10 Ways Working Parents Can Save on Childcare

Next to rent and mortgages, childcare costs is one of the largest financial challenges that most working parents face. Exploring ways to cut down on childcare costs without sacrificing top-quality childcare is a priority for all working parents.

Put It on Paper

If you reside in a two-income household, it would be wise to sit down and figure all expenses (childcare costs, travel, fuel, second vehicle, second vehicle insurance, etc.), and calculate to see if it really is worth it for both parents to work.

You may find that it may actually save money for only one parent to work outside the home while the other assumes the role of primary caregiver and stays at home with the children.

Employer Sponsored Flex Accounts

Employer Flexible Spending Accounts are accounts that the IRS allows pre-taxed dollars to be set aside for such expenses, if your employer participates in this type of program.

If your employer does not offer this type of servce, talk with someone in the personnel office to see if that is something they would like to look into providing.

Income Tax Credits

The United States Federal Government allows tax credit for children living within the household up to a certain age. Talk with an accountant or tax preparer to see how to take advantage of the childcare tax credit on your income taxes the next time you file.

Flex Work Schedule

If employers are agreeable, a couple can arrange flexible work schedules or change shifts so that the children would spend less time in daycare.

Employer Sponsored Subsides

Check with the personnel office of your company to see if they are in partnership with a local daycare facility, or if they subsidize childcare in any way. If not, suggest that your company start a program as an employee incentive.

Community Childcare Centers

Check with local community centers and inquire about childcare and young-child assistance programs.

Government Subsidy

Inquire about childcare government subsidy programs. Depending on your income, you may be eligible for local, state and/or federal governmental day care program assistance.

Close Relative

It may be better for the child and ease a parent's mind to have a grandparent or close relative that loves the child provide care while the parent works.

After-School Programs

Check with the child’s school for after-school programs and activities that may be free or low cost.

Change Jobs

If employed in a field where it would be easy to change jobs with more flexibility towards childcare—even at less pay, it may increase overall take-home pay.

Day Care Co-Operatives

Organize a childcare or daycare co-op with other parents. Swapping childcare with other trustworthy parents having children around similar ages can be very cost-effective for parents and extremely rewarding for children.

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