Cost Of Childcare

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 child care is a must. Child care expenses are at a premium, changing work circumstances could benefit both parents and children. Financially, there are both risk and benefit to the overall future of events. While scheduling to be home when the family’s active can be enjoyable, it is not suited for everyone. Setting a schedule is recommended for any change not matter whom is watching over the young ones.
Taking care of a child at home, or having them in a child care center
that is the question. The idea of staying home, is not a functional option for everyone. 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…etc. 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 needs.
When it comes to watching my child, I contemplate whom, what type of environment, and how will it benefit us. 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 my child care cost by changing hours at work or have a significant other watch them, thus I can live have less cost and have the benefit of seeing my child. In my opinion that would be worth it.
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 a wonderful adventure.
That middle income, where ends never seem to meet, remains all too familiar. It has been found that “when parents value their work and think that they are doing the right thing for themselves and their families, whether by working or staying home, their children are more likely to fare well (Heinrich 132).” Money remains an essential measure in this world, however, when it seems to always be in the red, it can be an upward struggle. Understanding that bills require money, however, if there exists another individual assisting to pay the bills would it not be advantageous to consider time out to spend with family. Changing jobs, hours, not working, or becoming and student and attending school to build a brighter future, can set an example. “Both mothers and fathers-spent caring for children will likely influence a child’s development far beyond the initial bonding period (Heinrich 124).” In my case, my husband receives Veterans’ disability and with his payment plus his working income, my family can just squeeze by, for my job to become a stay at home mom and go to school. This option is not available for every person. Nevertheless, there always choices to make, even the difficult ones, when it comes to our children. Being home to aid my child with personal development and learning about their day will influence them for the rest of their lives. At the same time staying home does not offer children the social interaction of their peers, some of their friends can be a phone call away, to set up a play date. Taking them out to a park to run out their energy is also a good form of social interaction. What it boils down to is what you can afford to do and what the most valuable asset of your
time.
In conclusion, there exist numerous options out there for child care, be it live in service, a child care center or staying home. If you’re staying home, consider attending school to acquire that higher paying job to set that example and put that 1 million away. Child care remains expensive and that middle to low income family has trouble paying for it all without selected assistance. Ultimately the expense you are willing to yield to raise a child stays at the highest priority.