The Growing Cost of Child Cadre
On of the most important choices you will ever make for your child is choosing a daycare that fits their needs. However, in recent years daycare has unfortunately become synonymous with high fees and empty wallets. In a recent study it was found that, on average Americans were paying almost 8% percent of their monthly income on daycare payments. These daycare payments are just part of the overall expenses when it comes to raising a child. Over 65 percent of Americans agree that the government along with private business should be doing more to keep child care and after school program costs at a minimum for working parents.
More Working Parents Means More Child in Child Care
Currently Fewer than one third of children have a parent that is exclusively a stay at home parent. In fact about 33 million child are currently in some form of a daycare or child care arrangement. Analyzing the data shows that the demand for child care is only going to grow as the economic climate shifts more towards households having two working parents.
Ways to Battle The Cost of Childcare
Many parents, prompted by the rising cost of childcare, have found ways to lower their monthly daycare payments or eliminate them entirely by finding alternative child care management solutions.
Relatives and Family Relations Many parents have been able to reduce their day care cost by employing family members to take care of their children during the day. Not only does this cost less than traditional daycare, but older family members are given a sense of purpose as well.
Ask Your Employer Many employers may actually provide daycare for their employees, whether it be on site or at associated day care centers. If your employer does not offer daycare they may some type of monetary assistance.
Talk to Your Accountant You may be eligible to receive tax credits based on how much you make and how much you spend on childcare. Consulting your accountant or a qualified tax preparer will give you a better idea of whether you qualify.
Churches, Faith Based Organizations and Non-Profits Many faith based organizations, including churches, temples and mosques offer inexpensive childcare depending on your child’s age. These childcare programs are drastically less than private daycare.
There are several options to choose from when it comes to keeping your child care costs low. It is important to note that every persons situation is different and requires special consideration. We all want the best for our children. Just remember the best doesn’t always mean the most expensive.