Keep reading to learn tips on how to manage that cost along with steps you can take to financially ease childcare costs.
If you’re wondering how much childcare costs for your household, take a look at these important facts:
While 72% of families budget for childcare, 30% aren’t able to stay within that budget. Fortunately, there are ways that you can budget your money at home and work, helping you take care of your kids without breaking the bank.
The aforementioned numbers may seem intimidating, but with a little creativity and help, affording quality childcare is achievable.
If your employer offers a flexible spending account (FSA), you can set aside money pre-tax for childcare. Money deposited into an FSA can be used on daycare tuition, preschool or even summer camp.
If an FSA isn’t an option, be sure to apply for your tax credit. You can itemize up to $3,000 per child per year, capped annually at $6,000. You can use an FSA and a childcare tax credit together, but they can’t exceed $6,000 when combined.
Many employers offer on-site childcare, which offers parents a great deal of convenience and is often more affordable than a day care center. Another affordable option is family childcare—this is when a caretaker opens their own home as a care center for children.
Hiring a responsible teenager is another cost-effective option to manage childcare costs, especially if your children get out of school before you get off work.
Whether you’re budgeting for childcare or are considering other long-term parenting expenses, Synchrony Bank can help you save. In addition to our award-winning customer service, we boast high yield savings accounts with no minimum balance.
Call Synchrony Bank at 844-345-5789 to open a savings account and start saving for childcare today.
USA Today: www.usatoday.com/story/money/2016/11/02/heres-how-much-the-average-american-spends-on-childcare/92665536/
Market Watch: http://www.marketwatch.com/story/one-third-of-american-families-spend-20-of-their-income-on-child-care-2017-07-18
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