Most moms work outside the home and with that, child care expenses can be huge. In fact, for many, it can feel as though you are working so you can afford to pay someone else to take care of your children. For many families, daycare is the largest expense they have to budget for.
The team at Package From Santa has researched some of the ways you can save on this expense – the top tips for saving money on child care are provided below.
Take advantage of Dependent-Care Flexible-Spending Accounts:
– Most employers offer this benefit and it works just like healthcare flexible-spending accounts. Pre-tax dollars are set aside for everything from daycare expenses to the cost of day camps and babysitters.
Share a nanny:
– In some situations it can make sense for 2 families to share in the costs of a nanny.
Use the power of bargaining:
– Believe it or not, in many instances the cost of child care can be negotiated. In fact, the site at SitterCity.com is a great place to explore this concept.
Take advantage of company discounts:
– Some large corporations and businesses offer discounts on child care at nearby daycare centers. These discounts are negotiated on behalf of the company, as a benefit for employees.
Consider nonprofits that offer child care services:
– Many churches and other nonprofits offer daycare services. And in most cases these centers charge much less than privately rung child care centers.
Use the tax break option:
– The Child and Dependent Care Credit is designed to reduce your taxable income. In many instances, up to thirty-five percent of child care costs will qualify.
Although daycare costs can take a bite out of your budget – if you use these tips you may enjoy substantial savings.