Cost Of Childcare

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The Cost of Childcare
“According to the U.S. Department of Health, between the years 2011 and 2012, 38 states and the District of Columbia, child-care costs exceed their recommendation of no more than 10 percent of a family’s income (Blair 4).” However for many parents daycare is a must. Child care expenses are at a premium, changing work circumstances could benefit both parents and children. Financially, there are both risks and benefits to changing work circumstances. Child care centers teach, have a set schedule and help with social and mental development. Taking that time to adapt a schedule to work part time, stay at home or adjust the times you work, while the children are young, can be enjoyable; though it is not suited for everyone. …show more content…
The idea of staying home, is not a functional option for everyone. The individuals that are against this idea have some valid points. There are always the possibilities of losing out on yields from retirement. If only one person is working and they get sick or lose their job, a family could be in trouble. There is programs available for if that happens and according to Smith, “A 25 year old earning $40,000 a year and saving 13% of her salary (including any employer match) can expect to replace 50% of her income at retirement, but take three years off and the replacement rate falls to 43%, five years and it drops to 39% (13).” Having a child at home, personal time can be lost and a schedule should be followed for wake up and bedtime, meals and so on. Child care centers do provide a schedule, social interaction and developmental growth and with both parents working, the income can be spent in child care, learning, nutrition, health care and spending leisure time with children (Heinrich 126). Taking all arguments in mind the real determining factor is income, personal preference, and children/family …show more content…
One idea to consider is a live-in-nanny. The flexible hours, set schedules, convenience and a familiar person that’s constant in a child’s life. Not to mention the possible cultural experiences they can bring with them. According to a South Asian Newspaper, “it is estimated around 380 dollars per week when room and board is deducted (Hersch 4).” To break that down, that’s approximately 1,520 dollars a month not including room and board, or other expenses that come along. For my middle income household that is one person’s monthly earnings. Looking further in the future to retire with a 40,000 dollar income 1 million dollars in savings would be needed (Smith 14). Investigating, and ensuring I receive what I pay for, where and when my paycheck exists to pay the cost of caring for my child. What is the difference if it were to be done by the parent beside the void of income? With one person’s income solely going to child care wouldn’t it make sense to change working hours or stay home all together? “Between the years 2011 and 2012, the cost of child care increases up to eight times the rate of increases in family income (Blair).” While that money from earnings can be used to pay for child care, learning, nutrition, health care and spending leisure time with the child (Heinrich 126). If one of those expenses stays the same as my wage, how will I live? If I cut down
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