How Savvy Parents Are Saving on Child Care Costs

Child care is an expense that continues to get more costly. Many families struggle to find affordable care for their kids and are forced to pay more for quality care. It can be difficult to afford this expense as everyday living costs continue to rise. If you're a parent looking to save money or an adult considering having children in the future, you're in the right place. Here are a few ways some parents save money on child care costs.

Multi-child discounts

Some child care providers offer discounts to families who enroll multiple children. Enrolling more than one child may save you money on child care costs. Even if a multi-kid discount isn't advertised, asking if your care provider would extend a discount is worthwhile. Saving even a few dollars each month can make a difference and improve your family's finances.

Altering work schedules

If you work a traditional work schedule, like daytime weekday hours, you'll likely need more help with child care. The more care your child requires, the more expensive your child care bill will become. It may be worthwhile to talk with your employer to see if you can adjust your work schedule to work different hours or to work a hybrid schedule so you can be home more.

Some parents save money by altering their work schedules so that one parent works while the other is at home caring for the kids. If that isn't possible, you may want to explore having one parent go part-time to reduce child care costs. The less professional care you need to pay for, the more money you can keep in your checking account.

Home daycare

Many parents enroll their children in daycare because it's typically more affordable than hiring a nanny to come to their homes. But there may be more affordable alternate solutions to explore. If there are qualified home daycare providers in your area, verify whether they can accommodate your care needs. Individual caretakers offering care from their homes may offer more affordable fees. This care solution could provide significant savings.

Nonprofit care services

Some parents trim their child care costs by utilizing nonprofit care solutions in their community. If the rates you see for traditional child providers are out of budget, check for any low-cost nonprofit care options in your area.

Examples include local nonprofit organizations and national ones like the YMCA. Low-cost solutions are in high demand, so start researching these options well before you need care.

Nanny share

Another way some parents save on child care costs is by organizing a nanny share with other families in their communities. Instead of paying for a nanny to only care for your child, you can save money by joining forces with other parents of young kids and hiring a shared nanny. Splitting the total care costs could be beneficial for all families involved.

Any money saved adds up

Unfortunately, child care is becoming even more expensive in most parts of the country. But there may be ways to get great care without ignoring your budget. Consider some of the strategies highlighted above if you want to save money on this necessary expense. Check out our free personal finance resources for additional ways to save money.