What's the Deal: Keeping childcare costs down

Monday, November 20, 2017 05:23PM
What's the Deal: Keeping childcare costs down - Alicia Vitarelli reports during Action News at 4:40pm on November 20, 2017.

PHILADELPHIA - From preschool to daycare, there are wait lists, rising costs and interviews. Finding affordable child care of feeling more like applying to college and it can cause a lot of stress for families.

Right now, more than 60 percent of American families say they are struggling with this.

A study from CS Mott Children's Hospital finds that safety is the number one concern.

Cost is right behind it on the list.

Care.com, a website and app that helps match families and caregivers, says the first thing to do is start early, whether it's an experienced caregiver or a slot in a pre-school, you can't wait until the last minute.

If your employer offers a Flexible Spending Account, or FSA , sign up. Most will let you set aside money for childcare before taxes, some even allow for summer camp.

Also, apply your child care tax credit.

This allows you to itemize up to 3,000 in expenses per child, per year.

Also on their list, arrange a child care share. A lot of families are either swapping days or doing a nanny share to keep costs down, the kids happy and the budget in line.

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