If you're on a Galaxy Fold, consider unfolding your phone or viewing it in full screen to best optimize your experience.
by Maurie Backman | Updated July 23, 2021 - First published on June 29, 2021
Many or all of the products here are from our partners that pay us a commission. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.
Some people may need to factor higher childcare costs into their budgets.
As a full-time working mom, I rely on summer camp to keep my kids out of the house and busy during the day when school isn't in session. That way, I can focus on getting my job done without a million interruptions.
Last year, summer camp was closed due to the pandemic, and while I saved myself a lot of money by not having to pay those fees, it was also a very challenging time for me. During July and August of 2020, I had to juggle working and keeping my kids content. That meant taking lots of time off during the day and having to work until all hours of the night to catch up. It also meant losing income on those nights when I just couldn't catch up. (Since I'm self-employed, if I work fewer hours, I get paid less.)
This summer, camp is open, which is a good thing. But it also means my expenses are going up in a very big way, as I'll now be spending a small fortune on tuition.
In fact, a lot of people may soon see their childcare costs increase as the pandemic comes to an end -- or at least improves substantially. If you have young children and work full-time, that's something you'll want to keep in mind.
A lot of people have spent the past 15 months working from home due to the pandemic. But now, employers are increasingly calling workers back to the office, what with the widespread availability of coronavirus vaccines. If you'll be returning to an office, you may need to start paying for childcare -- even if you haven't paid for it in many months.
Say you have a second-grader who's in school until 3 p.m., but you don't get done with work until 6 p.m. If you're working from home, that may not be an issue right now -- you can collect your child from the school bus and have him or her self-entertain while you finish up your day. But you can't really leave a second-grader home alone, so if you'll no longer be there after school each day because your employer wants you back in the office next month, you'll need childcare.
Similarly, if you'll be returning to the office this summer, you may need to spring for camp so your child has somewhere to be while you're not home. Again, that's an expense you'll want to factor into your budget -- and make sure it fits in.
Of course, one thing that might change for the better is that come September, more schools may be open for full-time, in-person learning. If you've been paying for childcare to occupy those daytime hours (say, your child is learning remotely but you're already back to the office or have a job that can't be done remotely), you may soon see that expense lessen, thereby easing that burden.
Childcare is far from cheap, and the last thing you want to do is end up in debt or have to dip heavily into your savings to cover its cost. If you expect to take on more childcare costs as the pandemic ends, plan for it now. Start cutting back on other bills and remove some expenses from your budget to free up the money for the care you need.
On my end, my bills are skyrocketing as I pay for camp tuition to make sure my kids are accounted for this summer. But it's a worthwhile and necessary expense for me. Without it, my productivity will suffer, as will my earnings. And, my physical and mental health will take a beating if I have to spend another summer working all night, every night. Still, I'm reconfiguring my budget and my personal finances to allow for that expense, and if you're in a similar boat, you should too.
If you have credit card debt, transferring it to this top balance transfer card secures you a 0% intro APR into 2023! Plus, you’ll pay no annual fee. Those are just a few reasons why our experts rate this card as a top pick to help get control of your debt. Read The Ascent's full review for free and apply in just 2 minutes.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters.
Copyright © 2018 - 2022 The Ascent. All rights reserved.