Covid-19 has taught us that many things can be done from home, including working and schooling. However, home-schooling is not only an option during times of crisis. If you want to consider it even when schools are fully open again, the financial implications must be a big part of your decision, including whether or not you will need a loan and how best to apply for a loan.
Home-schooling has been legal in South Africa since 1996. Since then, many parents have chosen it as a permanent solution for their children, or as a temporary measure to deal with a specific situation, such a child being too unwell to go to school for a long time or to help a child overcome a difficulty, such as learning problems or being bullied at school.
There are, obviously, many factors to consider when deciding whether or not to home school. There are excellent resources online to help you think through the issue, and it is always a good idea to talk to other parents and to children who are or have been home-schooled. In this article, we are only looking at the financial considerations.
Home education is generally less expensive than school education, because you don’t pay school fees, and there is no need for uniforms or transport to and from school every day. You also don’t have to contribute to fundraisers and events such as sports days or concerts.
However, a big consideration is the impact of home-schooling on your family’s income. If both parents work outside the home, home-schooling often means that one parent has to stop working, which means a loss of income.
Before you decide that is a deal-breaker, look at the full picture. It is possible that the total cost of schooling, including after-school care, is costing you more or at least the same as your second income.
The situation is obviously different for single parents, but it might be an option to hire a tutor to help your child get through the schoolwork at home.
The costs involved in home-schooling
Fortunately, there are many ways to contain the costs of home education:
Back-to-school expenses are typically lower for home-schooling parents, but you might still need a cash injection to start the school year.
It is, of course, best to have savings that you can use to set up your home-schooling system, but it is not always possible and sometimes, despite your savings, you might still need extra cash for a piece of equipment, higher speed internet or computer repairs.
An online loan could be very useful in these instances. However, as is the case with all debt, think carefully before you enter into a credit agreement:
Home-schooling can be an exciting journey for you and your child. By doing enough homework upfront, you will get the maximum educational and financial benefits from the experience.Personal Loans Online Go back