Parents make a financial decision when they elect to home-school their children. But the loss of a second income provides the opportunity to teach how to live on a budget.
Two Howard County families involve their children in fiscal decisions. They encourage budgeting and saving as teaching tools.
“The philosophy of home school is it’s our responsibility to teach our children,” Lisa Kilmer said. “[Children] are exposed to all our daily lifestyle decisions.”
Kilmer said the family made the decision to sacrifice one income so that she can stay at home.
Part of the learning process are the economics of capitalism and ethical and unethical decisions, she said.
Kilmer said her children go to the grocery and shop frequently at Goodwill and consignment shops.
“We give them a budget and let them decide,” she said. “They report back to Dad on the management or mismanagement of their funds.”
Kilmer describes her daughter, Lydia, as the world’s biggest penny pincher. Her spending habits have extended to other students at Taylor University. Lydia was given an amount of money to spend on college and must budget those funds.
The Kilmers’ 17-year-old son, Adam, said he has learned how to make choices on purchases. He finds the best quality products for the price.
“We see how they make decisions,” Adam said. “They explain to us how the decisions are made.”
Adam has an education Individual Retirement Account and plans to attend Indiana University Kokomo to study engineering.
Lisa Kilmer said the goal is to have her two children think of spending in real-world terms, such as how much work goes into purchasing a fast-food meal as compared to preparing a meal at home.
Kilmer said her husband has always carried his lunch to work, and the family makes purchases with cash instead of on credit or with a check.
“Sure there is peer pressure,” Adam said. “I don’t care what people thing about what I’m wearing.”
Kilmer said when the decision was made to home-school, the family determined the cost of her staying at home and the cost of working – the higher income taxes, clothing and food costs.
“We are in an austere mood for the duration,” she said.
Steve and Angie Gollner are home-schooling their seven children and live on Steve’s income of $30,000 per year.
Hanna Gollner, 11, said when she receives money for her birthday or holidays, she has a plan for the money.
“I have a little for spending, for tithing to the church, some goes in the bank and some is saved for vacation,” she said.
Here sister Sarah, 10, likes being home-schooled because her mother can spend more time with her.
“It would be nice to have a cell phone,” she said.
Steve Gollner said the family talked about home-schooling before Hanna, the eldest, was born.
He said Angie was doing some substitute teaching.
“We never use my income,” Angie Gollner said. “We paid off my college loans. I have gone back to work a little, until our youngest daughter, Ruth, was born.”
The family budgets $100 per year for each family member for clothing.
Every child has a list of chores to do.
The Gollners took two years to build the house they reside in. The foundation and frame was constructed by a contractor, but family and friends completed the interior work.
Every year the family takes a two-week vacation, saving money all year for the trip. Last year they went out west. This year they plan to go to Washington, D.C., Delaware and North Carolina.
• Ken de la Bastide is enterprise editor for the Kokomo Tribune. Contact him at (765) 454-8580 or ken.delabastide@kokomotribune.com.
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Home-schoolers learning finances from parents
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