Caring for a child can be costly with one of the biggest financial responsibilities being child care with alternative options that can be more affordable compared to standard daycare.
Being a parent comes at a price as caring for a child can be costly when it comes to child care and finding a place you can trust to provide your child with the best care. A 2021 annual poll, weekly costs of caring for a newborn for $300 at a family care facility compared to $612 for a nanny with rates for daycare increasing by 87% from 2019.
These costs can vary depending on where you live as childcare can be a significant investment even in low-income communities. Though child care comes with some hefty expenses there are a couple of ways to cutdown costs and alleviate financial stress.
The average annual cost for child care can range from $5,000to $20,000 depending on options with child care at home, at work, or at daycare that each has different factors to consider. For daycare, you should take into consideration including reviewing rates, looking into home-based child care, and inquiring about possible discounts by paying monthly.
You might also get child care benefits through work by asking HR about Dependent Care Accounts, looking into FSA Dependent Care, and considering changing work hours to manage your time around child care. If you end up considering at-home child care by finding a local babysitter or seeking the help of other local families.
When considering daycare centers, certain places can possibly fill up quickly, and is recommended to put your name on a waitlist soon as possible. When you’re in the process of finding the best place for your child you can get some help with recommendations from other parents while also considering pricing, offerings, safety protocols, and locations of local daycares.
Research your options for choosing a daycare for your child that also meets the requirements of your budget while meeting your desire for the best daycare. It’s also recommended to compare childcare in different areas that can vary in price and quality depending on the surrounding community.
There are some alternative options that are less known about through shared care by sharing a nanny with friends by combining financial resources that can be used to take care of multiple children helping everyone save money. Another alternative is opting for stay-at-home mothers and looking to friends or neighbors with flexible work schedules to work out an arrangement that works best for everyone.