President Joe Biden’s $1.75 trillion social-policy bill recently made headlines, as it aims to offer hundreds of billions of dollars per state to subsidize child care and expand pre-kindergarten. According to a report by Reuters on the Build Back Better agenda, the package can provide $390 billion nationwide, but it will also require states to shoulder up to 40% of the costs. This goes to show how finding high quality, affordable child care has steadily become a problem for working parents. Aside from increasing prices, the pandemic also closed many day care centers and preschools. So how are parents and guardians supposed to cope? We’ll tackle tips in the article below:
Re-evaluating Your Household Budget
Before we delve into specific budgeting hacks, it’s important to reevaluate your household budget first. According to tips on how to balance a budget by AskMoney, the first thing you need to do is to find out where your money goes. Identify fixed expenses (rent, utilities, insurance, etc.) and variable expenses (groceries, clothing, gas, etc.); make sure to note everything down. Once you have your list ready, divide your income accordingly. It’s easiest to start with fixed expenses first, because they don’t change much on a monthly basis. Try to realign your money goals. Entertainment, for example, can take the backseat with the ongoing pandemic to free up a few more dollars for child care expenses.
After settling a manageable budget, try to save more with these hacks:
Ask trusted family or friends for help
If you have relatives living in the area, you can ask them to help as either full-time caregivers or as part of a more flexible strategy. Of course, this may not necessarily work for everyone. A study from the University of Michigan on grandparents and parenting choices reveals that nearly half of parents have disputes with one or more grandparent on how they care for their children. If family isn’t an option, set up a child care exchange with other parents or neighbors; even if it’s just one or two days a week, a community child care arrangement can help reduce costs for everyone.
Apply for subsidies, discounts, or assistance
In many parts of the country, low-income child care assistance is offered. The good news is, if you’re making 200% or less than the poverty income level, you can qualify for at least partial assistance. However, you will need to apply early as there are long wait lists for state subsidies. You can also check in with day care centers if they offer discounts. They may charge less if you have multiple children under the same care provider, or if you pay for a half-year/full-year of tuition upfront.
Make arrangements with your company
Another possibility is to talk to your employer about making your job schedule more flexible. Ask to shift your work hours or propose to work-from-home on some days. They will likely consider it. An article from the US Chamber of Commerce on employee retention notes that 24% of Americans have chosen to remain unemployed since the pandemic because they have to stay at home to offer care. Companies are now trying to partner with child care institutions or investing in onsite care for their employees to mitigate the people-jobs gap.
Consider sharing a nanny
Working with a nanny is ideal if you want flexibility and one-on-one attention for your child, but many households find it too expensive. Why not engage in a ‘care share’ with neighbors who live close by instead? Nannies are often happy to take on these arrangements because their weekly rates go up, and they don’t have to commute as far. Splitting nanny costs with another family also means you pay less, and your children can form close bonds.
As we discussed in our ‘6 Work From Home Staycation Ideas’ blog post, parents deserve moments of freedom from the chaos of day-to-day living. Take breaks from your routine by hiring additional help.
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