Childcare can be expensive; but it doesn't have to be. When you think creatively you can cut childcare costs.
Childcare expenses need not take a big bite out of your budget. Explore the following options to see how much you can save.
Bartering
Trade a service you can provide for a service you want, like childcare. The sky’s the limit here, so think creatively. For example, you may be able to provide music or golf lessons to a neighbor in exchange for childcare. This arrangement works best when both parties share clear expectations at the outset.
You should consider using standard pricing to determine the going rates for each service provided so that services are exchanged for their real value, and fairly (if the fair market value of an hour lesson is $10 and for childcare $5 – you may want to exchange two hours of childcare for a one hour lesson). If you aren’t sure how much a private music lesson costs in your area, ask around so that you can make an even trade.
Childcare Co-op
What’s great about setting up a co-op is each family contributes time instead of money; and childcare is less burdensome because several families share the load. This is a great arrangement for families that share a community – you can’t beat it for convenience. Your childcare center is housed within the community in the clubhouse or recreation room.
Participating families can establish rules that work best for them. All families involved should work together to decide when the center will be open and how many hours each family must contribute. You may want to establish nominal fees to purchase snacks or plan to have each child bring their own. There will be a number of other considerations, such as activity planning, behavior management and liability issues, but these can be addressed with careful planning.
Trade-Offs
What if you aren’t part of a community that can make a go of a co-op? You can use the same strategy on a smaller scale. Instead of relying on a community, chose one or two families that you can share childcare duties with. Two families can provide childcare for one another one Saturday each month. Or you can make your own parent’s morning out by trading off Tuesdays. When you trade-off, you eliminate the cost of child-care and cut “date night” expenses nearly in half before you even leave home.
Dependant Care Accounts
Some employer’s sponsor dependant care accounts. These programs allow employees set aside pre-tax dollars for anticipated childcare expense. If your employer offers such an option, consider it very carefully. Paying for childcare with pretax dollars can add up to significant savings, but it is important to weigh the benefits against the potential risks for loss.
Some Final Tips
Be sure you share childcare responsibilities with people you trust. These should also be people that respect your parenting values. Concerns may come up; address your concerns honestly and calmly. Agree about a solution or how the situation will be handled if it comes up again.
Sharing responsibility with other parents for the care of the children is a great way to trim a bit off of your budget. These arrangements are also a great way to build a support system around your family. After all, who couldn’t use a hand or a shoulder every now and again?
