childcareDuring a time when most people are looking for every possible method of cutting corners, one often necessary expense that we can’t afford to skimp on quality is child care. While you may not be able to avoid paying for quality child care, that doesn’t mean there aren’t any methods of spending less on this all-important family expense.

Restructure Work Schedules

One way to avoid having to pay an outside provider for child care services is to try and reschedule work hours. If you are a two-parent family, you could consider having one person work nights while the other works days – so there is always a parent available to care for the children. Alternatively, you could work opposite days – with one parent working weekends and the other working weekdays for example. Both of these alternative schedules will make it possible to avoid paying child care expenses, but keep in mind they will almost eliminate family time.

Single Parent Trade-Off

If you are a single parent, you might consider looking for another single parent who works different hours or days from you, and trading child care. You’ll be helping each other financially, and if you select the person with care, find a quality child care provider and playmates for your child(ren).

Extended Family

Do you have parents who are retired, an aunt or uncle, or another family member who might be able to help out a few days a week and reduce the number of days you need child care? Family members often jump at the chance to spend quality time with their grandchildren, nieces or nephews, so they may be happy you asked them for some babysitting assistance.

Federal Child and Dependent Care Credit

At tax time, you can deduct your child care expenses on your federal tax return. Most states have an additional tax credit for child care expenses which will help reduce the amount of tax you owe. You can claim child care credits whether you use a day care service, preschool or in-home babysitter. Be sure to check the facts with the IRS.

School-Aged Children

If your children attend school, try to fit your work hours into their school hours. Some employers allow flexible scheduling. At the very least, if you are working around the same hours your child is in school, you may only need to pay for child care for a couple hours a day rather than a full day of care which can save you considerably.