Budgeting for the Costs of Childcare
04/19/2014 11:39AM ● Published by Hood Magazine
One of the most challenging decisions for families today is determining how to pay for childcare. Parents are looking for ways to take on the costs of childcare without sacrificing the quality of care.
The average cost of daycare (be it a care center or in-home child care) will cost anywhere between $450 and $1,000 a month per child. The South Dakota annual average is around $5,491. The cost could be more or less depending on factors such as location, ages, number of children, quality of care, programs provided, and hours of operation.
If you are considering childcare, first determine what you can afford to pay for childcare and decide whether or not you need full-time or part-time childcare. Work out a budget that will work for your family. Do your research so that you know the quality of the care your child(ren) will be receiving. Call around (ask your friends for their recommendations). When doing your research, be sure to ask about discounts. Sometimes you can get a 10-15% sibling discount.
If you are leaning more toward part-time childcare, you could try to negotiate a more flexible work schedule to cut down on childcare time. Working from home a couple days a week can also cut down on childcare costs considerably. If your job allows you to work from home full time, you can eliminate the cost of childcare entirely.
After considering all the economic factors you may discover that it can actually save you money to stay home with the kids for a few years! Whatever the outcome may be, it is well worth your time to make sure you have carefully weighed all options and determined what is right for your family and your budget.