Why a Nanny is More Affordable Than You Think

The decision to hire a nanny is as much a financial one as anything else. A family that must choose between the services of a personal caregiver for their children or making use of a local daycare center would more than likely opt for the former, if money were no object. The fact is that hiring a nanny is more affordable than you might think, and here are ten reasons why:

  1. Live-in equals lower cash payment. A live-in nanny can cost you as little as $300 per week, given that you will provide room and board, food and utilities. By comparison, daycare nationwide averages about $260 per week. That forty bucks can easily be justified by the personal child care and additional duties that a live-in nanny provides you.
  2. Multiple kid discount. That $260 per week rate for daycare, by the way, is for just one child. If you’ve got several kids, then that cost is multiplied in daycare, versus one price for a nanny. The nanny’s salary will go up if she cares for multiple kids, but not nearly as steeply as in a daycare center.
  3. Non-financial benefits. Financial compensation can be substituted by perks to an extent, which can help mitigate the cost of hiring a nanny. For example, you can offer your nanny a fitness club membership and simply add her to your family membership.
  4. Value-added skills like tutoring, cooking, or nursing experience can make your nanny even more of a bargain. The work that a nanny can accomplish in your absence can be a huge time and money-saver.
  5. Time savings. A nanny can combine appointments and errands in her daily routine that will save time, fuel and stress for you. Those benefits are for many parents well worth the nanny’s compensation, and that free time allows you more quality time with your kids.
  6. Sick kids. A nanny makes it possible for working parents to avoid missing work for the purpose of taking the kids to a doctor or dentist appointment, or due to a child’s illness. This represents a significant cost saving for the average family.
  7. Nanny sharing. More families are sharing nanny services, wherein a nanny will work for more than one family who live in close proximity, thus allowing them to share the expense. Parents can arrange to have the nanny care for both sets of kids at one home.
  8. Flexible scheduling.Couples can reduce the number of hours they need nanny care by shifting their work hours at companies with flexible scheduling, or work at home whenever possible. Telecommuting will give the nanny some time off, save you money and provide you time with your kids.
  9. Split Care is another alternative arrangement for child care that can make your nanny more affordable. In this arrangement, the nanny works only during the hours when school age kids are in class, and has the rest of the day off.
  10. Childcare subsidies. Families who meet eligibility requirements can opt for the Child Care Subsidy Program (CCSP) or Voucher Program, available in some states. The cost of child care is subsidized through the Department of Health and Human Services (DHHS).

Whether by using some creative budget-saving measures or combining and sharing household tasks, there are numerous ways by which families can discover that hiring a nanny is more affordable than they thought it could be. When you do the math and compare your options for child care, nannies will look more like a bargain for your family.