| Child Care Services and Money | | | | services is by sharing a full-time care giver with a |
| The average cost of child care services is 7.5% | | | | friend or relative. Obviously this cuts the cost of a |
| of a families income; in most states this equates | | | | full-time care giver in half! Of course, you should |
| to day care costs that are more than tuition at a | | | | look at all your options ahead of time. Your |
| public university! The following tips and advice can | | | | cheapest option might still be a child care center, |
| save you money now on your child care services, | | | | since a full time care giver can get expensive. |
| so read closely. | | | | Also keep in mind, if you share the full-time care |
| Tax Advantages | | | | giver with friends or family, this options gives the |
| A very easy and often over-looked way to save | | | | added benefit of built-in companionship for your |
| money on child care services is with your tax | | | | child. This option might also make it easier for you |
| return. You can claim a federal tax credit for child | | | | when it comes to dropping off your loved ones. |
| care expenses on your tax return (1040 form). | | | | Other Alternatives |
| The federal tax credit is typically worth up to | | | | Keep your eyes option for other lower cost |
| $600 for one child or $1200 for two or more. | | | | alternatives to the traditional child care center and |
| Another very good method of saving money on | | | | a full-time nanny. One great alternative are child |
| child care services is through your company's | | | | care centers run by your church or local YMCA. |
| flexible spending account. You can use up to | | | | This is a excellent form of child care services! |
| $5000 per year from your flexible spending | | | | Also, many people run child care centers out of |
| account pre-tax dollars on child care services. Of | | | | their home. This home child care centers are |
| course, you must plan your flexible spending | | | | usually cheaper when compared to a large |
| account money wisely. If you dedicate more than | | | | corporation. In addition, the cost might be a little |
| you spend to child care services, you might lose | | | | more negotiable with a home care giver versus a |
| that money in your flexible spending account. | | | | child care center. One last alternative, although not |
| However, it's well worth your time of saving | | | | usually the cheapest option, but if you're looking |
| receipts and signing up for a flexible spending | | | | for one-on-one care, is Au Pair. Au pair is an |
| account, since you can save up to $2000 per | | | | exchange student who works here for a year or |
| year using this type of account! Be careful, both | | | | two and is hired through an Au Pair care agency, |
| the federal tax credit method or the flexible | | | | many of which are on the Internet. The typical |
| spending account method require you to provide | | | | cost for Au Pair care is around $1100 per month |
| your social security number or taxpayer ID | | | | or half the cost of a dedicated nanny. Share your |
| number to your child care provider. | | | | Au Pair care and save even more! The care won't |
| Share Your Expenses | | | | be one-on-one anymore but if you choose your |
| An excellent way to save money on child care | | | | partners wisely it might be your best choice. |