The Financial Impact Of Homeschooling Your Child
The COVID-19 pandemic increased the need for remote learning and homeschooling to protect minors from contracting this infectious disease. According to available data, about nine million children of school-going age had already benefited from homeschooling since February 2020. However, a topic not discussed too often is the financial impact of homeschooling. It can be challenging but rewarding if you take the proper steps and choose the best type for you and your children.
1. A possible loss of income
Sometimes, during homeschooling, one parent stays at home to become the primary teacher. This means that they may have to let go of a regular source of income to play this role. After physically teaching your young ones, there are lesson notes to prepare for the next day, among several other relevant activities connected to homeschooling. By the time you’re done, there may be little time left to even dedicate to an online side hustle. You may only get to work in the evenings or weekends, but that only compounds fatigue and stress.
Therefore, to get the right results, one option may be for one parent to stay behind with the kids while the other becomes the ‘breadwinner’ with a steady income flow. Unfortunately, this may work out pretty well in a two-parent household but can be challenging in a single-parent home.
The other option will be to hire an experienced homeschool teacher, which can also be costly if you want only the best. You can use websites for this, and you can choose whether they come to teach at home or over the internet.
2. No tax credits for homeschooling
Unfortunately, not all US states currently offer tax credits for homeschooling. Automatically, that increases your household’s financial pressure. According to information, even US states that have provisions for some tax credits have certain conditions. For example, parents homeschooling their kids can come together to form a group to receive accreditation. That way, they can enjoy more tax benefits from the state.
You may need information on available financial packages to support your activities without any tax credits. In that case, organisations like Compare Credit can be the right place to decide your financial options to continue this demanding responsibility.
3. The cost of books and other teaching supplies
Studies conducted by Deloitte revealed that American parents spend close to $1000 on school supplies per child when the new academic term begins. The 2020 survey indicated that the main areas where money is spent most are school supplies, educational electronic subscriptions, and computer hardware.
Surprisingly, it is just about the same or slightly less for homeschooled kids. The only difference between the two groups is the setting. With homeschooling, technology plays a significant role in ensuring that your kids are getting the best education there is. Moreover, it is more critical when you’re using an online curriculum to guide teaching and learning.
Additionally, depending on the online syllabus you decide on, it may be imperative to purchase additional textbooks. Do not forget that if you have more than one homeschooled child, the cost of internet service will probably rise to accommodate demand.