Home Economics - Money Management
If there is one thing that young men and women wish they had learned in school, it’s how to handle their finances properly. Why they were never taught how to save money, invest, and do their taxes are very common frustrations of young people nowadays, especially fresh graduates who are just starting out with their careers.
Money management is an especially important topic because finances are a make or break thing for anyone. For young adults, they may not see it as a valuable skill yet, but later in life, they will realize how important it is. The sooner people can get their finances in order, the less stressful their lives will be, both in the short run and in the long run.
Saving is probably the most important money management skill students can learn. It’s an essential part of managing the home, so it should be included in any Home Economics class. Even the very basic idea of setting aside a percentage of one’s income as savings can go a long way. Add to that the habit of saving before spending, instead of spending first then saving what’s left.
Another adulting woe of many young guys and gals is how to do their taxes correctly. IRS forms are already confusing at first glance; knowing how to fill them in and which forms to use are a bigger headache. And if they don’t pay the right tax or use the right forms, they get penalized. Isn’t that unfair? Therefore, to avoid this, Home Economics class should also impart this essential life skill to students everywhere. They would be glad to have this knowledge.
Last but not the least, everybody wants to earn more money. Like it or not, any source of extra income is a welcome addition to anyone’s life. One great way to achieve this is through investing, but so many young adults don’t know how to invest correctly. Some of them, sadly, are losing much money instead of gaining it. Thus, basic investment principles must also be taught in the Home Economics classroom.