PIC Current

Childcare costs can break a family budget. Here are some new ideas to help!

by AJ McCreary, PIC Current Assistant Producer

Courtesy of Tracy O

Childcare is always in the back of parents minds. As we watch the economy get squeezed we start to wonder how is all of this drama is going to affect little old me, the average American.

• the stock market falling drastically
• banks being bought and sold every other day
• food prices going up
• gas continuing to skyrocket
• the value of the dollar dropping
• unemployment making steady rises

One big way parents are going to get slapped in the wallet is with our childcare bill! With our other bills (food, gas, energy costs, housing, etc) all rising, there is less money for the other necessity: childcare. For most parents of small children, daycare and working go hand in hand.

Childcare (infant and toddlers) can cost a family anywhere from $4,000-$10,000 a year. As finances get tighter; more families are looking for ways to cut back and daycare is usually not an option. Granted, there is the Childcare Tax Credit, but it only accounts for approximately $1,000 per child a year. That hardly makes a dent in the big picture for most families.

Here are some other ideas to help you stretch your dollars. 

1. Apply for ERDC (Employment Related Daycare Coverage: applications are found at your local DHS office)
2. Look for a nanny share in your neighborhood or start your own.
3. Hire a sitter only for the hours you need
4. If you have many small kids, a private nanny might be cheaper than having 3+ small ones in daycare. Some college students will even do childcare in exchange for housing expenses (room and board).
5. Trade care with another family. Perhaps you work different shifts.
6. If you are a stay at home mom, consider watching someone else’s child to help supplement your families’ income, while also potentially helping them avoid expensive costs at a daycare center.
7. Find a co-op preschool.
8. If you have a retired family memeber or neighbor, ask if they can pick up the slack in exchange for some extra money.
9. Ask center based programs if they have scholarship programs or grants for needy families.

When times get tough, get creative. Use these ideas and brainstorm others. Use local resources such as child resource center (most cities have an non-profit agancy), or Craigslist to post your childcare needs and wants. Get with other families in your area and the possibilities could be endless! If you have ideas of your own, please share them in the comments section so we can all learn more.

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