Finding A Good Day Care Provider As Prices Climb

We lead busy lives that can often keep us from our families. If you work full-time and have young children who need supervision, you may need to consider whether you can afford to hire a day care provider while you are working. Day care prices have climbed steadily for many years.

Some people find the rising costs of child care to be beyond their budget. Others choose to sacrifice their careers because the costs of day care would ultimately make their salary negligible. However, before making this decision, consider a few key factors that will have an impact.

Consider The Real Costs Of Day Care And Your Job

According to the National Association of Child Care Resource and Referral Agencies, day care prices for children in preschool averages $474 a month. Care for infant and toddlers average $525 a month. This equals $5,689 and $6,301 per year, respectively.

Now, consider your salary. For example, assume your annual income is $30,000. Your spouse's annual income is the same. Then, consider income tax, gas costs for commuting to your job, time spent on the road, drycleaning bills, etc. After taxes and other expenses are deducted from your pre-tax salary of $30,000 how much is truly left. Once you know these numbers, you can logically determine whether you can truly afford day care.

Where You Find Child Care Service Impacts Cost

You have a few options to choose from when looking for a day care provider. These options vary in price. A dedicated day care facility with a staff will likely cost more than simply hiring a state-licensed in-home nanny. Further a licensed nanny will cost more than simply having a friend care for your child. The option you choose will depend upon what level of care you want for your child.

Working Part-Time From Home

There are many opportunities to work from home. This should be considered along with your salary, expenses and day care costs. If you can earn an extra $1,000 each month (pre-tax) at home while caring for your child, that is an extra $12,000 in annual income. Knowing this and assigning numbers to the factors that will have an impact makes decision-making process easier.

The decision to pay for a day care provider and the decision of whether to sacrifice a job to save money depends on many factors, including those described above. You need to also consider the many pros and cons of staying at home to care for your child. Talk with people who have chosen to stay at home. Ask them what pros and cons they have identified. Ultimately, the decision is about your personal circumstances.

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