Childcare & Daycare Budgeting
Working parents of school-aged children need to juggle a host of responsibilities, not just at work and home but also when it comes to childcare and daycare. Of course, finding the right place for your child(ren) requires thoughtful and thorough research. We all share similar priorities, especially when it comes to making certain our child(ren) are safe and well cared for by the provider.
But the cost of childcare and daycare also requires planning and forethought, too.
Believe it or not, the cost of childcare is often as expensive, even more expensive, than the monthly mortgage or household rent. Further, the number of married, working women has skyrocketed by more than 35% in last 25 years, according a recent published report.
Despite the high cost and the rising number of working parents, typical options for childcare haven’t changed very much.
- Daycare centers (church-based, non-profit, commercial chains, etc.)
- Home-based care (usually a few kids at a local home or smaller care center)
- In-home care (live-in nanny, sitter, au pair)
- Co-ops (a network of local parents, including you, to care for the kids)
- Friends/family network (a friend or relative who looks after your children).
Finding out which option is right for you will take time and a careful look at your resources. Following are some links to useful websites to help sort out the costs, tax breaks and other options when it comes to childcare and daycare.
National Child Care Information Center
http://www.nccic.org/
Childcare Tax Benefits
http://www.irs.gov/faqs/faq7-1.html
National Women’s Law Center
http://www.nwlc.org/details.cfm?id=1742§ion=tax
International Nanny Association
http://internationalnannyassociation.org
Au Pair in America
http://www.aupairinamerica.com/
Au Pair Care
http://www.aupaircare.com/
Great Au Pair
http://www.greataupair.com/