Every parent wishes to provide excellent care to his or her child. Unfortunately, the cost of providing ideal care to a child is boundless. When this cost of raising a baby is put into perspective, it gets higher year by year. According to this NACCRRA report, a family spends up to $14,000 in a year as infant expenses. This includes feeding, health care necessities as well as items such as diapers and terrain stroller. When one realizes all these expenses, many couples contemplate on baby sitter dismissal, or getting a second or third job. Many couples do this to increase on income margin in order to be able to afford these expenses. There are several ways of minimizing a child’s expenditure. This gives parents hope of upbringing their kids in a good manner.
Maximize on Tax Credits
There are child and dependent care credit offered to parents who work. A parent with one child has a right of claiming $3,000 while that having two kids claims up to $6,000 per year. This reduces constraints of child expenses.
Open a Dependent Spending Account
Approximately 96% of employers offer this benefit to employees rearing children. These accounts are similar to FSA, which place aside pretax dollars to cater for childcare. The maximum an employee can get is $5,000 per year. For one to qualify for this fund, one must be working full time or actively searching for a job. Full time scholars also benefit from this fund.
Request Employer Discounts
There are many childcare centers, offering services to busy parents. Some companies negotiate with management of such centers to give discounts to its employees. A parent therefore benefits from these discounts thus cutting on expenses. In case your company lacks such services, you should talk with the human recourse personnel for an introduction of such services.
Adjust Work Schedule
This helps to cut on expenses spent on babysitters. As a couple, you should formulate a schedule where one partner watches over the baby during the day while the other in the evening. If this clashes with work schedules, one should talk with management of the workplace to formulate a more favorable timetable.
Share Care and Costs
One efficient way is sharing babysitters between two or even three families. This helps in reducing costs since hiring a babysitter alone is expensive. On average, a babysitter earns approximately $600 per week, which many families struggle to raise. In most cases, two families join hands and pay $700 a week to a babysitter who sits the two babies.
Cutting the Babysitter’s Pay
It is unfortunate that the financial crisis has forced people to cut on babysitters’ pay as a way of minimizing expenses. Since babysitters are also human and fully aware of the financial crisis, one should discuss with them about the possibility of lowering their pay. Alternatively, pay them in a non-monetary way like extending certain advantages to them.