egads!!

[rasczak]

I can't believe the price of daycare these days. My yougest daughter starts daycare next week as my wife recently picked up a part time job. It's going to cost $206 a frickin' week just for part time daycare. There goes my play money from the PT job I started yesterday 🙁 My wife's first paycheck doesn't come until March 1, so it's gonna be REAL tight for the next month and a half.

 

[captains]

there was a study of women goin back to work full time and only making <$4k a year after the cost of day care

 

[robphelan]

yes.. it's ridiculous... when our 2nd was on the way, we decided to have my wife stay at home.

you may look to see if your church offers daycare

 

[rasczak]

Originally posted by: captains
there was a study of women goin back to work full time and only making <$4k a year after the cost of day care

that scares me more than anything else, but my wife has been working so hard to get through school that this is a kind of reward for working so damn hard. It's only part time, but the school district stated that she could do the practicum part of her program through them, and once she gets her cert she'll become an slpa (speech lang pathologist assisant) they make more money. So in the end it should be worth it. But damn this is gonna be a rough going for the first few months.

Originally posted by: robphelan
yes.. it's ridiculous... when our 2nd was on the way, we decided to have my wife stay at home.

you may look to see if your church offers daycare

they do, and I may have to look into that, but my wife really likes the daycare. It's called Kindercare. It's seems like a pretty well run and organized place.

 

[rivan]

Mine just went up (Happy New Year!). $461.70/week. Two kids, full time.

Thankfully, this is the last year for my girl, and sometime around April my son's rate will be dropping.

 

[rasczak]

Originally posted by: rivan
Mine just went up (Happy New Year!). $461.70/week. Two kids, full time.

Thankfully, this is the last year for my girl, and sometime around April my son's rate will be dropping.

oh man, this makes me happy that we sent our oldest to preschool. (it's free). Whew!

 

[dullard]

Originally posted by: captains
there was a study of women goin back to work full time and only making <$4k a year after the cost of day care

Yep.

Consider 2 young kids in daycare at $206/week for 50 weeks a year. That costs $20,600. If you are in the 25% federal tax bracket and 8% state tax bracket (typical for a two earner family), then the lower paid second earner must make $30,746 a year to break even. Note: I'm ignoring any daycare tax break in this calculation. Or, the first $15.37/hour goes directly towards daycare. Many second earners find that it is not worth the work. Even if you can find a decent job paying $17.50/hour, the second earner only nets just over $17 for a full day's work ($11.40 after taxes).

It just isn't worth it for many families with young kids to have two earners. Plus, your kids lose the personal parental attention while in daycare.

Note: there is a second earner's job that is worthwile. Daycare. The second earner can stay at home, take care of his/her own kids and be PAID that massive fee to take care of other people's kids. Plus there are good tax deductions for working at home.

 

[lokiju]

I'm in the same boat 🙁

We have a little one on the way in June and ran the numbers and it still makes more fiscal sense to put the child in day care and have us both work, though we might look into having my wife work part time at her current job if they'll allow it.

 

[xochi]

I am almost done with daycare, this will be year 12 (three kids). My youngest starts kindergarden in the Fall.

I'll still have to pay for afterschool care, but the cost is significantly less.

 

[rasczak]

Originally posted by: dullard

Originally posted by: captains
there was a study of women goin back to work full time and only making <$4k a year after the cost of day care

Yep.

Consider 2 young kids in daycare at $206/week for 50 weeks a year. That costs $20,600. If you are in the 25% federal tax bracket and 8% state tax bracket (typical for a two earner family), then the lower paid second earner must make $30,746 a year to break even. Note: I'm ignoring any daycare tax break in this calculation. Or, the first $15.37/hour goes directly towards daycare. Many second earners find that it is not worth the work. Even if you can find a decent job paying $17.50/hour, the second earner only nets just over $17 for a full day's work ($11.40 after taxes).

It just isn't worth it for many families with young kids to have two earners. Plus, you kids lose the personal parental attention.

Note: there is a second earner's job that is worthwile. Daycare. The second earner can stay at home, take care of his/her own kids and be PAID that massive fee to take care of other people's kids. Plus there are good tax deductions for working at home.

wow. those numbers are rough to look at. how do i deteremine which tax bracket I would fall under again?

 

[Insomniator]

Originally posted by: dullard

Originally posted by: captains
there was a study of women goin back to work full time and only making <$4k a year after the cost of day care

Yep.

Consider 2 young kids in daycare at $206/week for 50 weeks a year. That costs $20,600. If you are in the 25% federal tax bracket and 8% state tax bracket (typical for a two earner family), then the lower paid second earner must make $30,746 a year to break even. Note: I'm ignoring any daycare tax break in this calculation. Or, the first $15.37/hour goes directly towards daycare. Many second earners find that it is not worth the work. Even if you can find a decent job paying $17.50/hour, the second earner only nets just over $17 for a full day's work.

