Have you thought about homeschooling your kids? With technology advances and all the different schooling options available nowadays, more and more parents are opting to just teach their children at home. Homeschooling your kids can also mean changes to your budget, too. In one way, it can mean spending more, but it could also potentially mean saving money as well. From both a positive and negative point of view, consider all the different financial aspects of homeschooling before making a final decision:
You won’t have to factor in transportation costs anymore if you are homeschooling your children. Even if the school is a short drive from your home, you have to think long-term. Dropping off and picking up your kids five days a week can eventually take its toll on your car, and from gas expenses to maintenance, can really add up.
Regardless of whether you homeschool your kids, school supplies is one expense you won’t usually be able to avoid as a parent. But if you’ll be schooling your children at home, there are a lot more supplies you’ll need to foot the bill for, and the types of things that you normally wouldn’t have to buy because the school would provide these things for the students.
Another expense to consider that goes hand-in-hand with school supplies is textbooks and other curriculum materials, which can be expensive, especially if you are teaching a wide variety of subjects and talking many years. But there are so many ways to save on these expenses, from gently used textbooks to taking advantage of free, trusted sources on the Internet. Also remember to take advantage of your local library, where you could borrow the books you need for free.
If someone will need to quit their job in order to stay home with the kids, this is a huge financial loss to consider right away. Unless you or your partner already is a stay-at-home parent, you’ll need to ensure your household can financially support being without that extra income. Additionally, you’ll need to consider the extra expenses you’ll accumulate by being home all day, such as an increase in utilities.
If you can find and join a homeschool group in your town, it can help you in several different ways. Not only can you swap teaching sessions with other parents, and thus allowing you to free up some of your day, but you could also swap curriculum, supplies, and other materials. And as a group, you can take advantage of discounts on field trip days for various educational outings, such as zoos and museums.
Do you need cash to take care of various bills and expenses? Peachtree Financial Solutions may be able to help if you’re the recipient of a structured settlement payment stream. Contact Peachtree Financial Solutions today to learn how you can sell some or all of your future structured settlement payments, and receive your money sooner in a lump sum.
Nothing above is meant to provide financial, tax, or legal advice. You should meet with appropriate professionals for such services.