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Saving Money on Kids
November 27, 2015
I don’t think of all the misery, but the beauty that still remains.
-Anne Frank
-Anne Frank
Noting that the US Department of Agriculture estimates that parents with a baby born last year will spend an average of $245,340 to raise this child to the age of 18, US News and World Report, in their article, "How to Make Raising Kids Less Expensive", offered a number of cost-saving tips including give cloth diapers a try, forget the elaborately decorated nursery, and skip "blowout" birthday parties. Then, turning to child care, the article notes:
"Child care can cost as much as a mortgage for some families. In fact, a 2015 Care.com report found the national average for two children in day care is $18,000, while housing is $17,000.... [P]arents may want to consider whether they actually come out ahead by having both parents work. If extra income is needed, working an opposite shift as your spouse, while not ideal, is another way to eliminate or reduce child care costs.
"Parents should also do the math before paying someone under the table to watch their children. An unlicensed child care provider may be cheaper, but parents could miss out on a child care credit that could save them a significant amount at tax time."
Contributed by Meghann Hickey at Early Care and Education Consortium
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Comments (3)
Displaying All 3 CommentsUnited States
I am surprised that you cite child care tax credit as the concern when placing children with unlicensed care. Unlicensed care tends to offer a poor quality environment, therefore affecting brain development. Of course, this is not the case in all situations, but it certainly is a concern in most unlicensed care situations that I have seen. While tax credit is a concern, I would have liked to have seen that information balanced with information regarding quality care.
Early Childhood Council of Larimer County
Fort Collins, Colorado, United States
I truly appreciate the thoughts on considering whether to use child care or not. We all need to think about avoiding the expense. My concern is that if we encourage parents to work different shifts, someone will suffer in terms of sleep or children will suffer from lack of supervision. It broke my heart to have a 4 year old in my neighborhood running around without anyone paying attention to her (her parent was trying to get much needed sleep). Eventually it resulted in a call to social services and thankfully a positive outcome for the whole family. This is when exended families living together helps.
United States
Too bad child care was only looked at as an expense in raising children. There are significant benefits to providing children the educational environment a quality childcare center can offer. Once those first few years are gone, and a child's brain has gone through that developmental stage, there is no returning to make up the development. Parents can provide the proper stimulation at home, but I'm not sure all parents would be motivated enough to do this consistently.
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