Tuesday, April 21, 2020

Financial Benefits of Homeschooling

If your kids are approaching school age, you are most likely asking yourself the same questions that all parents go through when they’re sending their first child off to school. Where will they go? Will they be okay? Will they do well? These are all completely valid questions. But have you paused to consider teaching them yourself from home? There is a steady rise in what was once considered to be a niche way of raising your kids, and there are several advantages to home-schooling, not least the financial benefits it might have. Read on for just a few ways that home-schooling can save you money and could be the best option for your family.

1.       Save on School Fees

You won’t be paying out thousands of dollars each year on the private school system, but your kids will have some of the same benefits that students in private schools enjoy. One of the main advantages of attending a private school are the reduced class sizes. This means the teachers can more easily cater to each child’s individual learning pace. This just isn’t going to happen in a class of thirty and upwards. When you’re teaching your children at home, you can work in the same way and tailor the lessons to suit your children so they will get the same advantages of more personalized tuition.

2.       Grants and state tax credits

This is something else it’s worth doing your research on before you take the plunge, but there may be available tax credits and grants for you in your unique home-schooling situation. the Home School Legal Defense Association offers a variety of grants for special-needs students, single home-schooling parents and families who need financial assistance to pay for a curriculum. Consult with a tax specialist who will be in a good position to tell you what you might be eligible for.

3.       Free or inexpensive resources

There is so much to bear in mind when you are selecting the school for your kids. You want to make sure it has plenty of resources and available labs, as well as confident and friendly teaching staff. All of these things are important. One of the pros of teaching your kids from home yourself is that they will be able to use the huge amount of learning resources that are available online, for free. They won’t have the same access to bigger resources (like a science lab, or basketball court) but some home-schooling parents bring their kids together for these kind of experiences so, once you start thinking outside the box, anything is possible.

Whilst it’s true that you or your significant other will have to retire, or at least drastically reduce your working hours, there are lots of other aspects to think about when considering home-schooling. Make sure you speak to fee only financial advisors before you make any decisions and weigh up the pros and cons first – you might just find that home-schooling is the perfect choice for you and your family. 

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