This is a good question to ask, especially with the emphasis on "family," because
The financial impact can be a major factor when it means one parent giving up a job and income. After all, with most mothers (and fathers) working outside the home, the public school system also serves as childcare.
Most who homeschool are mothers in two parent families, where the couple has decided that it's in the child's best interests to do without the extra income in order to homeschool their children. However, more and more parents are finding ways to work at home, making homeschooling a very possible reality for families that require two incomes and for single parents.
A parent who does work at home and wants to homeschool must still ask the question, "Is homeschooling right for my family?" because achieving a balance between a home business or telecommuting job and child rearing and schooling can be challenging.
However, for many homeschooling families, the rewards far exceed the stresses. Also, the stresses can be eased with a good support team, such as a local homeschooling group where parents may form a teaching and/or childcare coop of sorts. Others have help from grandparents or older siblings. Some may just need short breaks and find that time when the child is at a supervised activity outside the home (many homeschooled children are involved in outside activities such as special interest classes and clubs).
Still other families find that balance of work and homeschooling through running a family business where children can take part, such as one family who ran a board game store where their kids had lots of fun playing the sample games with other kids as well as helping out at the register and with stock.
When asking yourself if homeschooling is right for your family, do keep in mind that your business may not be of interest to your child. The key is finding a balance that allows your homeschooled child to thrive in a loving and accepting home while reaching his or her intellectual potential and having his or her social, emotional and spiritual needs met.
Sometimes out of determination to homeschool, parents will change their own career course and find that they are much happier too.
Another important area to look at when considering if homeschooling is right for your family will be the reasons you want to homeschool and how your child feels about it. For example, if your 7th grader is doing fine in school and enjoying school, then it's probably best not to force homeschooling. However if your child is open to homeschooling (and if the child understands that homeschooling doesn't mean being cut off from friends), and you want to homeschool, then it’s probably going to be a positive experience.