How Parents Can Save Money on Childcare

Having kids is expensive, but childcare easily tops that list. Until your child is old enough to go to school, most of your options will be expensive. Even if you decide to leave your job to stay home with your child, you will be giving up income, and it can take a toll on your mental or physical health. You can make a more informed decision by understanding options like remote work, your financial situation, and in-home care.

Evaluate Your Finances

Whether you quit your job entirely to stay home, switch to part-time work, or go for full-time childcare, it is expensive to raise a child. Gauge your financial circumstances to get an idea of areas where you can conserve funds. If you are still paying off your student loans, you may find the interest accruing makes it challenging to make any real progress. Taking a long time to pay your loans off means you won't have that money for other expenses. However, paying them off more aggressively means you may be able to get started on your other goals sooner.

Look for Flexibility in Work

You may be able to schedule opposite work schedules with your partner. This might require one of you to have the night shift and another one to have the day shift. This allows one parent to always be home with the kids. However, this does not leave much time to spend together as a family, and it can also be challenging to find time to practice self care, enjoy time independently, and sleep restfully. It may be possible to work from home, so you don't have to work opposite hours. Many positions in the customer service, technology, and billing industries are able to be done from home. While many companies don't want employees to use their time on the clock to care for children, you could supplement this with another option.

Ask Family Members for Help

One the money mistakes new parents make is not taking advantage of their inner circle. Instead of sending their kids to childcare five days a week, many parents ask the child's grandparents or family members to watch the kids once or twice a week, so you only need to find options three or four times a week. This can make the cost easier on you, or you could work with other family members, such as siblings who also have kids. Everyone could take the kids once a week and swap things out during a different day.

Options in Other People's Homes

Family-based childcare might be a more affordable option since it takes place at the caregiver's private residence. They may have a few other children during the day as well. This can also be a more peaceful setting for your son or daughter because it is more like their environment at home. You could also research in-home sitting, which involves someone coming to your house to keep an eye on things. It's important to choose a dependable individual if you go this route, especially if you won't be at home. If you have the option, you may want to consider working remotely when you first employ an in-home sitter so you can see how things are going.