Is Childcare Worth the Cost?

There is no doubt that childcare is an expensive commodity. Many families are spending at least 10% of their income on a service to take care of a child while parents are at their job. This is a stressful situation and you may even be thinking that one parent should quit working to reduce the expenses of childcare. Or you may choose to keep your job but have to be satisfied with the small pay check after you’ve paid the childcare bill. Is childcare worth the cost?
 
Cost of  Childcare
Here is what it looks like to employ a care service for the week in 2016.

• For just 15 hours of after school care          -  $214.05
• To leave your child at a childcare center    -  $196.00
• To employ the service of a nanny                   -  $556.80
• Stay at a family child care center                    -  $181.00
• Au Pair service                                                          -  $360.00

Whichever service you employ, the cost of childcare giving will work out to be a huge expense. Parents possibly could find services that are cheaper. However many stretch their pockets to great length to get the best service for their children. Besides a caring and safe environment, you may look for services that will provide or enhance your child’s development and learning. Parents are willing to pay more for a wider variety in service, for example teaching a second language, yoga or martial art. Greater expense also comes in how a facility is retrofitted to enhance care and security for the children in their care. A fitting example is the installation of video cameras to observe all activities. The au pair who can cook nutritious meals for the kids will no doubt demand more for their service. Again, there are those parents who will go above and beyond to pay for a service that will teach their child how to use technology.
 
Are High Childcare Costs worth it?
When families have to spend such huge amounts to employ caregiving for their children something has to give. But would they do otherwise? Families will still go beyond measure to spend on their children. Here is how it is playing out.

• Persons are saving less. Families are waiting longer to have children. The aim is to be able to save more to be able to afford caregiving. However, saving more for child service means putting away less for retirement and possibly other important personal good. Depending on the amount the job is paying, some persons may not even be saving anything.
• Job changing decisions are often made. Parents are changing jobs for higher paying ones to afford their children’s care. Similarly, they look for flexible work schedules or opt for part time employment in order to lessen the cost of childcare. Of such, there is worry about their job future. While some persons worry about their financial future, others are more concerned about the security of their jobs.

 
In a family where both parents are working but are facing bills for child services, the consideration may be for one party to forego their job and mind the kids at home. When the costs are added up and the balance on your take home pay seems not to be adding up, this may be the first option to consider. If any at all your budget cannot afford the cost, then you have all right to consider your options. 
 
However, consider how your career will be affected. How will you be able to enter the job market in the future? You may need to upgrade your skills. It will be even more competitive out there as every year greater skills are required to do the same job. There will be younger and more work savvy persons to compete with. Being out of a job five or ten years will mean your connections are no longer around.  Also, what if there is an opportunity for a promotion or a pay rise down the road? Consider also that children do not require childcare services for all that long a time. Therefore, if there is any way that you can hold out and keep your job, do so.

At the end of the day, there are many childcare options in the Albany area.  We recommend, if you need a service for your family, to do your due diligence and identify a company with great people who love what they do and work hard to provide a safe, creative and enriching environment for your children.  If you have questions about program options or general inquiries, feel free to reach out to TSL Adventures.

A video of New Jersey costs and things to consider...