Having children can be one of the most rewarding events in life. It can also be one of the most expensive. And lately, it seem like the cost of child care just keeps going up. In fact, high-cost child care is one of the main reasons that I have yet to return to work outside the home.
As much as I enjoy self-employment as a freelance writer and child care provider for our two children, I would one day like to get back to a better paying career. However, at this point, there are multiple factors that are keeping me at home, and child care costs are at the top of the list.
Cost of child care is more than college?!
According to CNN Money, “Child care costs continue to soar, with prices so high in some parts of the country that they exceed tuition at state colleges.”
The article goes on to note that at $12,697, Illinois (our home state) has some of the least affordable child care with the sixth highest average child care cost by dollar amount, and seventh highest child care cost as a percent of income.
For two children over 10 years (care from birth to age five), this would equate to an average cost of nearly $127,000. And while it’s not enough to replace a full-time income, it certainly is a start, especially when combined with other money savers.
Cost of the daily commute
Just getting back and forth to work can be expensive. For example, according to Allstate.com, “You may be surprised to learn that average downtown (Houston) worker’s commute may cost about $6,000 per year, based on Houston’s average gas prices, Houstonians’ average commuting distance and national fuel efficiency figures.”
With the cost of an additional vehicle (that we’ve been able to downside since I’ve been at home), gas, insurance, parking, and maintenance, we’re saving ourselves in the realm of $3,000 to $4,000 a year or more. Add in the cost of getting the kids to school and daycare, and that amount could be even higher.
Finding at-home income streams
From writing for sites like Textbroker.com, Yahoo! Contributor Network, Constant Content, and more, to blogging, and self-publishing on Kindle Direct, I have pulled in income related directly to my main source of work at home as a freelance writer.
Then there are online options such as eBay, Etsy, Cash4books.net, and more where I can resell old or unwanted items for extra money, the results of which can add up to hundreds or even thousands of dollars. Some people even make selling with these types of options full-time work.
Factor these options in with selling at local consignment and resale shops as well as having garage sales, and there are a variety of ways to combat the soaring effects of child care, and even make some money from making the decision to stay at home with the kids.
More From This Contributor:
Building a Revenue Producing Blog
I Won’t Be Waiting to Take Social Security
Preparing to Publish My First E-book
The author is not a licensed financial or parenting professional. This article is for informational purposes only and does not constitute advice of any kind. Any action taken by the reader due to the information provided in this article is solely at the reader’s discretion.