How to Afford Daycare

*Collaborative post

 

If you have children and you are working, whether that’s full time or part–time, and your partner is doing the same, or you are a single parent, then you are going to need to consider your daycare options and, most importantly, how you are going to afford it.  

 

Daycare is crucial if you want to be able to work, but it is also expensive, and the worry of being able to afford it can put people off returning to work once they have had children. This is fine for some; they choose to be stay at home parents. However, for others, it can be a strain both financially and mentally as they are excited to get back to work. Here are some tips on how to afford daycare to help you make that all-important decision.  

 

Know Your Budget 

Before you can start applying for any daycare options, you need to know how much you can spend. Take a look at what you earn or what you might be able to earn if you did go back to work and then research the different options when it comes to paying for childcare.  

 

If you have money left over after you have paid for childcare and all the household bills, including groceries, then you know you can afford the options you are looking into. If not, then you either need to find cheaper childcare or a better paying job. Whichever option you choose, you can work on this before finally opting for whatever it is you want to do. 

 

Daycare Loan 

A daycare loan can be the ideal way to pay for childcare when you go back to work. You can apply for a loan to cover the cost of childcare and then pay it back over a period of time that suits you. This effectively lowers the monthly cost of the childcare you have chosen.  

 

If you can also combine this kind of loan with a special subsidy or grant – many of which are available and worth researching ahead of time – then you can save money overall and be confident that your child is in a good place while you work. The key with a loan like this is to start your planning early so that you are not left behind by the time you realize you need to apply.  

 

Family and Friends  

It can be difficult to afford daycare, yet it might be impossible not to go back to work. In this case, you could speak to family and friends to see if they would be able to help take care of your child. This could be on a part–time basis, or ad hoc, or it might be a more formal arrangement that you put into writing.  

 

You shouldn’t assume that they will do this for free, and even if they say they don’t want payment, you should give them money towards food and toys if nothing else. However, this can be the cheapest solution, and since your child will be with someone you know and trust, and who they probably know too, it can work out well.