Disclosure: I received compensation from Homeschool Buyers Club (formerly Homeschool Buyers Co-Op) for this household budget post. All opinions are 100% my own.
Why Your Homeschool Family Needs To Keep A Household Budget
*While this post references summer deals and summer learning, the savings at Homeschool Co-Op along with regularly updated free curriculum and resources are always in season for managing your homeschool household budget. Check it out and grab your FREE spending tracker printable below.
Homeschool families are no different than anyone else…we ALL work hard to earn a living. We do our best to make sure we spend the money we bring home wisely. That’s where a household budget comes in. It’s a good tool to see at a glance what we have coming in, what’s going out (and what that money is paying for), and if there’s anything left at the end of the month to put into savings. The bottom line: Your family needs a household budget. and you CAN teach your homeschoolers how to keep and manage a household budget.
Learning to use a household budget is perfect summer learning fun! There is time to step away from the typical learning patterns and styles and focus on this practical hands-on skill in a more relaxed manner. Using free summer trials to get a taste of a new homeschool curriculum is a great way to save money, and work within your homeschool curriculum budget.
Before we dive into exactly what a household budget can do for our homeschool families, let’s consider for a minute what will happen if we’re not tracking income and expenses. We may end up spending more than we’re making in a given month (or two, or three). Over time that can put us into some pretty hot water financially. We may also spend a lot more than we’d like to believe on things like eating out, going to the movies or new clothes.
Having a household budget gives us more control over where we want to really spend our hard-earned cash. Maybe that’s dinner and a movie, but maybe it isn’t. Wouldn’t it be nice to have an actual choice?
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Household Budgets Tracks Where Your Money Is Going
A household budget simply tracks your money. You record where the money comes from each month (your income) and then write out everything you spend it on, starting with your regular monthly bills like mortgage or rent, car payments, utility bills, etc. Don’t forget to include your homeschool supplies, curriculum, textbooks, online courses, memberships, and homeschool co-op fees. What’s left after all the bills are paid is typically called ‘discretional income’.
Household Budgets Help Identify Things You Waste Money On
Having it all in front of you in black and white helps you identify things you’re wasting your money on.
It makes you reconsider if you really want to spend well over $200 a month on Cable TV or $150 on your large cell phone plan. Or how about that yearly magazine subscription to something you no longer read? Go through your expenses and reevaluate if this is REALLY how you want to spend your paycheck. Get family input, where needed, and if you have teens with jobs, consider asking them to pay for items they use exclusively. This is a perfect time to investigate how to trim your grocery bill expenses too!
A Household Budget Allows You To Be Proactive About Savings
Saving money without a budget is hard. We go in with the best of intentions at the beginning of the month, but somehow there isn’t anything left at the end of the month.
A budget gives you a chance to be a bit more proactive. Set aside some money for savings at the beginning of the month, even if it’s just $20. Put it in the budget as a regular expense, just like you do with your other urgent bills. If you need to, open a separate savings account so you’re not tempted to spend it.
Pro Tip: Creating a household budget is a perfect way to save money for that epic family vacation or homeschool road trip.
Household Budgets Ensure You’re Not Spending More Than You’re Making
Most importantly, your budget will keep you on track and help you make sure you’re not spending more than you’re making. And I don’t have to tell you that that’s pretty important for your financial well-being.
Summer Deals on Homeschool Resources
Are you ready to get started teaching the practical aspects of personal finance and household budgeting to your homeschool family? Check out these FREE summer homeschool resources! There are a variety of online classes, textbooks, and digital subscriptions that can help you teach this important life skill in your homeschool. Or, simply go ‘old school’ and begin by tracking your monthly expenses.
Summer is here, and what better way to get a jump-start on homeschooling than with free trials on top homeschool curriculum. Explore new programs and tools that will help your child succeed this upcoming year and beyond.
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- HomeSchoolPiano Trial
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- Mr. Henry’s Music World Freebie
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- History Alive Grades 6-12
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- Dynamic Earth Learning (Aquaponics Course)
Free Homeschool Resources: This Household Budget Spending Tracker will get You started.
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