For many families, homeschooling means transitioning from two incomes to one income. Although it can be difficult, it is possible for many families. If you’re homeschooling your children, it’s likely that you’re doing so on one income. This may require some lifestyle changes, but it’s worth it.
Homeschooling on One Income
Homeschooling usually requires getting rid of unnecessary expenses and saving money whenever possible. Here are some ways our family was able to do it:
Budget, budget, budget!
I can’t stress this enough! When money is tight, you need to carefully plan how to spend each dollar. You can create a budget using software, or by hand with something as simple as an Excel spreadsheet or a piece of notebook paper. Make a list of every monthly expense your family has. This includes the mortgage, utilities, groceries, and entertainment. If your total expenses are more than your income, you will need to cut back in order to make ends meet. Don’t forget occasional expenses, like car repairs. If you spend about $600 a year on car repairs and maintenance, put aside $50 from your monthly budget to save for these expenses. Don’t forget small occasional expenses when preparing your budget, like that annual Amazon Prime subscription fee. I would strongly suggest reading Dave Ramsey’s book The Total Money Makeover to get a better understanding of how to budget, save, and pay off debt.
Don’t let food eat a hole in your budget!
If you track how much money your family spends on fast food, coffee, and convenience store snacks over the course of a month, you’ll find that these seemingly small purchases can add up quickly. Instead of ordering takeout, prepare freezer meals in advance. If you’re cooking a meal that can be frozen, make twice as much so you can have leftovers another day. Your spouse and other employed members of the household should pack a lunch to take to work, rather than go out to eat daily. This will save you money.
If you want to save money, another way to do it is by reduced the amount your family spends on groceries. Cooking food from scratch, rather than relying on prepared food, is a better option. This is both healthier and cheaper. You will probably need to avoid subscription services, such as Blue Apron and Hello Fresh. Although these services are convenient, they are quite expensive. You can make your own meals using your own recipes, and save money by shopping at the grocery store instead of eating out. Grocery delivery services can be expensive and should be avoided if you are trying to save money.
There are so many ways to save on groceries. Stacking coupons with sale prices is a great way to get items for a fraction of the cost, or even free. If you’re not into couponing, check out a discount grocery store like Aldi or something similar in your neck of the woods. Also, buy generic or store brands whenever possible. Aldi and Lidl have started carrying a wide range of organics, too.
Cut the cable!
Cable and satellite television are a completely unnecessary expense. We’ve never missed not having them for years. Think about signing up for a streaming service like Netflix, Hulu, Disney Plus, or Amazon Prime Video instead. These services cost $6-$13 per month. Narrow down your choices of streaming services by looking at which programs and movies each one provides. Choose the service that best fits your family’s needs. You could end up spending as much on streaming services as you were on cable if you sign up for too many. I appreciate Amazon Prime because it offers complimentary two-day shipping from Amazon, which is helpful in saving money on our online purchases.
Phone in more savings!
Most people feel uncomfortable not having a phone because they are costly. However, more affordable options are available. Find a phone service that is cheap and meets your family’s needs. Review your choice of phone plan at least once a year. A better deal may be available from a different service provider, and it is very easy to transfer your number to the new provider. Also, if your phone still works, keep using it! You don’t need to spend money on the latest model all the time – it’s costly and unnecessary. Beware of plans that offer a “free” phone. Phone plans that come with a phone tend to be more expensive per month than plans where you bring your own phone.
If you are still paying for a landline phone, you can save money by disconnecting it, or switching to a web-based ‘home phone number’.
Drive it till the wheels fall off!
You should drive your car until it breaks down. Monthly car payments can be a significant financial burden for a family that relies on a single income. Your number one priority should be paying off your car loan as quickly as possible. After you pay it off, keep driving your car until it is not worth repairing anymore. Save the money you were spending on your car payment each month by depositing it into your savings account. The moment your car breaks down, you can use your savings to buy a used car. Purchasing an older model car can be cheaper in the long run because you will most likely only need to get liability insurance coverage, as opposed to a full coverage policy, which can be more expensive.
Reduce, Reuse, Recycle!
Your best bet for finding affordable clothes is to frequent thrift stores, yard sales, and Facebook resale groups. When you buy used items, you not only save your family money, but you also help reduce waste. and if you find yourself needing some extra money for an unexpected expense, see if there’s anything around your home that you can sell. If you want to declutter your home without going over your budget, this is the method for you. Another way to save money is to trade hand-me-down clothing with friends. When something breaks, repair it instead of replacing it. Also, consider new uses for items you already have. The pants that your child has outgrown could be turned into shorts by hemming them. Or maybe the bookcase your neighbor threw away on the curb just needs to be cleaned or painted.
Meal Planning is Everything
Planning your meals ahead every week cuts down dramatically on the costly, last minute dinner scramble. Once you have your meal plan, you can easily make your grocery list. If you can keep grocery visits to once each week, you really cut back on impulse buys.
Discount Grocery Stores
If you shop at discount grocery stores, you will be able to stretch your dollar further.
Yes, you may have to explore some new brands. You’ll get used to them in time!
Visit some discount grocery stores near you and compare prices. Of course, not all “discount stores” are the same.
Our “go to” store is Aldi. We’ve been shopping at that store for a long time and we haven’t found anywhere that has better quality or prices. They don’t carry everything, so keep a list of the few things you will need to buy elsewhere.
Instacart
Why would adding a $10/month service be on a list about saving money? Many moms find that using a grocery delivery service actually saves money by cutting out unnecessary purchases and things kids nag you for. You also get back quite a bit of time that you would otherwise spend shopping and driving back and forth. Be sure to include a tip for the driver in every delivery! Saving money doesn’t mean being cheap about services that you are receiving.
Christmas Savings All Year Long
Christmas is a time when many people spend more money than they can afford and end up with a huge credit card bill.
It’s a really good idea to get into the habit of putting aside money every month for future gifts. My mom loves Christmas and always wants to splurge on gifts for the whole family. She managed it every year by saving up a little every month.
Think about how much you can afford to spend on Christmas without putting yourself in financial trouble. Try to come up with a number that you are comfortable with and that won’t put a strain on your budget. Then divide that number by 12 and set that amount of money aside every month. If you cannot afford to set aside that much money every month, then you should consider making your Christmas budget smaller so that it fits your needs.
Make sure to include plenty of family time during Christmas by doing things together like cooking, baking, decorating gingerbread houses, going to church, driving around to look at Christmas lights, reading devotionals, or participating in other traditions.
Don’t overspend on homeschooling!
Some homeschool programs are expensive, but homeschooling does not have to be expensive. There’s a curriculum available for every budget. It’s even possible to homeschool for free.
If you can’t find what you’re looking for free, I recommend buying used curriculum. It can also be helpful to buy pdf curriculum. If you have more than one child, you can print out the PDF file for younger siblings instead of having to buy the curriculum anew each time.
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