Post # 1
well, I’m only 10 weeks, but my hubs and I are doing a preliminary pregnancy/baby expenses budget…I haven’t done everything, but just the daycare/nanny costs alone…YIPES! I can’t see how we can cut that much out of our budget, but money will be even worse if I don’t go back to work. Maybe it will lower our tax bracket enough, etc, that we’ll be OK, but I honestly don’t see how other people do it on much less than we make!
Daycare is $259/week and the rule of thumb is 2-3x that if you get a nanny..wow
I know we will stop our home remodeling and stop our nice vacations, but it’s still time for a reality check!
Anyone have a good budget you are using? The ones I’ve seen are way too high, basically assuming you don’t get any shower gifts…which I’m sure we will, bc it will be the first grandbaby on one side.
Post # 3
Heh. Chuckle. I was just looking at this the other day – how much had the ex and I, combined, spent so far on our daughter? It’s scary.
$46,800 = 3 years of daycare at $300/week (D.C. area daycares are pricey).
$67,500 = another two and a half years of private preschool and kindergarten, plus summer “camps” when school is not in session.
A conservative estimate on food, clothing, diapers, etc. = $15000 total for five years.
So, not including the extra housing costs associated with having an extra bedroom, our daughter has cost her parents, so far, about $130,000.
Thank heavens she’ll be in public school starting this fall!!! Then we’ll only be paying for her after school care, which is only a few hundred a month.
Post # 4
Through our research, we’ve actually found that daycare can be more expensive than hiring a nanny, depending on the specifics of the situation. We’ll actually have a live-in nanny for the first year to two years of our baby’s life, and the price difference is in favor of the nanny. Here’s why it will work for us:
1) Unless it’s a home daycare, around here daycares won’t accept babies until they are 6 months+. Also, there is a higher charge for children 6 months-2 years old. I’ll only get off 3 months paid leave, so first we would have to dip into savings to make up for the other 3 months I would be out of work before we could use daycare. Then, the average cost for us would be about $1100/month until the baby was over 2 years old.
2) We have an extra bedroom and bathroom that we can use for a live-in nanny. Live-ins count room and board as part of their salary, so the monthly or hourly rate is quite a bit lower. Also, live-ins can/will often do housework or errands in addition to child care, which is a non-monetary benefit I am super looking forward to.
3) We’ll start interviewing nannies next month, but so far our list consists mainly of older women who have 3+ years experience in nannying. A lot of them also have degrees in education. The average weekly rate we’ve found is $200/week; that’s working a 40 hour week doing mainly childcare and a few chores (dishes, laundry, etc…) around the house.
4) By hiring a nanny, we’ll become “employers” and get an extra tax break for next year’s taxes.
My advice to freaking out over the expenses is to just do your research. You’ll be able to find cheaper alternatives out there, and then you’ll feel better about scoring a “deal!”
Post # 5
I just got my tax information from our daycare this week and we spent over $13,00 dollars in daycare for care 3 days a week. We did a lot of figuring on how much we make with me working full time vs. the cost of daycare. Around here if the child goes for 4 days they charge for 5. And we actually were saving money with me staying home part time (plus then I got spend more itme with my kids,yay)!It definately takes a lot of planning financially, but with cutting corners else where we have made it work. congrat by the way on the new addition!
Post # 6
We haven’t figured out our child care yet…. but my brother seems to have a pretty good plan. They split a ‘nanny’ with another family so it saved them both some money. 2 days a week they had both kids at one house and a college age nanny watched them.
They were lucky enough that my bro could work 4 days a the office and 1 day at home and his wife worked 3 days at the office and 2 days at home – so they only needed the nanny T/Th.
I’m hoping I can find another baby or two around here that would be interested in splitting a nanny like this for at least the first year or two.