Sharing Daily Discoveries About Personal Finance And Business Topics

Is A Daycare Cost Considered A Financial Necessity

I was reading a debate today of how some people were saying that the cost of living was too expensive and that the average salary of a regular working family simply doesn’t make ends meat. As usual people kind of broke it down into categories such as how much it costs for food, transportation and enlisting one’s child in school. One topic that I personally found kind of interesting was that a personal daycare was on the list as a necessity. The reason being was that in these specific scenarios both parents worked full time and therefore they have to use a daycare.

This got me thinking where if we as individuals should be planning this out instead of forcing ourselves to be in that situation. For example, before we decide to bring a child into the world I am sure many people consider the financial implications and if they can’t afford it then they simply say they need to hold off. I know the most stereotypical example in this case for a couple is that they plan it where one person would stay at home and the other would be the one that is going to work each day. That is still an option right?

At the same time, nowadays with so many ways to telecommute or to create a side business I know many people opt to have one person go out and work at the nine to five while the other is at home with the child and is also doing a small home based business on the side. So therefore, they have everything planned out to take care of their kids and the finances. I was reading some numbers too such as people spending from $600 to $3000 a month in daycare fees. Just as a food for thought, if you do pay say $3000 a month and assuming one person’s yearly salary equals that would you be inclined to say it’s better to take care of the child yourself? As expected, the conversation started to turn into a personal values debate instead.

I always find topics like this interesting when it comes to finance as in some ways it feels like since we were only taught and showed one one to do something that it must be the only option. However, like for this I’m sure if we sat down and really thought about it there are probably a lot of different solutions that are available.




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