3 On Your Side: The Cost Of Child Care
By Jim Donovan
PHILADELPHIA (CBS) -- Child care is a major expense for many families. It's also an area where they want to get the very best. Despite that, there are still some areas where families can trim costs. 3 On Your Side Consumer Reporter Jim Donovan takes a look at the numbers.
When it comes to household expenses, childcare tops the list, averaging $18,000 for families with two kids! And it's an ongoing topic of discussion for parents everywhere.
A recent survey of child care costs from Care.com found that various options come with various price tags, but all of them, cost parents thousands of dollars each year.
The national average weekly rate for a nanny is $488.
For two children in a day care center the price tag is just more than $341 each week.
While an afterschool sitter will cost about $197 per week.
Care.com says one thing often overlooked by parents is a budget plan for child care expenses.
In surveying parents who do plan, they found most, 59 percent, don't plan their child care spending until after a child arrives. While 38 percent of those asked, don't have a budget plan at all.
Researching ahead of time, particularly tapping into networks of family and friends, can help avoid a more rushed and sometimes more costly decision later on.
They also recommend consulting an employer for other options to save, like flex time or any subsidized child care availability.
Parents can also consider a flexible spending account, to save thousands of dollars annually on child care costs.
For more information visit:
https://www.care.com/a/the-cost-of-child-care-2015-carecom-report-20150727162954