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6 Ways to Save on Child Care
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6 Ways to Save on Child Care

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Child care is probably far more expensive than you think. Here are six ways to keep those costs down.

Child care is probably far more expensive than you think. Here are six ways to keep those costs down.

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    6 Ways to Save on Child Care 6 Ways to Save on Child Care Presentation Transcript

    • 6 Strategies to Keep Child Care Costs Under Control
    • 1) Strategize Your Work Leaves  Usually, mom will get to take around 12 weeks of maternity leave—but often dad may get a week as well. If not, he can use vacation time, too.  Sometimes, grandparents visit soon after a child is born. This could free up dad to go back to work, and take his leave when the family leaves town.  Although there’s little financial benefit to this, it can be immensely helpful for baby and mom.
    • 2) Create a Budget Ahead of Time Simply sitting down and planning out how much you’re prepared to spend can make a big difference. There are lots of forms of childcare, including day care centers, private day care, au pairs, and nannies. Costs and availability vary wildly, so getting started early can have huge advantages.
    • 3) Don’t Forget About Tax Breaks Many parents are unaware that their childcare spending can yield significant tax breaks. 1. If your company offers Flexible Spending Accounts, you can set aside $5,000 of tax- deductible cash to be used on dependent child care (if filing jointly). 2. If your company does not offer these accounts, you can still claim the Dependent Care Credit of up to $3,000 for one child, or $6,000 for more than one.
    • 4) Talk to Your HR Department The Care.com survey reports that there are several steps that HR departments take to help working parents make ends meet, including: • Free membership to Care.com’s child care services. • On-site daycare. • Child care reimbursements Sadly, many parents leave these benefits undiscovered because they never ask.
    • 5) Consider Non- Traditional Jobs • Many companies are willing to allow individuals to complete some or all of their work remotely these days. • According to author Aaron Hurst, freelancers are becoming much more prevalent than in years past. By the end of the decade, some believe 40% of the American workforce will be freelancers—and have the requisite time flexibility.
    • 6) Free Babysitters (aka Grandparents) Historically, the extended family has always played an extensive role in child- rearing. It is only recently, and especially in America, that’s become common for us to live so far away from our kin. Seriously consider the financial, social, and emotional benefits of living near family—who are often excited to lend a helping hand.
    • This Isn’t The Only Step to Retirement Planning for New Parents Retirement planning is a life-long process. Make it easier by being smart about taxes. Check out one strategy in our special free report: Take Advantage of This Little- Known Tax “Loophole”