The average cost of childcare ranges from $4,000 to $22,600 per year. This is such a huge range because the cost varies by location and age of children.
If you are a new parent or a parent-to-be, one of the big questions on your mind is how much should I budget for childcare?
Read on for answers to that question as well as tips on how to find the right daycare for your child.
How Much Should I Budget for Childcare?
Did you know that the average cost of full-time daycare for children under the age of four is higher than the average cost of a year of college tuition? It’s true.
The average cost for care in child care centers in the US is $9,589 a year. The cost of a year of in-state college tuition is $9,410.
Connecticut has the seventh-highest median household income of $76,106. High-paying careers in information and finance are common in this state.
That means that if your family’s income is the median for the state, daycare will take 12.5% of your income. Yikes! That number is just for one child.
The good news is that daycare is widely available in Connecticut, Massachusetts, New Hampshire, Rhode Island, and Vermont.
So, you will be able to have tours of various daycare centers to choose the right one for your family. Also, when there is more competition, there is usually competitive pricing to be found. The best way to answer the question, how much should I budget for childcare is to make calls and ask.
How To Find Affordable Daycare
The best thing to do is to schedule a tour and make inquiries with local daycare providers in Manchester.
Besides costs, there are various other topics you should discuss. For example, you will want to know about their learning philosophy, the way they hire and train caregivers, the sizes in each room, and how they communicate with parents.
Be sure to ask about the costs for all the age groups. You will want to know what price you can expect to pay as your child grows.
Don’t be shy to ask about financial support, bursaries, and other discounts. Perhaps the center offers payment plans or other options to help families afford care. It never hurts to ask!
Consider Other Daycare Costs
Some daycare centers include meals and excursions as part of their daily rate. Others offer a variety of extra add-on options that you have to pay for.
Be sure to ask about additional costs when you have tours or make phone inquiries. You might be surprised to learn that the daily rate is not the total price you will pay.
In order to create a proper daycare budget, you will need to know all the costs.
Price is Just One Consideration
Thanks for reading. Now you know the answer to your question: ‘how much should I budget for childcare?”
At the end of the day, price is just one aspect to consider. Of course, you don’t want to overpay. But you also want to leave your child in a safe and nurturing environment where he or she will thrive and learn.
After all, these early years will set your child up for success for a lifetime.
Learn more about our learn through play philosophy. Then, book an appointment to see how The Learning Centre is different.