Home schooled children require one or both parents to be present in the home daily. For families with two working parents, a possible one-income lifestyle may be necessary. This reduction in income has a large impact on the family lifestyle. However, an alternative to cutting one complete income is to have one parent work from home and home school the children. Working from home is not an option for all careers, so this option may not be suitable for all parents.
A financial disadvantage of home schooling children can arise in purchasing school supplies. At public schools, children may only need pencils, notebooks and crayons. However, some home schooling supplies require purchasing a pre-made curriculum for parents to follow. Home school curriculums can carry a large price tag. However, there are other options to lower this cost. Parents can borrow a school curriculum from a library. It also helps to connect with other home schooling families in the community. A family may be willing to loan a school curriculum for the semester.
Home schooled children are more likely to go into entrepreneurial ventures as adults. An advantage of home schooling, is that parents can put emphasis on financial education as part of the curriculum. Giving children one-on-one financial education will help them apply the skills learned in their future. Provide opportunities for children to apply financial skills in real life situations. Parents can involve children in paying household bills and grocery shopping as part of the lesson.
Parents can avoid the back to school costs of clothes by allowing children to wear play clothes while studying during the day. This avoids the need to buy different sets of clothing for children. Another financial benefit is the money saved in buying shoes for kids. Children wont need gym-approved sneakers for physical education classes. Parents of home-schooled children can also save money on food by preparing one large meal for multiple children instead of packing individual lunches.