Being a new parent comes with a list of new responsibilities. Child care is one of those. In the present economic conditions, it has become quite costly to raise a child. Did you know that a year of childcare can cost more than the average in-state college tuition?
Does that mean that you can’t afford child care? That is not the case if you know what you are doing!
Finding affordable child care is not an easy task, but once you explore all your options, you might change your mind. Here are some ways to make child care more affordable:
Staying Home Or Daycare
Working couples find it especially hard to take care of their child, and as a result, they have to hire a nanny or look for daycare. Research shows that the average daycare can cost around $9,589 per year in the U.S., while the average cost for a nanny is $28,354. That is a lot!
A situation where one spouse can take a pause from work life could be a great alternative to this. If you love your job and are earning a hefty amount, it could be totally worth it. However, if you’re working just to pay the bills, you must consider staying at home to cut the daycare costs.
It’s a personal decision that must be mutually agreed between the partners. It won’t just work best for your family and your situation but also give your child better care and love.
You Have A Family For A Reason
In times like these, when you are vulnerable and confused with a baby on board, you must seek help from your family. Consider yourself lucky if you have family members nearby who are willing to help. Take their offer and let them pitch in.
Grandparents, for instance, would always be willing to take care of your baby while you are out working. They would probably love the extra quality time and bonding with your little one. You will also feel more secure and comfortable knowing that your child is in safe hands and getting love and care from his own family.
Create Or Join A Babysitting Co-Op
A babysitting co-op is a group of new parents who come together to create a system of rotation where they each take turns to take over the caregiving responsibilities. So, instead of hiring a babysitter, these parents mutually come to an agreement and take care of each other’s children.
It’s a more organized situation, where you pay by taking care of their child and so on. This can be set hourly or daily, depending on the community. You can find these co-ops in your society or through social media. However, make sure to create a trustworthy panel, and it can really help you save some bucks.
Choose The Right Baby Formula
Many parents think that saving money on baby formula can be a way toward affordable child care, but that’s far from the truth. Child care includes proper nutrients and the health of the child. Therefore, as a new parent, you must research and look into good options when it comes to baby food.
Choosing the wrong baby formula could lead to complications and compromise your child’s health or even life. The baby Formula NEC Lawsuit is a prime example of this situation.
The NEC lawsuit case claims that several baby formula brands, specifically cow milk-based formulas, can increase the risk for Necrotizing Enterocolitis (NEC). It can lead to serious complications, including sepsis, abdominal pain, malnutrition, perforation of the intestine, and even death.
Any parent who used this baby formula and faced complications with their child’s health may be eligible to claim against the manufacturers for NEC lawsuit payout and settlement amounts.
According to TorHoerman Law, the NEC lawsuit payout can include lost wages, medical expenses, pain, and suffering. Since the cases are still pending, the specific compensation details are not yet available.
Keeping this in mind, do not compromise your baby’s health to save a few dollars. Do your research and provide your child with the best food. This will make them healthy, and in turn, you will save money on medicines and doctor visits.
Look For Corporate Daycare Options At Your Office
Several workplaces are now providing on-site child care and may even offer discounts. You can try talking to your HR and understand your office policies for child care. They can help you with negotiated discounts for employees at nearby daycare centers. Some workplaces can also offer subsidies to help cover the caregiving cost.
For instance, federal government employees can apply for the Federal Child Care Subsidy Program. This is a pool of funds that is set aside to help the employees with childcare costs. You might not be aware, but your company could have similar programs. So, do your research, and you just might find a good resolution.
Slow Down Your Family Planning
Some couples feel the pressure of having a second or third kid right away. They don’t wait and create a bigger family, which creates even more financial pressure on them. Space your kids a few years apart so you only pay for childcare for one kid at a time.
Once your first kid is all grown up and able to work without assistance, only then must you think about having another baby. If you’re in the family planning stage, try to think through and have kids with a reasonable age gap. This will not only cut your expenses, but you will be able to put your undivided attention to one kid at a time.
Conclusion
Being a parent is hard as it is. There is a lack of affordable and accessible child care, which has gotten even worse since the pandemic. This sector faced sharp job losses, and almost 16,000 childcare centers shut down. With fewer options for parents, child care is more costly than ever.
However, getting affordable child care is possible. Once you figure out your budget, you can look for viable options. With a little planning and research, you can discover great ways to save money while providing your child with the best care.
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