Teaching your child at home can be financially tricky in most families
. But setting a homeschool budget will free you concentrate on the important things.
Planning your finances carefully in order to homeschool will take much of the stress out of the situation. You will have a clear idea of how much you can afford to spend on educational materials.
Following a budget can be as simple as setting an annual or yearly amount - and then sticking to it! Let's look at the five steps to tailoring your budget.
Planning your Finances
The key to success is to plan ahead. Where will you start? It is difficult to achieve financial goals unless you know exactly where you are in your current situation. Spend some time creating a plan for the future.
- Take Stock. What is your current income - and your current monthly commitments? You will need to understand your current finances before you can calculate a homeschooling budget.
- Set a budget. What can you realistically afford to spend on homeschooling? Set a figure somewhere between what you think you can stretch to - and what you could easily afford. You can always change the figure once you have lived with if for a while and see how it is working.
- Automate. Set up a 'homeschooling account' and pay your set amount into it. We have this as a seperate bank accoung.This account is to cover your homeschooling expenses. Some months you won't spend it all and you can save the extra for bigger homeschool items. And why not spend any left over at the end of the year on a fabulous field trip for everyone. Or a big ticket item like a microscope!
- Track Spending. Keep an eye on your purchases. Are they really adding to your homeschool? There are lots of phone aps that let you keep track of what you spend - or find yourself a pretty cash book to mark things down in.
- Stick to the Plan. Sticking to a budget is not easy - keep away from those glossy educational supply catalogs. I find it works better for us if I plan our homeschool schedule in advance. By seeing an outline of the projects we wish to do I can work out exactly what materials and books we will need.
Remember, a simpler and more fulfilling life is generally not an extravagant one. Try these resources to help you stay on track:
- how to keep to your budget homeschool plans.
- valuable ideas for cost cutting.
- freebie printables and resources.
and try some new ideas. Every month I produce a newsletter to inspire and encourage you in your homeschooling. Click the button below now to get inspired!