About 8 in 10 families anticipate spending $9,600 or more per child on child care this year. For many, care costs represent a big share of household income.
Why child care costs are so high
Many day care centers shuttered during the pandemic, leaving the few that stayed open with limited slots available. That resulted in long waitlists — and fees to get on those lists, said certified financial plannerSome child care centers ask for a non-refundable waitlist fee, which can be around $75, as well as a"new child fee" upon enrollment into the center, which can range from $100-$600, said Daigle, who is also a member of the.
Parents are also facing changes in their work situations. Some who had fully remote jobs during the pandemic are now having to go back to the office some or all of the time and are faced with new child care needs, added Daigle., a CFP and the founder of Life Planning Partners in Jacksonville, Florida. With fewer providers, if a family can't find or access child care, one parent may be forced to leave the workforce, cutting off a second stream of income.
Financial advisors say there are several other ways parents can plan ahead to help cover child care costs. Here are a few things families may want to look into:Child care is just one of many expenses that come up when you have a family, and so it's important to think about having cash reserves.
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