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10 Ways to Save Money on Childcare Expenses

Posted By peronalfynance40 220 days ago on Finance - As more businesses reopen, more workers will return to their previous jobs or start new ones. Whether you work from home or at the office, childcare expenses will be a challenge for you. Although many older kids will return to school in the fall, parents of little ones will struggle to find affordable daycares and preschools. This issue existed long before the pandemic and it has worsened since Covid19 began. If you’re a parent, here are 10 ways to save money on childcare expenses. 1. Get Help from Relatives This is one of the best ways to afford childcare when you’re not able to bring your child to a daycare or preschool. If your parents live in the same city as you, then you can make arrangements with them to watch your child on certain days out of the week. 2. Use a Dependent Care Flexible Spending Account If your employer offers a dependent care flexible spending account, take advantage of the benefits for childcare expenses. With this account, you give your employer permission to withhold a percentage of your check to place in the dependent care FSA. You would pay for childcare expenses out of pocket and then apply for reimbursement. You’ll need to submit a claim form along with receipts of childcare expenses you paid for. Qualified expenses for reimbursement include summer camps, babysitters, after or before-school care, and physical care of your child. 3. Work From Home If you’ve been working from home through most of the pandemic, speak with your employer about doing this permanently. If this is not an option, then maybe you can work from home two to three days out of the week. Another option would be to seek out a permanent work-from-home position so that you can stay home full time. 4. Consider Church-Based Daycares Some local churches offer affordable daycare services. Contact different churches and request a tour of their daycare facilities. Ask about the prices and which services are included in the overall price. You want to ask about their safety practices, how the activities are structured, and which discipline methods they employ. Inquire about the visitation policies and sick-child policies. 5. Homeschool Your Children If you work odd hours and find it challenging to get the kids ready for school and help them with homework, then consider homeschooling. Homeschooling doesn’t have to be expensive and it is suited for any parent’s work schedule. If you work during overnight hours, then you can homeschool the kids in the afternoon before dinner. Or you may decide to do lessons on the weekends instead of on weekdays if you have a hectic work schedule. 6. Choose an In-Home Daycare Another idea would be to send your child to an in-home daycare. While this kind of service is generally cheaper than a daycare center, you want to research different ones before making a final decision. You should ask if the workers are certified in CPR because this could save children’s lives during emergencies. Find out whether there will be other family members there with your child during the day, and if the owner’s insurance covers him should something happen at the owner’s home. 7. Work Part-Time If you can, try working part-time. If you can find a job that lets you work from morning to afternoon, you’ll get off work just in time to pick your child up from school and you can avoid after-school care fees. This is something you should mention when you’re first hired for the job. This might mean fewer hours, but you can supplement the income with online employment. 8. Ask Other Stay-at-Home Moms Another idea would be to ask other stay-at-home moms in your neighborhood. Maybe they have kids your child’s age and these moms can watch your child for a few hours a week while you’re at work. If they offer to babysit your child, offer a decent monetary compensation for their time. Also, pick up your child at the agreed upon time. 9. Let the Older Siblings Watch the Little Ones If you have college-aged or preteens at home, have them watch your younger kids in the morning or the afternoon. If your daughter is in college and will be able to watch her younger brother until you get home from work, you can make arrangements for her to do this on the days when you have to work in the afternoon. 10. Become a Stay-at-Home Parent In some cases, it might make sense to become a stay-at-home parent. If you have significant savings already, you can leave the workforce and stay home full time with the kids. The good news is that there are numerous remote jobs available to help you earn more money. If you’re still working but desire to become a stay-at-home parent, build your savings and live frugally so that you can reach your goal sooner. These tips can assist you in paying less in childcare expenses.

The post 10 Ways to Save Money on Childcare Expenses appeared first on Adventures in Frugal Living.

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