Daycare costs scares me.

maybebabysawyer11

My Husband Scott and I were married last July and have been talking babies ever since.  We agreed we wanted to buy a house first.  We will be buying a house in the next month or so and then its baby time!  I know we both have stable jobs...I am a high school math teacher, and he is a shipping and inventory supervisor and we have a steady income.  But we also live in Vermont, and even though we are above the average income in our community we still are not 'rich' by any means.

HOWEVER, since I am a math teacher I crunch numbers and budgets all the time!  I know that buying a house we will be increasing our monthly payments, and we are also paying of school loans (about 200-300 dollars a  month).  I plan on breast feeding, and also making my own natural baby food so I am not worried about cost of baby supplies, food etc.  What I am worried about is affording the cost of daycare.  Can we do this??  Where will the money come from for childcare and how will we be able to set aside an extra 500 dollars a month or so just for childcare?  Any advice and/or thoughts on this.  I am so ready to be a mommy, but I dont want money to be a stressor in our lives.  Thanks!

BostonGayGal

It is scary, and you are describing the thought process I think most of us go through.  I wish you the best of luck.

NavyClan

1) it might be good to start a baby fund or savings account so you have a cushion for expenses or in case anything happens. do you already have an emergency fund set up?  Do you have family that lives close that would be willing to watch your kid/s? That could help you save tremendously. 

2)you should probably get a new screen name, as you just told us your first and last names, where you live and what your jobs are. Not so great for internet creepies.  

hippotree

You just make it work.  It will take some budgeting, sure, but money is one of the many things you start sacrificing when you have a baby (it's wonderful, don't get me wrong, but there are huge changes to be made).  And be thankful that you don't live in a higher COL area such as mine where daycare can cost that much per WEEK.  And you shouldn't use your first and last name as your screen name.  HTH.

Lyssapee

I'm not a math whiz, but what I would do is start trying to put aside the $500 a months now... not only will it add up in savings but it will give you an idea of what it will be like to acually shell it out.  That way you won't be so shell shocked. 

 

hippotree

Lyssapee:

I'm not a math whiz, but what I would do is start trying to put aside the $500 a months now... not only will it add up in savings but it will give you an idea of what it will be like to acually shell it out.  That way you won't be so shell shocked. 

 

This is a really good idea, too.  When we found out I was pregnant again we started putting the cost of daycare for the second baby into savings each week... this will give us almost a year (pregnancy + mat. leave) to save and get used to living on this budget before we actually have to start paying for it.

VTSKIBUM

I am also a Vermonter and we have just made it work...DD is in an in home daycare (which is cheaper than a center)...it also depends on where in the state you live with the cost of daycare. We waited before TTC #2 so that way we would only have 1 in daycare at a time to cut down on the costs as well. We did put money aside each month while I was pg w/DD and we were fortunate that my parents and IL's helped along the way. Good luck.

maybebabysawyer11

Very good idea, we were thinking of either using the 8000 tax rebate as a baby savings fund, or use it to pay our margage for awhile and start putting money into a baby fund.  Either way the tax credit gives me some breathing room! I am glad to hear that other people have had this same fear!! 

Also...it wont let me change my username and I created this profile like 2 years ago when we signed up for the knot and i either have to delete everything and start all over or just continue with this name...not sure what to do.

robinsokj

heatherandscottsawyer:

Very good idea, we were thinking of either using the 8000 tax rebate as a baby savings fund, or use it to pay our margage for awhile and start putting money into a baby fund.  Either way the tax credit gives me some breathing room! I am glad to hear that other people have had this same fear!! 

Also...it wont let me change my username and I created this profile like 2 years ago when we signed up for the knot and i either have to delete everything and start all over or just continue with this name...not sure what to do.

I would just create a new sn.  There are some whack-a-dos on here.  Good luck with the child care thing.  I really have no advice as I'm not going to work full time with twins.  I'm going to try to find a gym with free child care like I was working at before.  Wishful thinking.

mmk3742

I have the exact same fear as you.  A center daycare where I live is around 700-800 a month and there is just no way we can swing that.  When we start ttc in June, we will just have to take things as they come.

I am hoping that I will have family to keep the baby once that time comes.  Both of our families live 45 minutes or less away and I think they would be willing to drive up here a couple times a week to keep the baby.  I am planning on cutting down work to four days a week.  

Worse case scenario, is I would have to look for a small home daycare that charges much less than the center daycares. 

leslie13510

I'm surprised no one has brought this up yet, but you may want to also budget at least $100/month for formula into your baby costs.  Breastfeeding doesn't work out for everyone and you don't know if it will for you until your baby gets here.  Also, my 11 month olds are already eating us out of house and home so be prepared for a baby to quickly eat up a lot of money in food each month.

I'm not trying to scare you, just being honest about it.  Kids are expensive.  However, we have twins and are by NO means rich.  You make it work.  You cut back in areas that you can.  You don't go out to eat as much, maybe you get a smaller cable package or cell phone plan (or none at all), you trade in one car for another with smaller payments, etc.  It can be done. 

Also, I'm jealous that you can find a decent daycare center that only costs $500/month.  The biggest reason I'm a SAHM is because it would cost us over $1500/month to put both babes in a decent center around here.  And we don't live in a HCOL area.  ::sigh::

dmogmo

leslie13510:

I'm surprised no one has brought this up yet, but you may want to also budget at least $100/month for formula into your baby costs.  Breastfeeding doesn't work out for everyone and you don't know if it will for you until your baby gets here.  Also, my 11 month olds are already eating us out of house and home so be prepared for a baby to quickly eat up a lot of money in food each month.

I'm not trying to scare you, just being honest about it.  Kids are expensive.  However, we have twins and are by NO means rich.  You make it work.  You cut back in areas that you can.  You don't go out to eat as much, maybe you get a smaller cable package or cell phone plan (or none at all), you trade in one car for another with smaller payments, etc.  It can be done. 

Also, I'm jealous that you can find a decent daycare center that only costs $500/month.  The biggest reason I'm a SAHM is because it would cost us over $1500/month to put both babes in a decent center around here.  And we don't live in a HCOL area.  ::sigh::

Ditto all of this.  I make most of Gavin's food (and he's not even totally into table foods yet) and it's not really much cheaper than buying pre-made stuff often times. Yes, the fresh stuff probably goes farther, but the more baby eats the more you have to buy (and the more frequently you have to buy it).  

tri047

I didn't read all that - too long.  But we pay $900/month for in home day care.  It is SUPER expensive!  We don't have a lot of extra money at the end of the month if any but we make it work.

rickyroques

 I am sorry to inform you that the cost of superior quality daycares are astronomical.  I am very much interested in finding the costs of daycare in DC given that I may move either to DC or NYC due to a job offer within the next 6 months.  I actually pay $2,545 a month  for full time care of a 10 month old in Downtown Boston, MA.  Given that my wife and I have not made a decision yet on where we will move, I been looking for prices.  The Bright Horizons at Rockefeller Center will run at $2,550 for 5 days at less than 9 hours a day.  I very much recommend bright horizons because their ratios are very low, they provide extensive training to all staff, they have the highest standards in cleanliness and protocols I have witnessed, they have a chain of command within the class rooms, within the Center and within the state allowing higher levels of control, etc. 

maybebabysawyer11

WOW!

 guess that is one good thing about living in a small vermont town.  Daycare is seriously between 500-600 dollars a month I have looked up costs online and whatnot.  Have you considered hiring a nanny instead...I used to nanny and I know alot of college girls would probably nanny for you...even if you had to have two different nannys to make it work.  I would think you could save some money going that route...but I could be wrong.