6 Tips That Will Save You Money on Child Care

February 25th, 2009 • Related • Filed Under • by tisha

Since many households require dual incomes to stay afloat, child care concerns are a necessary part of many family child-care-pic budgets. Granted, you want to ensure that your child is well-cared for by properly trained people and you can’ always rely on simply choosing a child care facility based on price. But child care is one of the larger expenses a family must budget for each week.

Here is a list of tips to help you make the child care chose more financially reasonable and possibly even eliminate the cost completely:

1. Start With Family and Friends
Many people will fail to inquire from relatives and friends about child care responsibilities simply because they feel bad about it. But perhaps there are some people you know who could use some extra cash and would be willing to care for your little one. By arranging child care with someone you know and trust, it can take away a lot of the guilt of going to work each day. Plus, you might be able to negotiate an offer of financial payment that would ultimately be lower than a professional day care facility. Never assume your relations will be willing to do it for free. Be prepared with a dollar amount of how much you are willing to pay in return for services.

2. Form Complimentary Schedules
If you or your spouse work at a facility that offers different shift hours, discuss with your HR department about the possibility of switching shifts so that either you or your spouse will be home with the kids. Even if the hours overlap by a few hours and you still need a day care provider, you will at least cut down on the amount of money you will have to spend on care.

3. Flexibility in Work Time
If you feel it may be a resolution to your child care concerns, speak with your employer about incorporating flex time into your schedule, which will allow you to be home more often with the kids. You can also come up with a plan to try telecommuting to work a few days a week. Create a professional plan to present to your boss about what you can accomplish working at home and what you will need to get the job done.

4. New Job, New Opportunities
If you are going to work for a new company and are not familiar with the allowances or discount opportunities that may be provided concerning child care, don’t be shy. Speak to company representatives about any child care related information they have. Some companies will offer discounted rates at day care facilities.

5. Child Care Accounts
Ask your employer if they offer a flex spending account for child care. The IRS created such an account that allows you to put money away for child care related expenses with pre-tax dollars. Money will be taken out of your pay and put into the account. You can then use the tax-free money for child care expenses.

6. Find Subsidized Day Care Facilities
Qualifying individuals who need additional assistance may be able to obtain lower rates out of pocket for day care expenses. You will have to inquire with your local agencies or the day care facility directly to find out about the application process. You can find a list of resources at this website.