Childcare does not come cheap, and it's estimated that the average US parent will pay $1000 per child for childcare this summer.
When you first have a baby, for the most part, parents are granted maternity and paternity leave from work. A period during which they can spend time with their new arrival and care for them without having to worry about work. What happens once that leave comes to an end, though? Many families can't afford for one parent to stay at home while the other goes to work.
The trouble is, having to working parents in a family is costly too. That's because while you and your partner are hard at work, someone needs to look after your kids. Once they start school they'll thankfully be busy during the day, but what about those long summer months? Bankrate.com recently shone on a light on how shockingly expensive summer childcare is in the US.
The site ran an online poll which was completed by 3900 parents in the US. Those parents expected to pay an average of $998 per child on childcare this summer. Even more shocking is that one on five of those parents are preparing themselves to pay north of $2000 per child. Babysitters, summer camps, and various classes all start to add up while school's out.
The common assumption is that a family's biggest expense is their house, so the monthly rent or mortgage payments. However, CNBC Make It reports that for working parents it is more likely to be the price of childcare. The Center For American Progress estimates that some working families spend as much as 20% of their annual income on making sure their child is looked after.
Most parents will quickly assess the situation or perhaps even assume that they can't afford for one of them to stay at home at look after the children. However, these figures might make some think twice about that. You may not even realize exactly how much you are spending on childcare each year. If you do the math, you might realize that either mom or dad quitting their job could actually save you money.