People nowadays work full-time which makes them busy, thus keeping them away from their families. When you don’t have enough time in attending to your child’s needs, seeking for a day care provider is a solution. Since more and more parents are in need of day care services, their prices are continually rising.Some cannot afford the elevated price of alternative childcare. Others then give up their job since their salary is just spent on availing day care services. However, several factors must be weighed carefully in able to make the most practical decision.
Day Care Costs vs Your Job
As the National Association of Child Care Resource and Referral Agencies reported, the average prices for day care services reach $474 per month. The cost for toddler and infant care is of higher rate and averages to $525 a month. It is therefore equal to an annual cost of $5,689 and $6,301, respectively.
Compare these values with your salary. Assume that you are earning an average of $30,000 a year. Your spouse is making the same amount of money. Deduct the income tax, gas cost, household bills and all other expenses. Have estimation on what will be left and see if it will be enough to avail of a day care service. From the numbers, see if it’s more practical to keep the job and pay childcare cost or just lose the job and tend to the kids, yourself.
Child Care Service vs Cost
You may have several options when in need of a day care service. The available options, then, vary in price. Availing of a day care service program complete with facility and a staff will cost you more than just hiring a state-licensed nanny. Furthermore, the licensed nanny even costs more than just having a friend take care of your child. Your choice then will be dependent on the level of childcare you want your kids to receive.
Another Option: Home-Based Job
Opportunities for home-based works are also available. This can be an alternative option to consider, together with the expenses, salary and childcare costs. Saying you’ll have extra income of $1,000 each month, that’s $12,000 a year. Do another analysis of the numbers to know if this is a better option.
All of the factors must be made into consideration when deciding on whether or not you it is practical to sacrifice your job or just avail of the costly childcare service. You may want to review all your options and rationalize each to be able to compare them and conclude which of the given options you will be saving most. You have to consider all the pros and cons of just staying at home and taking care for your child rather than having a job and earning money. Seek other opinions. Ask those who chose to lose their job whether they are happy with their decision. However, the final decision will be based on your perspective and personal circumstances.
See: How to start a daycare
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