Struggling With The Cost Of Daycare? Here Are 4 Options
Are you one of the many parents whose household incomes have not kept pace with the skyrocketing expense of child care? Perhaps you’re looking for alternatives or ways to cut down the cost of this expense.
The good news is that there are various options available to you to help reduce the financial strain of child care expenses on your family.
This article will take you through some options to help combat the cost of daycare.
4 Methods To Deal With The Soaring Cost Of Daycare
A recent poll found that 63 percent of parents feel the cost of daycare has increased over the previous year. Half of all parents (51%) say they spend more than 20% of their income on childcare, and seventy-two percent (72%) say they spend 10% or above.
Many parents are concerned about whether or not they can afford daycare in light of these high numbers and what adjustments they may have to make.
Following are 4 options you may want to consider to help your family afford daycare.
1. Utilize Employment Benefit Plans
Check to see if your company offers any childcare programs. Many workplaces provide onsite child care, often at a reduced rate. Many businesses also have arrangements with nearby childcare centers to better assist families. Partnerships have resulted in price reductions for otherwise prohibitively costly services, thus easing the financial burden on parents.
If you haven't already, check with your company's HR manager to learn about any benefits or reimbursements you may be eligible for. Human resources should be able to provide information on those or any other discounts that are available to you.
Costs may be reduced by taking advantage of perks like these, which can be found in gym memberships (which often include child care) and transportation plans.
Some companies even offer flexible spending accounts for childcare as a bonus to their employees. You may save an amount equivalent to your marginal tax rate by using this account to set aside tax-free money for childcare expenses.
2. Apply For Assistance
Most states offer some kind of aid for families with low incomes that help to cover the cost of daycare. Depending on your family members and income, you may be expected to contribute toward your child's daycare expenses, with the state program picking up the tab for the remainder. Explore these options to see if there is a program for which you qualify.
One may locate a database detailing the many aid options for each state. However, there may be significant wait lists for these programs, so don't delay in applying.
3. Family Or Local Help
You may save the most on childcare expenses if you have a relative look after your kids. It's okay to give compensation, but you may expect to spend far less than you would on a daycare facility or a nanny.
Another option would be to find a local high school student. The hourly charge of a teenager will be far less than that of an experienced babysitter or daycare, making them an attractive option for when your children are older and more independent.
Another option to look into is a child care exchange with another parent that works the same or a different schedule than you. You may be able to offer a night, and in exchange, they cover a morning. Alternatively, you might take care of Wednesdays if they covered Mondays.
4. Work From Home
Having the option to work from home might be the best way to save on childcare, but it can be difficult to coordinate all of the moving parts. When compared to leaving the house and traveling to an office, working from home with a young child is far more convenient.
A telecommuting agreement is mutually beneficial if it allows you to work while caring for a young child. Thus, you may want to look into such an arrangement to cut down the cost of daycare.
Get A New Mexico Installment Loan
In this soaring economy, with the added expense of daycare, you may be finding it hard to make ends meet, a New Mexico installment loan from New Mexico Title Loans, Inc. may be an option for you.
All you need is proof of your identification (a photo I.D. or a driver’s license), proof of your income, and a checking account statement in your name, to get up to $1,250 the same day or the next business day.
The Simple Process
Following is a brief and easy guide to taking out an installment loan from New Mexico Title Loans, Inc.:
- Visit the website and fill out an online form selecting installment loans as your preference.
- Once the form has been submitted, a loan representative will give you a call to confirm your information and provide further details about processing the loan.
- Then, visit your nearest store for a quick examination of documents.
- If you are eligible, you will be asked to fill out the paperwork needed to complete the process.
- Sign the offer and receive the money you need to take care of your emergency childcare expenses!
The cost of daycare is increasing day by day. We hope that the 4 options we have offered here bring you some respite. And if nothing else works and you find yourself in financial distress then you can get a New Mexico installment loan by visiting our New Mexico Title Loans, Inc. homepage!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.