Savvy Parent Hacks for Navigating Expensive Daycare Fees
Child care can be super expensive. Read on for ways to lower your costs.
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If you're a parent, you may be well aware that the cost of having children could be astronomical. Ascent research reveals that it costs roughly $300,000 to raise a child from birth through age 17. But you might rack up a serious tab during your child's early years if you work and are forced to pay for daycare.
Data from Care.com finds that the average cost of daycare for one child is $321 per week for an infant. For a toddler, it's $293. The reason toddler care tends to be a bit cheaper is that daycare centers usually don't need as small a caregiver-to-child ratio with older kids as with younger ones.
If you're tired of emptying your savings account week after week to cover your daycare costs, the good news is that with a little creativity, you might manage to spend less on child care. Here are some tricks to employ.
1. Ask for discounts -- constantly
Your daycare center might advertise its sibling discount. But there may be hidden discounts you can snag if you're bold enough to ask.
Let's say your daycare center is open from 7:00 a.m. to 6:00 p.m. every day, but because you work from home, you only need care between the hours of 9:00 a.m. and 5:00 p.m. If you're consistently not dropping your child off for a full day, ask to have a small amount of money taken off your weekly bill. It certainly won't hurt.
Your daycare center may also have a referral program where you get money off of your care if you help bring new clients in. It's worth spreading the word if you're happy with your daycare center -- other than the cost, which is understandable.
2. See if you can flex your hours at work
Depending on your situation at home, working different hours than your current schedule might make it so you don't have to put your baby in daycare on a full-time basis. Let's say your company hours are 9:00 a.m. to 5:00 p.m., but your job is such that you don't really collaborate with your peers, but rather, work independently. In that case, your manager may be willing to let you work from 1:00 p.m. to 9:00 p.m. instead of 9:00 a.m. to 5:00 p.m. as long as you get your work done.
How does that help you? Well, if you have a spouse or partner who gets done with work around 5:00 p.m. or 6:00 p.m. and can take over child care at that point, you may be able to sign your baby up for half-days at your daycare center instead of full days. And that could mean paying a lot less.
3. Look into home daycare
Some people run smaller daycare centers out of their homes. If you find one in your neighborhood that's licensed with great reviews, making a switch could mean spending less.
Granted, a home daycare situation may not offer the same amenities as a full-fledged daycare center. Your infant may not get to take art or music classes like your daycare center provides. But at that age, they have plenty of time to catch up on things like that. And giving up some amenities might save you a fortune.
Saving money on daycare could work wonders for your personal finances. Employ these tips so you can spend less on child care -- and set aside more money for the many other expenses you're apt to incur as a parent.
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