Childcare is one of the most expensive parts of raising a family. But, there are many ways to save money on childcare costs and find affordable childcare services to help you keep your budget in check. Here are four easy ways to have your child taken care of without blowing your budget.
1. Shop around and understand the costs
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It’s common for budget-strapped parents to automatically choose the cheapest service, especially when trying to prioritize getting out of debt to free up more money for the family and utilizing the debt consolidation loan calculator to do so.
When looking for a new daycare, you’ll most likely notice a big range in prices, but don’t immediately opt for the cheapest as there may be additional costs that can add up. For instance, some childcare services will charge a higher amount but offer things such as late pick-ups, enrichment field trips or activities, free meals, and flexible cancellations where the cheaper daycare is more bare-bones. Crunch the numbers before making a decision to see which daycare truly is the most affordable.
2. Co-opt childcare services with friends and family
The saying “it takes a village to raise a child” couldn’t be more true now thanks to the high cost of childcare services, so before you start looking outside the family, consider creating a co-op of childcare with other family members who have small children. You may be able to divvy up daycare days between the families if you have flexible schedules or hire a group nanny and split the cost. If you don’t have any friends or family with small children close by, consider reaching out to others in your community via your place of worship, community center, local Facebook groups, or the library. You might just find someone else in a similar situation looking for a solution.
3. Check to see if you qualify for discounts
Some daycare centers will offer discounted rates for members of the military, first responders, families with siblings that are already enrolled, or educators, so don’t be afraid to ask for any deals you qualify for. You might even be able to lower your fees if you pay for multiple months upfront, reducing your overall monthly price. If none of those options work, consider negotiating a better rate in exchange for helping out at the center occasionally, making lunches, or exchanging your professional services for a cheaper monthly fee.
4. Look into government subsidies and tax credits
The federal government, along with many states, will offer tax credits or subsidies that can help offset your childcare costs during tax time. Some states also have programs that offer free pre-K, hot lunches, or afterschool programs. Check out your state’s Department of Education website to see what current programs are available.
The bottom line
Childcare is expensive but doesn’t need to be a budget-killer. Use any of these four options for saving money, and you’ll ensure that both your child and finances are well taken care of.
