Homeschooling is a fast growing alternative for many families looking for viable options to traditional education. With a growth rate ranging from 7 to 15 percent annually, it’s no wonder homeschooling is gaining considerable steam now compared to previous years.
In 2012, there were approximately two million children who were being home schooled and the numbers have been projected to remain on the rise significantly in the coming years. In addition, research shows that homeschooled children  do extremely well  in standardized tests and are in general  dependable and self-directed workers. Financially speaking, however, what are the benefits of homeschooling?

Financial Freedom

One of the foremost advantages of leaving the school system is that you will get to experience more financial freedom especially when it comes to your everyday expenses. As any parent who has a kid in school would know, traditional schooling entails costs involving daily allowances, project expenses and extra-curricular spending among others. Even if your everyday savings doesn’t make much of a dent when viewed from such a daily perspective, the accruing costs are actually more often than not pretty significant in the long run.
By choosing homeschooling, you may be laying the foundation for a more stable financial state for you and your family since you get to allot the resulting savings for any impending rainy days. This will certainly benefit you should you find yourself face-to-face with an unexpected financial problem.

Homeschooling as a Low-Cost Alternative

Another benefit of homeschooling is that there is very little financial cost to the family.  As a result, it is often touted as a low-cost alternative in comparison to conventional education since it primarily utilizes public libraries, Internet, and other relatively inexpensive community sources.
Homeschooling is also economical because you no longer have to purchase school supplies the whole-year round and what is needed can be purchased on your schedule and when it’s on sale. Since this type of education goes beyond the typical pen-and-paper approach, you can be rest assured that your kid has more time to invest in utilizing a more hands-on learning method.

Vacation benefit

A side benefit of homeschooling is that you can plan your vacations in the off season and take advantage of deals and low prices.  This can add up to quite a bit when we’re taking airline tickets, hotel and other costs for a family of four.  Now multiple that by a couple of times a year and you’ve got a good chunk of money that you can put away for a rainy day or for the kids college education.

Financial Education as its Finest

In addition to having more flexible choices in your kid’s curriculum, homeschooling also provides a great avenue for you to introduce financial education to your kid. Moreover, there have been studies that have outlined how homeschooled children have more of an entrepreneurial streak as adults compared to kids who grew up in a standard rote curriculum.
To make this possible for your kid, you can start by putting forward financial lessons that will help him or her learn the basics of monetary handling. You might think that it’s too early to start but financial knowledge is a skill best taught  as early as possible. Start with simple things like pocket money or having the kids earn money for things they want.  You could also try teaching them about saving part of what they earn.  As a lifelong competency, this can aid your child in managing his or her way in the intricacies of adulthood independence.

Enjoy Tax Benefits

There are already various states that offer tax benefits for parents opting to have their children homeschooled. These educational tax credits can go a long way in enabling you to facilitate a much smoother transition from traditional schooling to at home learning. However, make sure to partner with an accredited homeschooling institution in order to be eligible for this tax benefit.

Why Homeschooling is Worth Considering?

Although homeschooling may not be everyone’s cup of tea, the rewards in opting for such are substantial. Aside from the financial benefits, this type of education is considerably more versatile and is much more efficient in terms of enabling a faster learning timespan. Since education is not particularly bound to a singular philosophy, your best bet when deciding is to take your kid’s capability and preferences into account along with your financial state in order to make the most informed decision