Today we want to share a few tips on how to save on child care. Whether you have only recently found yourself in the position whereby you are looking for any way possible that you and your family can save money or stressing over meeting the bills each month has been part of your life for some time, child care is an excellent place to start when looking to reduce your monthly spending.
So, with this in mind, continue reading to learn of the top innovative ideas to save on child care in 2022 and beyond.
One of the best ways to start saving substantial amounts every month on what you pay for child care is to consider a nanny share.
Essentially, a nanny share is when a full-time or even part-time nanny splits their time between looking after your child (or children) and kids from another family. Having a nanny to look after multiple children can help reduce their rates, especially when you share the services with another family, preferably one nearby or even your neighbor. This option is especially accessible when you are close with your neighbors and your children are friends with theirs.
Can Your Work Go Remote?
The busy life of parents, especially in the modern world, can be incredibly hectic and for some people, it is near impossible to find enough time to juggle your professional and personal commitments. All of this on top of having children can be a lot to handle for anyone
However, depending on your line of work, it may well be worth asking to see if you can switch to remote working, even for one or two days a week, and save the money on childcare for these days.
Aside from saving money on childcare, there are a number of benefits to working from home on even a part-time basis, including the following:
- Time saved commuting to work
- More flexibility with your working day
- Increased levels of motivation
- A better work/life balance
- Enhanced levels of productivity and faster project completion times
- Money saved on lunches and morning coffees every single day
Child Care Tax Credit
Another incredibly important area to look into when wanting to save money on child care is to explore your options and indeed eligibility for the Child and Dependent Care Tax Credit.
With the yearly cost of child care in the United States averaging around $17,000, child care is a serious expenditure and considering the current unstable financial climate, both child tax credit and FSA for childcare can make more of a difference than ever before.
For something as annually expensive as childcare, it would be inadvisable to simply choose a nanny or indeed daycare center based purely on location and/or because of recommendations from your friends or family.
Exploring all your options for childcare instead will make for a much better price analysis of different childcare choices and may well save you considerable amounts of money in the process.