Many women who opt to work to supplement the family budget quickly find that child care can make a huge dent in their contribution. The annual cost of infant care can equal a year’s tuition at a community college in 31 states, according to an article in Working Mother.
The options are many and you need to choose the type of care that you want for your child, and also fits into the budget comfortably.
Here are some alternatives, including the likely cost:
NANNY: Nannies are professionals. Some will live in your home and, besides caring for your child, will do housekeeping and meal preparation. They may assist with the child’s homework, take him or her to school and other events, such as play dates. The annual cost? About $36,275 yearly average. The wages may be tax deductible and eligible for flexible spending reimbursement. Working women whose jobs require unpredictable hours or frequent travel may find this the best option, even though the cost is commensurately high. Having just one caretaker may pose problems if the nanny becomes ill or otherwise unavailable and you have to find a replacement in a hurry.
CENTER-BASED DAY CARE: Much like a school, large day care centers often accept children in different age groups and provide multiple caregivers. They may offer amenities such as kindergarten preparation and instructive field trips. The average annual cost for full-time infant care is $3,863 to $16,430. Prices generally decrease as the child becomes older and does not need the same level of care. The cost may be tax deductible and eligible for FSA reimbursement. This mode of child care is most ideal for moms who have routine hours and who want their child to mingle with peers. The centers are not usually flexible for those who work early or late and may impose an extra charge – sometimes as much as $15 for every minute you are late. Problems may arise when the child is sick or cannot attend day care for any reason.
IN-HOME CARE: Providers in this category usually have small groups of children in their own home. The home atmosphere is attractive to many working mothers, and the annual cost is lower – $3,930 to $11,046 for full-time infant care. While the least expensive of the options, and offering the chance for a child to interact with a small group, the downside is how to provide when the caretaker is unavailable for any reason. (Most states have regulations and licensing standards for those who provide in-home care. Check.)
AU PAIR: Primarily young people 18 to 25 from other countries, who provide up to 45 hours a week of child care in your home. Light housekeeping and meal preparation are often part of the arrangement. Parents pay a stipend, provide a private room and meals. The average annual cost is $18,722, regardless of the number of children. The advantage for your children is exposure to another country’s culture and language and in-home care. The fee includes $500 a year toward the au pair’s enrollment in a local post-secondary education program. A two-week paid vacation is required. Wages may be tax deductible and FSA eligible. Agencies such as Au Pair in America arrange services. On the downside, au pairs are in the country on one-year visas, with possibility for one-year extensions, so continuity is not guaranteed.