By Erin L Isa | Nardwelllet
Millennials is a preferred social punching bag for things such as destroying industries – including diamonds and casual chain restaurants – and being crainge. But another grip with some generation Y is that he believes that there are not enough children in Millennials, or any children.
Millennials that are coming out, many people are doing this because it is very expensive to raise children. A new Nerdwallet survey has found that only one-fourth of the parents (25%) of minor children have to be planned to be any children under 60 years of age at the age of more children and only 27% non-parents. Millennials (age 27-42) who are not parents, just 25% say they plan to have children, while 61% and 14% are not sure. When Millennials who do not have children or plans to have children were asked why, about 2 (38%) in about 2 (38%) said this is because the total cost of raising a child is very high.
How much are Millennial parents paying for child care?
A major expense parents may have to take care of the child at least in the early years. According to the Nerdwallet survey, millennium parents who pay for full-time child care-at least four days in the week-care-care-monthly month $ 665.70 per month report, on average, per child. About a quarter (23%) are paying $ 1,000 or more per month.
According to Nerdwalllet’s domestic debt analysis, the estimated average US domestic income is $ 77,221 for 2023. Monthly baby care cost $ 665.70, or $ 7,988 annually, which represents more than 10% GDP, per child. If you make average income, if you do not pay more than the surveyed average for the child care and if you have only one child. In addition, the child’s care is only one expense, although the price you do will be one of the cost of the child. It is no wonder that the survey found that a quarter of the minors, the millennium parents (25%) identify the cost of child care as their greatest financial stress.
Options for cutting hair care cost
If you are currently struggling to pay for child care, or the cost of child care is catching you from having a child, then there are ways to reduce these expenses. Some are more ideal and some are less, and all depend on what you want for yourself and your child’s life.
According to the survey, about 5 Millennial parents (79%) of minors (79%) took steps to reduce the cost of child care, such as making opposite changes from their partner, so they did not need to take care of the child (20%) and work from home while taking care of their children (17%). The difficult truth is that sacrifices are often performed in the service to take care of the child within the budget, and some of them may require major upheaval. There are some other ways here that parents have cut the cost of child care.
Use accounts and programs available for you. The survey found that 15% of minors’ millennial parents used a dependent care FSA to pay for child care. Dependent Care Flexible Expenditure Account (DCFSA) allows you to deposit up to $ 5,000 per house to be used for the cost of care of the child within a given year. Look at the benefits provided by your employer if you have access to a DCFSA that separate some money to take care of the child and reduce your taxable income.
It is also a good idea to see if you can apply for the need-based financial assistance for the cost of child care, especially if your family is eligible as low income. According to the survey, Millennial parents (10%) of minors say that they receive/receive a required assistance for the cost of child care. You can also ask local child care centers whether they provide scholarships and if yes, what criteria they use to determine the eligibility.
Look for a low cost child care option. According to the survey, 15% of minors’ millennium parents used a low cost option for a care center like a co-op or home-based day care. Home-based hair care can be more cheaper than traditional hair care centers or a dedicated granny. This option can provide your child a comfortable environment to spend your days with a tight-sore group of children. To learn a few things: In-home child care may include groups of mixed ages and may lack a structured course compared to center-based options. In addition, you will be the provider of contact for any issue in the care of co-op or home-based day; Probably there will not be a corporate office or formal administrator like you can find one day in the Care Center.
Go close to the family, or for a more affordable community. The survey found that 17% of minors’ Millennial parents say that they went close to their or their partner’s family to help in taking care of the child, while 10% went to a place with a cheap child care. This can be ideal for parents who want to move forward in advance, especially for those who want to stay close to family and whose family has offered assistance with the child’s care. What it works for you, possibly your job, social and property relationship will depend on your current place, family relationships and the desire to move.
Leave the workforce temporarily. According to the survey, 13% of minors’ Millennial parents say they left the workforce to take care of their children and 13% say his partner left the workforce. This is a highly personal decision. If you or your partner want to become a parents living at home and the other partner can earn enough to support the family, it may be a good idea. If this is not something you want especially, but you are open to the possibility, then calculate which path makes the most financial understanding. Career training, promotion and raising and ensuring factor in the costs of missing years for the challenges of rebuilding the workforce after many years.
Wait outside. If you can cover the cost of child care, but it is fine to do so temporarily to do so. While heavy bills can be difficult for the stomach, most children will not require long -term child care, not at least on a full -time basis. So if you can swing it, it may be worth cutting back to other things for now and how to recover those money, when your child does not need that full -time care, plan to recover those money towards making financial progress.
Why do some millennial children do not want articles? They say that it is very expensive, originally appeared on Nerdwallet.