Save Money on Child Care

Those of you who have regular child care costs know how expensive it can be. We don't have this on-going expense, but we do hire babysitters when we go out, and that alone can add a significant amount to the total cost for an evening. That's why we try to trade off babysitting expenses with friends -- it can save a ton of money.

But many people face much more than the occasional babysitting fees. They have regular (often daily) child care costs that they have to budget for and pay. Here's an article from Money that lists a few ways these folks can save money on child care:

• Get federal tax credit for child-care expenses.

• Share a full-time babysitter with another family.

• Consider cheaper alternatives like a nonprofit day-care center run by a church or the YMCA.

• Barter -- ask about swapping services for a break on day-care tuition.

I think the last one is especially interesting -- offer to trade your skills for free (or reduced) child care fees. Anyone out there tried this successfully?

Since we don't have this sort of expense, I can't offer a whole lot of extra do's and don'ts, but I'm sure some of you reading this have some great ideas. Please share them below in the comments with the rest of us. We'd love to hear how you save money on your child care costs.

Comments

[Duane Gran]

I'm surprised that the article didn't mention using a dependent care account through one's employer. Much like a flex spending account for medical expenses, you can legally set aside up to $5,000 of pre-tax money for child care expenses if both parents work. Some employers set the amount lower, but it is an easy way to trim 15-35% of the cost (up to 5k), depending on one's tax bracket.