It just isn't worth it for many families with young kids to have two earners. Plus, you kids lose the personal parental attention.

Which is good, its only somewhat recently that the second parent (lets face it, 95% women) decided hey we want to work too!!! Now, most families are adjusted to two incomes instead of one, and they can't afford to not both be working! But they can't afford daycare either! Now what...

And yes, this does not even consider the most important issue, that children should
be parented, by (wait this is crazy), their actual parents!

Edit I suppose I should say that it really sucks for single parents however.

 

[rasczak]

Originally posted by: lokiju
I'm in the same boat 🙁

We have a little one on the way in June and ran the numbers and it still makes more fiscal sense to put the child in day care and have us both work, though we might look into having my wife work part time at her current job if they'll allow it.

When the child is born, try to take advantage of the flex spending for daycare through your employer if they have it. I wish I had done so, it would have made things a little easier for us if i had planned it, but my wife got the job out of the blue (she didn't apply they called her, since she worked for this school district before in the same capacity).

Originally posted by: xochi
I am almost done with daycare, this will be year 12 (three kids). My youngest starts kindergarden in the Fall.

I'll still have to pay for afterschool care, but the cost is significantly less.

:thumbsup: time flies doesn't it?

 

[dullard]

Originally posted by: rasczak
wow. those numbers are rough to look at. how do i deteremine which tax bracket I would fall under again?

If the combined taxable income from both parents is between $65,100 and $131,450, then you are in the 25% federal tax bracket and probably roughly 8% state (varies by state of course). Being in the $65k+ range of taxible income isn't too hard for a dual income family but with child tax deductions many families don't quite make it to that level.

Note: if you are closer to the $65,100 end, then most of the second earner's paycheck is actually in the 15% tax bracket, so the numbers aren't as bleak.

Originally posted by: Insomniator
Which is good, its only somewhat recently that the second parent (lets face it, 95% women) decided hey we want to work too!!! Now, most families are adjusted to two incomes instead of one, and they can't afford to not both be working! But they can't afford daycare either! Now what...

And yes, this does not even consider the most important issue, that children should
be parented, by (wait this is crazy), their actual parents!

I agree, but I don't want to politicize this thread by talking too much about that. Lucilly you only have 2 kids in the expensive daycare for a short time. Soon they get older, join school, and daycare costs plummet.

 

[rasczak]

Originally posted by: Insomniator

Originally posted by: dullard

Originally posted by: captains
there was a study of women goin back to work full time and only making <$4k a year after the cost of day care

Yep.

Consider 2 young kids in daycare at $206/week for 50 weeks a year. That costs $20,600. If you are in the 25% federal tax bracket and 8% state tax bracket (typical for a two earner family), then the lower paid second earner must make $30,746 a year to break even. Note: I'm ignoring any daycare tax break in this calculation. Or, the first $15.37/hour goes directly towards daycare. Many second earners find that it is not worth the work. Even if you can find a decent job paying $17.50/hour, the second earner only nets just over $17 for a full day's work.

It just isn't worth it for many families with young kids to have two earners. Plus, you kids lose the personal parental attention.

Which is good, its only somewhat recently that the second parent (lets face it, 95% women) decided hey we want to work too!!! Now, most families are adjusted to two incomes instead of one, and they can't afford to not both be working! But they can't afford daycare either! Now what...

And yes, this does not even consider the most important issue, that children should be parented, by (wait this is crazy), their actual parents!

while i agree with this sentiment, I have to say that seeing my wife so motivated, and wanting to go back to work makes me proud. she's a terrific mother and wife, and she deserves nothing better than to see the hard work she's put into this program come to fruition.

 

[RKS]

We are so lucky with our situation for our 2 kids:
Mom: M,T
MIL: W,F
Wife: H

All is free, with abundant love and care, without unneccessary virii every week.

 

[heymrdj]

Originally posted by: Insomniator

Originally posted by: dullard

Originally posted by: captains
there was a study of women goin back to work full time and only making <$4k a year after the cost of day care

Yep.

Consider 2 young kids in daycare at $206/week for 50 weeks a year. That costs $20,600. If you are in the 25% federal tax bracket and 8% state tax bracket (typical for a two earner family), then the lower paid second earner must make $30,746 a year to break even. Note: I'm ignoring any daycare tax break in this calculation. Or, the first $15.37/hour goes directly towards daycare. Many second earners find that it is not worth the work. Even if you can find a decent job paying $17.50/hour, the second earner only nets just over $17 for a full day's work.

It just isn't worth it for many families with young kids to have two earners. Plus, you kids lose the personal parental attention.

Which is good, its only somewhat recently that the second parent (lets face it, 95% women) decided hey we want to work too!!! Now, most families are adjusted to two incomes instead of one, and they can't afford to not both be working! But they can't afford daycare either! Now what...

