We are getting a $900/month raise. One kid, full day daycare. We don't plan on using before/after care so it will be a full raise for most of the year, but we will put her in summer camps when that time comes.
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Almost $1,700. Two kiddos in FT daycare. We'll likely need before/after care though, so I don't think we'll ever fully get rid of the cost.
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When I really added it up and then subtracted out the cost of after school care ($165/month) and summer camp ($165 per week) it really isn't much savings.
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That's so far away that I can't even think about it. I'll be 37 when my youngest gets out of daycare. But in 26 months, we'll get an $800/month 'raise' since my oldest will start kinder. I'm hoping to be able to get a job with school hours by then. We'll still have to do something for the summers unless my parents can do Nana camp like my Nana did, so we'll probably have to save for summer care.
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We're currently spending $22,100 a year on daycare (for two kids). Once they are in school, we'll be spending about $13,710 on other child-care related costs (YMCA membership, before/after care, school vacation weeks, summer camp).
So roughly an $8k a year raise.
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@Adira: Yea thats about what I calculated it out to be. And at that point I figure $7k-8k will be spent for larger big kid expenses (school trips, braces, sports, etc).
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Hmm....we pay anywhere from $3000-$3700/month for childcare right now for two. After both kids are in school and will be signed up for before/after care, that will cost us $1700/month for two (those are this year's rates). That's a 2k savings a month. But that doesn't include coverage for the school breaks or for summer programs. So overall, it may be only about 1k savings/month. I'll take everything I can get though!
ETA: since everyone else is doing yearly: After paying before/aftercare/summer/school break programs, we'll save anywhere from 12-24k in a year.
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@T.H.O.U.: Yep, I don't actually anticipate being able to save that money! Plus I have two boys and boys eat a lot, so it'll probably all go towards food and sports, haha.
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Well, this fall DS1 is starting K so we are getting a $1400/month raise.....BUT have to hire a nanny for the baby (and she'll do after care for the older kids). So, it will be an added increase of around $2,000/month...but net increase of $600/month. Our childcare expenses for 3 kids come fall will be around $3500/month. Barf.
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We've gone from preschool costing about $8800 per school year and camp at about 3,000 for june/july/august to just camp at $3000.
Comes out to about $730 per month. Interestingly, there haven't been a ton of things that we've had to pay for yet, my son isn't doing any sports or after school programs just yet.
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Oh! And my calculations don't include the fact that lunch is included at daycare and we'll have to pay for it at school. No idea how much that will cost.
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That's so far off for us because we still want one more baby and DD is only 14 months
We're paying $14,500/year right now and when we have another it will be $29,500/year. I'm not sure how much after school care/summer care will cost here.
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This summer when we officially have both in daycare (1 FT, 1 PT) it will be almost $2000 a month
Then it will go down a tiny bit when DD1 starts preschool (the rate is a little lower), but then it will go up when DD2 ups her hours as she gets older.... Such a roller coaster!
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$72,000.
Daycare for three is $6k per month. Hence I'm at home. -
Amazing to think about this...
Fall 2018 (DD1 to kindergarten) - we'll get about a $400 raise/month ($1000 less per month, offset by $600 in PM Nanny).
Fall 2020 (DD2 to kindergarten) - we'll get a $1000 raise...since we'll already have the PM Nanny.
Amazingly Summer 2020 is when DH will also pay off the last of his student loans...so thats another $1700 cash flow positive. We'll be throwing a party of sorts for sure!
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Almost $20,000
E starts K in the fall and we will flex our schedules not to need before/after care. He'll go to the summer program at the daycare he attends now most likely, but even accounting for those costs we'll still get a $7500 raise next year. A is only one, but when she starts K, her care costs will be $12500 less than what we pay for her now.
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We pay $12,000 per year (for one kid) ... It'll be 6+ years until we're done paying for childcare though.
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I think most parents of older children will tell you there's really not a big change in cash flow when your kids are out of day care. Summer camps are crazy expensive, and before and after care adds up, and older kids have activities and sports and all kinds of expenses that younger kids don't have. If we did end up feeling some positive cash flow, we'd just increase what we're saving for the kids' future.
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@truth bombs: This.
Even if my cash flow improves with my child going to school, I won't see any kind of "raise" personally. Any excess funds will be redirected toward saving for his education. I have multiple clients (and friends) that have gone through this, though, and even when spending $1,200+ month on daycare they usually say that after summer camps (which rarely provide full coverage), more time for vacations, etc, that they see little to no change.
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On paper, it looks like we should save about $8k a year or a little under $700/month. I doubt it will really shake out that neatly.
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@Truth Bombs: Yes, any savings we get from not being in daycare will be going into the 529 plans! So we won't really see it.
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@Truth Bombs: @LBee: The only reason why we see a net positive is because we don't have to 1) look for full time care for summer camp, 2)we don't have to consider before/after care during the school year and 3) the school day is already too long for my son and he's got no interest in after school activities right now. This may not always be the case, though, and whatever we're not spending now, we're just saving for that eventuality.
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This is interesting. I figured we would go from paying $23,460 for daycare to about $10,000 for after care and camp for two kids. But I just checked the figures today and it was $6,548 for the after-school and camp with the company the town contracts with for two kids. Now that will go up and I could end up doing something differently entirely but that is $1400 a month in freed up money. I would think $400 of that would go to big kid costs (more food, more expensive activities) and the rest would go to fully funding our retirement or increasing college savings.
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Unless both of our kids are doing elite competitive sports requiring year-round special camps, there is no way it'll be the same as what we are paying for daycare/preschool. I know hockey is super expensive but that's only at the competitive level.
We won't need out of school care, and even if we were to put them in expensive camps, and factor in tax credits and child care allowance we would no longer get, we would still be ahead $1500/month.
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When our oldest went to school, we got a raise of €200/month (but daycare is cheap here and we don't pay much at all for private school). So far, he doesn't do any expensive activities and we don't have aftercare. We will pay for daycare this summer though.
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I don't even like to think about this. We have 2 in daycare and it's 50k per year right now. It will go down by close to half in 1.5 years (LO1 will start K and LO2 will be in the toddler room instead of infant), although I don't know how much aftercare and summer camps will cost, so not sure how much we will end up seeing.
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Right now, we pay $1550/month. That will go down a bit when DD moves into the pre-K room, I imagine we'll be paying about $1450/month at that point. DH and I will probably try to arrange our schedules so we won't need before- or aftercare, but we'll need to do something in the summer and she'll have music lessons and probably some other activities. So I'd estimate that the overall cost will be about halved.
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We'll go from hopefully a max of $2200 a month for two kids in daycare 3 days a week (my parents do other two days) to my guess is $600 a month in before-school care.
This is years away so I have no clue really on that price. But basically our plan is whatever is saved will go straight to increasing 529 contributions. We do not plan for our kids to do tons of activities or organized sports at a young age so I certainly hope that will not be anywhere near the equivalent of daycare costs. -
We will get a 6,600 with one kid and 13,200 for 2 (we don't have a second yet.)
We're paying $14,500/year right now and when we have another it will be $29,500/year. I'm not sure how much after school care/summer care will cost here.
Then it will go down a tiny bit when DD1 starts preschool (the rate is a little lower), but then it will go up when DD2 ups her hours as she gets older.... Such a roller coaster!
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