How to afford 2 in daycare?

bridetobe0jb · October 2008

We're not ready for #2 yet, but I'm starting to think about it. I just don't see how we can possibly pay for 2 in daycare. We're paying $305 a week for 1 and I think at best DCP's give 10% off for the 2nd kid. But $30K a year on daycare?

SarahFin · October 2008

I think it's smart of you to think ahead and realize that it may actually not be affordable. I'm sure there are people who are making big budget cuts, but I personally can't imagine coming up with another $30K just for daycare. I think some people are so concerned with having kids close together, that they don't care/think about the cost, but I would rather wait until there was room in the budget.

luvmagoldn · October 2008

It certainly is daunting but their are options other than formal day care centers. In home providers are normally less expensive than the big centers. Our in home arrangement is very organized with three full time providers, meals included, etc. You may want to look in to it.

I agree that looking at your finances is a good thing to do but...you can't assume that you will get pregnant when you decide you are ready. I don't know how old you are but waiting five years could make a big difference in your ability/ease to get pregnant again. Just something to consider.

bridetobe0jb · October 2008

I'm a little older and if it doesn't happen in the next 3 years, it won't be.

MrsAmers · October 2008

DD's daycare is about 1/3 of my take home pay. So having two in daycare will cost 2/3rds of my take home pay until DD goes to kindergarten (and even then we'll have some after school care costs).

We're just going to have to cut back on extra spending (eating out, buying DVDs, buying extra clothes and computer equipment, etc) and be more careful with our money. It will be tight, but I don't want to wait until DD is in kindergarten to have #2.

Pesky · October 2008

Which is why we are trying to eliminate as many fixed costs as we can -- pay off DH's car (we've already paid off mine), no cc debt, watching bills, getting solar panels, etc. It'll be tight but we can likely swing it though I hate to think about it. And like pp said, #2 might end up at an in-home daycare rather than DD's center for at least the first year when it's so expensive because the costs of in-home versus center are so vastly different.

duchess0727 · October 2008

Our daycare costs go down as the kids get older so it'll go from $265 a week to about $225 a week for our son by the time we have our second. Our dependent care account saves us about $1500 so it'll be about $22k for daycare costs for both. It will be a little painful for the extra $800+ a month but we are not planning to move for a few years and our mortgage is pretty low right now. We are hoping by the time we are ready to move, we will both get paid a little more since we want three kids, although at that point, I'll probably have to get a nanny since it will be two hard to take three kids to daycare.

beenbizzy · October 2008

Eek. $30K a year is a lot, but what can you do? Our cost goes down as DS gets older making it the same as an in-home. So we plan to wait until that is closer. I have recently started thinking about the costs, too and need to figure out what we'll spend and what I bring home to see if that is working out or a wash.

jlw2505 · October 2008

It is really hard. We have given some stuff up to stay at the daycare we are at and love. You need to really look at your budget and figure out if you are making enough to keep 2 kids in daycare or if you would be better off having one parent not working or going to a less expensive daycare. DH and I have chosen to give up some of our extras like buying lunch at work for example. We both make too much money for one of us to go to PT or SAH, it wouldn't help the situation.

Olive21 · October 2008

I guess you have to be creative. Is there any way you and your DH can stagger your work times so that you don't need as many days in daycare? I am lucky in that I am able to do a 4/10 schedule so I have one day off every week where I don't have to worry about childcare, and then I can work from home one day (with hired assistance), so I only need to pay for 3 days at the daycare center. Also mine gets cheaper as the child gets older, so by the time we have #2 her daycare costs won't be as huge. I also second the suggestion of looking for in-home providers, or even a nanny might be a decent option if you can find someone you trust.

bridetobe0jb · October 2008

thanks gals. There is some decrease in daycare as DD gets older but not significant. I didn't think about things like paying off the car, etc. That's a good idea. I'm very hesitant about in home care, but might not have a choice.

ivygalore · October 2008

i feel your pain; we're paying almost $1200 a month in daycare and this doesnt include diapers. we love her school, but cant fathom sending a 2nd child there at that rate too. we will consider in-home daycare for the first 18 months for our 2nd child ...

good luck!

JulieRNbride · October 2008

I had to flex my hours and go part time for this to work for us; the cost does go down as they get older. I paid $45/day for a newborn, $40 for a toddler (age 2-4) and $35 for preschool/kdg. When I was taking weekends off, we paid $75-80/day for two kids, two days a week, which was manageable. If I had to pay for five days a week, it would have been nearly impossible.

frogdogny · October 2008

Yeah - that is what we pay. $600 each week since we have one infant and one toddler. But thankfully DD2 will be moving to the Two's room next month and then her rate will drop by $60/wk. (Can't beleive I am excited about "only" paying $540/wk!! LOL). We also take advantage of the sibling discount and a preferred employer discount. I've been alot more conscious about our spending now that they are both in daycare buying things on sale and using coupons, etc. Thankfully, both DH and I make fairly decent salaraies to afford it and we just think about how RICH we'll be once the kids are in public school!! LOL. GL

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