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Can you afford to pay over $10,000 this year?

Key Point

• With care costs continuing to rise nationwide, many families are struggling to find affordable, safe, and high-quality childcare solutions.
• The good news is that you can plan ahead for these costs if you take the right steps.
• Researching care options early and seeing what child care benefits your employer offers are two ways to keep costs down.

Childcare costs are a major expense for many families in our country. For working parents, providing safe, reliable and quality childcare services for their children is a must. But finding a great place that doesn’t break the bank can be difficult.

Unless you have family and friends in the area to help or can’t afford to stay home with your child, it’s worth considering child support before caring for your child. may surprise you.

58% of families plan to spend $10,000 or more on childcare in 2022

Care.com, an online marketplace for caregiving services, explored the cost of childcare through its recent Cost of Care Survey. We found that many families have significant concerns about child support and child care costs and the availability of quality child care.

Notable statistics from this study include:

• 59% of parents are more concerned about child support now than they were in the past.
• 43% of parents believe it has become harder to find child care in the past year.
• 58% of those surveyed plan to spend $10,000 or more on childcare costs in 2022.
• 72% of parents spend 10% or more of their household income on child care.
• 51% of parents spend 20% or more of their household income on childcare.

It is clear that childcare is not cheap. But many families don’t have many options. Especially if you can’t afford to quit your job and stay home to care for your children as they grow up.

Some parents have to change careers to provide care. That may mean limiting working hours, changing jobs, taking on extra work, or leaving an employee altogether.

How to prepare child support

If you already have young children or are planning to have a family soon, you may be wondering what you can do to prepare for this big expense.

Start saving as soon as possible. We recommend that you start saving for child support as soon as possible. If you can start saving before you get pregnant or start a family, you’ll have more time to accumulate extra cash in your savings account.

Investigate care options early. You want to start exploring your parenting options as soon as possible. Many day care centers are fully booked long in advance, and if you wait until the last minute, you may not have many options. Researching early can also help you adjust your budget.

Find out if you have child support benefits. Some employers offer care benefits to help reduce out-of-pocket childcare costs. It’s worth looking into this so you don’t miss out on any money-saving job perks.

Consider alternative work opportunities. If you don’t earn enough or work for an employer that doesn’t put family first, it may be time to consider other job opportunities. There are several options, such as changing careers completely, taking a job at another company, or dedicating yourself to a freelance or self-employed role.

Look for affordable solutions in our community. If you have limited funds but need help with care, there may be affordable solutions in your area. Some child care programs offer subsidies or We offer low prices.

Parenting is hard and expensive. It’s a good move to plan for childcare costs before you need caregiver help. If you’re looking for tips and tricks to make more money, check out our personal finance resources.