When I first started researching childcare options for my first son, I was floored by how expensive it can be. Of course, I live in Massachusetts, the most expensive state in the country for childcare. Recent news headlines have been calling attention to a new Pew Research Center Report showing that the percentage of moms staying at home to raise their children is the highest it has been in two decades at 29%–and they are staying home largely due to the high cost of childcare.
I remember thinking how much you hear about saving early for your children’s college educations, but the reality is that a year of infant childcare is more expensive than a year of college tuition at a public college in most parts of the country. I felt completely unprepared for the expense of full-time daycare or hiring a nanny, since with childcare, you don’t have 18 years to plan and save for the costs.
On the other hand, there is also a lot of evidence that quality childcare for young children pays off over their lifetimes. So, the best thing you can do is try to be prepared, research and understand the true costs of childcare and plan and budget accordingly. To help you with this, we’ve compiled a comprehensive guide called Paying for Childcare: How to fit the high cost of childcare into your family’s budget.
The guide covers:
- Your childcare options and what they cost (including hidden costs and added value)
- Five factors that will impact your childcare costs
- Five ways to save on childcare costs
- A childcare budget worksheet
- A childcare quiz: which childcare solution is right for you?
I hope you find this guide helpful, and wish you success in finding quality, affordable childcare that works for your family.