And yes, this does not even consider the most important issue, that children should
be parented, by (wait this is crazy), their actual parents!

Edit I suppose I should say that it really sucks for single parents however.

Sad but true...

My current gf wants to be stay at home, but still wants the college education and stuff first, which is fine with me as neither of us are in any rush to have children. Probably in the 25-30 bracket barring no accidents.

My uncle and aunt are going through this daycare number crunching. It's some tough numbers to chew, that's for sure.

 

[EagleKeeper]

Daycare providers get paid under $10/hr

Much of the cost translates to liability and the physcial environment.

The directors make only in the $30K range.

You want horror stories on running a daycare - contact CPA - his wife tried it a few years ago.

 

[moparacer]

I am planning on quitting my job and making the wife go back to work to pay for the Daycare.....

That's the way its done fellas.....:beer:

 

[rasczak]

Originally posted by: RKS
We are so lucky with our situation for our 2 kids:
Mom: M,T
MIL: W,F
Wife: H

All is free, with abundant love and care, without unneccessary virii every week.

that's such a great situation! I wish my mom could've taken care of her grandaughters, but unfortunately, she died a year before the oldest was born. (thes were the grandaughters she'd always wanted too, now i carry that guilt with me 🙁)

and my wife's mom, well, lets just say the first thing she told us when we announced our pregnancy was "I'm not ready to be a grandmother" that pretty much says it all.

 

[rasczak]

Originally posted by: Common Courtesy
Daycare providers get paid under $10/hr

Much of the cost translates to liability and the physcial environment.

The directors make only in the $30K range.

You want horror stories on running a daycare - contact CPA - his wife tried it a few years ago.

I had a good friend tell me about the horror stories as well. As much as i can understand the cost, it still hurts me wallet 😉

Originally posted by: moparacer
I am planning on quitting my job and making the wife go back to work to pay for the Daycare.....

That's the way its done fellas.....:beer:

dude, if only that would fly with my wife. 😉

 

[kranky]

Originally posted by: rasczak
When the child is born, try to take advantage of the flex spending for daycare through your employer if they have it. I wish I had done so, it would have made things a little easier for us if i had planned it, but my wife got the job out of the blue

Have you asked your HR person if your wife returning to work qualifies you for a do-over? Usually there are rules which allow you to modify your flex spending contributions even during the year, one of which is if your spouse changes employment status. You should definitely look into this.

 

[rasczak]

Originally posted by: kranky

Originally posted by: rasczak
When the child is born, try to take advantage of the flex spending for daycare through your employer if they have it. I wish I had done so, it would have made things a little easier for us if i had planned it, but my wife got the job out of the blue

Have you asked your HR person if your wife returning to work qualifies you for a do-over? Usually there are rules which allow you to modify your flex spending contributions even during the year, one of which is if your spouse changes employment status. You should definitely look into this.

ohhhhhhhh! now that's a terrific idea! it didn't occur to me that employment status could be considered a life changing event (getting a job I mean)
I'll check that out. thanks kranky. 😉

 

[StrangeRanger]

Daycare does cost a lot but consider yourself lucky on 2 accounts. 1.) You've found a daycare that you like and they are safe, clean and reputable and 2.) you're not in my boat. Not only does daycare cost a fortune, but my youngest has some sever disabilities so even finding a daycare that will work with him has been almost impossible.
My wife is by far the bread winner in the family and our health ins is through her. We considered me being a stay at home dad, but honestly, I love my kids but if I were to spend the whole day with them all week at least one of them would end up duct tapped to the wall in the garage. 🙂
j

 

[vi edit]

Originally posted by: kranky

Originally posted by: rasczak
When the child is born, try to take advantage of the flex spending for daycare through your employer if they have it. I wish I had done so, it would have made things a little easier for us if i had planned it, but my wife got the job out of the blue

Have you asked your HR person if your wife returning to work qualifies you for a do-over? Usually there are rules which allow you to modify your flex spending contributions even during the year, one of which is if your spouse changes employment status. You should definitely look into this.

There's two ways to do the day care deduction. Either through flex plan (this counts for stuff like diapers and formula too) or a deduction on your taxes at the end of the year. You can do one or the other. Eitherway it's $5000 and they both lower your taxible income.

The nice thing about flex one is that you can have your paychecks docked the money and then just budget it out. Every couple months you can apply for reimbursement and it's like a bonus check a couple times a year.

That's what we do anyway. Pay day care out of pocket, have the flex pull out about $190 a paycheck and just count that as a loss in pay. Then after a couple months of day care we apply for about $1500 of that in reimbursement. That's money we then use for Christmas, home improvement, ect.

 

[SunnyD]

Heh, my wife stays at home and provides daycare services. She determined that she's getting ripped off.