The time has finally come. Your
maternity leave is coming up soon, and you still haven?t found the
right childcare option for your baby. You don?t want to think
about it, but you don?t have a choice.
What are you going to do with your new
baby when you go back to work?
Though it isn?t your first concern
when it comes to your bundle of joy, money does matter ? that’s
one of the reasons you?re returning to work in the first place!
You want the very best for your infant. What should you do?
?I?ve been through
it all myself,? says Lori
Bolas, a working mother and a director at SurePayroll,Inc., a leading online
payroll provider for families and small businesses.
?I know it’s hard. But once you find the solution that is best
for you and your baby, it gets easier.?
Here are Lori’s tips on finding a
caregiver when you?re also on a budget:
Daycare Center ?
Daycare is an economical and reliable option, and your child also is
around other children with good supervision. Do some research here-
there are many more affordable options through community and
faith-based organizations. Some even have sliding pay scales based
on need ? so don?t be afraid to ask.
PROs: Your baby will eventually have
other children to socialize with; the care is reliable and fairly
affordable with qualified supervision. Staff is trained, and the
center is licensed and regulated.
CONs: There is less flexibility; you
have to pick up and drop off your baby at about the same time each
day. Caregivers oversee several children, and it may be difficult to
find centers that accept infants. Most centers have strict sick
policies that could impact your employment. Be sure you understand
the costs of taking a sick day.
Home Daycare
? Home daycare is held in the caregiver’s house, with smaller
groups of children in a more casual setting. Many home daycare
providers offer sliding pay scales and are less expensive because
their own children are at home or they are taking advantage of
special tax incentives that allow them to charge less.
PROs: Kids can socialize with others in
a nurturing, home-like environment. Less expensive than regular
daycare, and pick-up and drop-off times are more flexible.
CONs: No caregiver supervision and less
stringent licensing requirements. Caregiver may not have formal
nanny or childcare experience or education. As with daycare centers,
children also get sick more frequently, and home daycare also is
usually closed for holidays and vacations.
Full-Time Nanny
? A full-time nanny can be a more expensive option. However there
are a few options to help save some cash. Here is a couple:
Live-in
— Nannies can be paid hourly, or on a weekly basis. If you have the
space, live-in nannies can charge less since room and board is
included.
Nanny/Housekeeper ? Can the nanny double up doing
household chores and even yard maintenance while the baby/children
are napping? Even meal preparation can save you in the long run ?
from expensive carry out ? a common expense for overtired new
mothers.
PROs: Your baby will get more attention
from a nanny who pays close attention to his/her every need. Your
schedule can
be more flexible and convenient (no pick up or drop off) and your
baby stays in a familiar home environment. You
would be allowed a flexible working schedule, and might even be able
to squeeze in some grocery shopping and an occasional date night!
CONs: There also is no nanny
supervision, and playtime with other children must be specifically
arranged. In addition, you can be stuck if she calls in sick or
finds other employment.
Nanny Share
? A Nanny Share can bring the best of both worlds together.
Sharing the cost of a nanny with one or two like-minded Moms can be a
great set up, especially if your kids are around the same age.
PROs: You can have a wonderful nanny in
a home environment (either yours or another family’s), and your
baby gets some socialization with other children. If the nanny gets
sick you have others to help pitch in. Your baby receives more
attention than daycare and remains in a familiar environment. You
also have more flexibility with your schedule. You share the cost of
the nanny with others, making this a more affordable option. You
also share paying TheNanny Tax.*
CONs: You hope all of the children get
along; as well as you and the other family! You might have to do
some juggling with schedules.
*What is The
Nanny Tax? If you pay
your nanny more than $1,000 per quarter or $1,900 throughout the year
2014, you are legally required to pay the nanny
tax, otherwise known as the ?household employment tax.? Failure
to do so can set you back with fines and penalties up to $25,000. In
addition, being compliant helps your nanny become or stay eligible
for social security and Medicare benefits upon retirement.
You can make it
easy on yourself by using an online payroll service like SurePayroll,Inc.
This makes paying the taxes super quick, easy and inexpensive.
