This may be a personal question, but I am hoping you will share. What percentage of your monthly take home pay (not you and DH, just your pay) goes to childcare (daycare/preschool/nanny, etc)?
I only have part time childcare (nanny and preschool) and the percentage is very low (around 18%). But I am trying to plan for when baby #2 comes and out of my take home pay, my monthly estimated child care expenses will be around 42% (just for part time), which seems really high. So I am curious, if you are willing to share, what percentage of your take home goes to child care.
Thanks!
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Ooops, I just realized you asked about MY ratio, not mine plus DH's.
Daycare is about 27% of my take home pay right now. If we were to add a 2nd child (with my pay staying the same and daycare rates staying the same), it would end up taking about 53% of my pay.
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Yeah, insurance is the kicker! Luckily both kids will be on DH's insurance, but jumping to almost 50% of my take home pay for child care is going to hurt (and I know if I had full time care and was in a bigger city it would be A LOT more!).
ECU and nlsanchez, are those percentages based on your take home or both you and your DH? If I added DH's salary into the mix, our percentage would be a lot lower. I guess I am just interested in the percentage of my take home because that is the salary that would be affected if I did not work (therefore not needing child care).
Thanks for the responses!
I originally responded with both of our salaries, but I changed it to just mine.
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Gotcha, thanks!
I'm estimating roughly 31% of my take home pay will go to daycare expenses. DS will be added to my insurance and I also carry myself and DH. I also have not factored in what I'll be contributing to a Dependent Care Spending Account, which would decrease my take home pay.
If it's a 4 week month, it's about 26%. If it's a 5 week month, it's about 32%. I get paid the same monthly, but we pay for daycare weekly. Also, our insurance all comes out of DH's pay, and our FSA money. Nothing comes out of my check except taxes.
ETA: it makes a huge difference as to whether people have insurance and things like that taken out of their check too. Just keep that in mind.
for me, 25%.
and yes, after my and DS insurance plus flex spending and 403B.
we use a dependent care acct. also.
i guess for all of us here, that's why it pays for us to work.