8 Ways to Pay for Daycare Costs on a Limited Income

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Daycare doesn’t come cheap, but it’s a necessary cost to make a living especially when you have pre-school children and can give your children a chance to socialize with others and develop their cognitive skills. 

 

Rest assured there are ways to cover daycare costs, even with a limited income. You can take out a personal loan or consider some of the helpful strategies below. 

Shop Around

Not all childcare providers are created equal. Shop around and explore in-home and traditional daycare centers to compare the prices and hone in on the most affordable option. Just make sure you don’t compromise quality for the price. After all, your children deserve the highest quality care.

Look Into Childcare Assistance 

Depending on your income and location, you may qualify for financial assistance to make daycare more affordable. Check out your state’s local government office for more information on eligibility requirements. 

 

Inquire About Sibling Discounts

There’s no denying that daycare for more than one child can be astronomical. So, it’s a good idea to ask your daycare center if they offer a discount for enrolling more than one child. If not, switching to a daycare that provides reduced rates for a second or third child may be worthwhile.

Switch to Part-Time Care

Many daycares are flexible and willing to work with your schedule. If possible, opt for part-time instead of full-time care. Even if you have a full-time job, you may be able to work opposite shifts with your spouse on some days so one of you can watch your children the other days. If you’re lucky enough to have family nearby, another option is to ask them for help a few days a week. 

Don’t Pay for the Extras

Some daycare centers charge extra fees that can make childcare more expensive than it already is. For example, if the daycare provides meals, find out if you can pack your children’s meals instead and save some cash on tuition. Also, if you get charged for late pickup, make every effort to pick up your children on time. 

Explore a Dependent Care Flexible Spending Account (FSA)

Some employers offer dependent care flexible spending accounts (FSAs) to employees. If you have this perk, be sure to take advantage of it. You can contribute pre-taxed funds from your paycheck and use the funds to pay for several childcare expenses, including daycare for children who are 13 years old or younger. 

Bottom Line

While daycare is pricey, you can reduce its cost in many ways. With a bit of creativity and research, you can find quality childcare at a more affordable price point—best of luck in your search for affordable daycare. 

 

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