adjustments to do it all of the time.