A Single Mother’s Guide To Cutting Child Care Costs
Are you tired of spending a considerable chunk of your income on child care?
Over 2,000 programs and adding every day.
These tips will help you minimize your costs, so your children are taken care of and you can enjoy some freedom.
Unless you can stay home 24/7 or can leave your kids with a friend or relative for free, you’ll need to pay for child care. Paying for it on a single income can be challenging, though, which is why we’ve come up with a quick guide that lists ways to reduce that expense.
Tips to Minimize Your Child Care Costs
1. Get child care assistance through your state.
The federal government distributes funds to states to help their residents pay for child care in situations where there isn’t much income. You can usually find such help through your state’s social services or health department.
How can you see what your state has to offer in this department? Search for “child care assistance + your state’s name” online. You may have to contact a few offices to pinpoint what you’re looking for, but it’s well worth your time.
2. Use tax credits to help.
If you have children, are a single mom, and want to make the most out of your taxes, you may want to have a professional prepare them. This is especially true as far as tax credits are concerned, as the following can help minimize your child care expenses:
- Earned Income Tax Credit – Usually benefits people making average to low-income and increases according to how many kids you have.
- Child and Dependent Care Tax Credit – Lets you itemize up to $16,000 in child care expenses, which reduces your tax burden.
- Child Tax Credit – Kicks in once a child is born and equals $3,600 for kids under six and $3,000 for kids up to 18.
Combine those three tax credits, and your taxes alone could play a massive role in making your child care costs a lot more manageable.
3. See what your employer has to offer.
Employers know that many quality employees have children. This is why some companies have their own child care assistance programs to help reduce this necessary expense.
Contact the HR department of your company to see if they offer any child care assistance. You may be pleasantly surprised.
4. Use military service to your advantage.
Different agencies and branches offer child care subsidies via the Department of Defense. You can explore this option by going here.
5. Check if your school has a child care program.
The rising costs of child care are keeping many single moms from pursuing their dream of getting a college degree. If you’re looking to earn a degree by being an on-campus student instead of a virtual one, contact your school to see if they have any child care programs.
Some will offer on-campus care, so you know your kids are safe while you’re in class. Others, meanwhile, may help you pay for child care, so you have one less expense to worry about as a single mom.