Families are struggling to pay for child care, and many even report moving just to afford expenses. (iStock)
Child care prices are surging, growing 210% from 1990 to 2019, White House data shows. As a result, families appear to be taking more drastic measures to afford it.
For example, 26% of families said they had to move because of the high costs of early child care, according to a recent study from The Penny Hoarder. Another 38% said they have taken on a side job to meet the high costs, 28% borrowed money from family and friends and 25% even gave up their pets.
"In the Midwest, Northeast and South, the price of full-time, center-based care for two children is the highest category of household expenses, including housing, transportation, food and health care," said Mario Cardona, chief of policy and practice for Child Care Aware of America, a national child care advocacy organization. "In the West, the price of child care for two children is surpassed only by the high price of housing."
If you are struggling with resources to pay for your child care provider and considering measures such as relocating, a personal loan could help you pay down other high-interest debt and lower your overall monthly costs. Visit Credible to find your interest rate on a personal loan and see how much you could save.
How much do families pay for child care?
The Penny Hoarder’s survey showed that parents are paying significantly for child care programs. About 44% of families reported spending $1,000 or more per month, and 40% are in debt due to child care costs.
About 84% of parents say they feel overwhelmed by the cost of child care facilities and expressed that this year’s monthly child tax credit expansion assisted in paying for childcare in 2021. Now, as the extra credit is set to end in December, 20% of families reported they would not be able to continue paying for childcare with their current wages.
If you are struggling to keep up with the rising costs of infant and preschool education, consider taking out a personal loan to help pay down debt accrued by childcare expenses. Visit Credible to compare multiple lenders at once and choose the lender with the best personal loan rate for you.
CHILD TAX CREDIT IMPROVES SAVINGS FOR 33% OF FAMILIES, DATA SHOWS - WHAT TO DO IF YOU'RE STRUGGLING
How you can save money for child care costs
With more families going into debt, quitting the job force and struggling to pay for quality child care, there are several steps parents can take to save money on their daycare. Here are a few child care solutions and other ways to save money to ensure you can pay for the highest quality care for your children:
Consider part-time care
Some child care centers offer part-time care options and can often significantly reduce costs. Parents who work from home or have a schedule that could accommodate their children being at home partially may want to consider consulting with their caregiver about their options.
Refinance your loans
Refinancing your loans including your private student loan or home loan can help reduce your monthly payments by potentially hundreds of dollars. This could provide financial assistance to parents who can use the extra savings to better-meet their family's needs. Visit Credible to explore student loan refinance and home loan refinance options.
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Pick up a side job
In today’s market, there are a variety of side jobs people can take on, and these include stay-at-home or freelance work options that can help families afford child care without even leaving the house. In fact, about 38% of families reported they have had to take on an additional job to pay for childcare, according to the Penny Hoarder study.
If you are struggling to pay for childcare and looking at available options, contact Credible to speak to a loan expert and get all of your questions answered.
Have a finance-related question, but don't know who to ask? Email The Credible Money Expert at moneyexpert@credible.com and your question might be answered by Credible in our Money Expert column.
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Surging child care costs forced 26% of parents to relocate, study reveals - how to reduce costs and save money - Fox Business
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