3 Ways to Prepare Your Family Financially For Homeschooling
Written by
Catherine Collins
Edited by
Nicholas Morine
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Approximately 1.7 million children were homeschooled in 2015-2016 according to the Coalition for Responsible Home Education. However, The Washington Post more recently estimated that between 1.9 and 2.7 million American children were homeschooled as of October 2023.
Many families enjoy the benefits of homeschooling — especially the flexibility, increased family time and ability to structure your day in a way that works best for your family.
One thing many people don’t realize is that there are costs that come with homeschooling. In fact, the average cost is approximately $500-$2,500 per student, per Tutors.com. Not only are there curriculum costs and the cost of materials, but one parent might take a step back from work in order to lead homeschooling efforts. This might mean a drop in total family income.
If you’re committed to homeschooling and want to prepare your family financially for this change, here are several tips on how to manage it financially.
Budget For Curriculum and Learning Materials
There are many different homeschool curriculums that you can purchase. Sometimes parents are shocked when they realize many curriculum sets cost hundreds of dollars.
One way to prepare for this expense is to budget for it ahead of time. Set aside money each month to pay for your next set of curriculum materials.
There are also several homeschooling groups and Facebook communities that you can join where you can trade materials (or buy them used). Parents often sell curriculum materials after they are finished using them — and you can often purchase it for a discounted price.
Use Your Local Library
When people think of the public library, they often think of going there to take out books (and rightfully so).
However, your library has even more extensive resources. Libraries often have museum passes you can rent out, as well as games. They often have study areas and computers if you want to get the kids out of the house to try online learning games or educational software.
If you want to find out what your library offers, speak to your local librarian about the resources they have.
See if Your State Offers Relevant Tax Credits or Deductions for Homeschooling
In most places, you won’t be able to deduct homeschool expenses. However, there are a handful of states that give tax credits to homeschooling families. For example, in Louisiana, parents can get up to a 50% tax deduction for education expenses up to $5,000 per eligible dependant, according to Tutors.com.
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