Saving with 6abc: Childcare

October 30, 2013 12:35:53 PM PDT
Statistics show the average middle-class family will pay almost $300,000 to raise a child over 17 years. Here are some ways to safely and happily cut back on childcare!

Workplace Solutions
Many companies run their own childcare services at a much lower cost to employees. You save on commuting costs! If not, consider using the child care center some of your colleagues use so that you can carpool or share resources. You could even try to ask for a discount at the facility.

Flexible Savings Account
You might be able to pay for childcare through an employer-offered flexible savings account (FSA). You can contribute up to $2,500 tax-free per family and use that money for childcare.

Government Resources
The Federal Child and Dependent Care Credit will reimburse 25-35% of your childcare expenses incurred in order for you to work or look for work. The credit pays out up to $3,000 a year for a single child, or $6,000 a year for two or more.

Sitter Alternatives
If getting a child care isn't working out when you work solo trying to set it up, see if you can set something up with neighbors and friends. You can try doing a nanny share with other families. Or set up a co-op with several families so that you all pitch in watching the kids.

Much of this information came from Nerdwallet.com, and you can find more information and ideas there.


Load Comments