A friend of mine was supposed to have a baby on this day seventeen years ago (6-6-6, which is why I always remember it!). The child, who was born a month early, will graduate high school a year from now. By that time, my friend and her husband (a two-parent, two-child, middle-income family) will have spent approximately $233,610 raising their daughter, and probably more given inflation. Approximately 16% of that total—$37,378—will have been spent on child care over the years.
Child care is the third-largest child-rearing cost behind housing and food. This can be especially difficult for new parents. In addition to young children needing more child care, newer parents are typically in the earlier stages of their careers and thus earning less. Finding ways to cut costs in this area becomes even more important.
Some folks are fortunate to have a “stay-at-home” parent—a difficult full-time job itself, which deserves recognition as such!—while others have an incredibly supportive family network to rely upon. But those folks are the exception, not the rule. With schools closing for summer break, child care expenses are top of mind for parents with children of all ages. Read on for some thoughts to consider when weighing child care options.
I use “child care” here as a shorthand reference to include care for dependents of all ages.
Use the tax code
Federal and state tax breaks are available to help parents meet child care expenses. In addition to the earned income credit and child tax credit to help parents generally, you may be able to claim a credit for child care expenses up to a certain amount on your federal tax return. You can also take advantage of a dependent-care flexible spending account if your employer offers that option. Your state may offer additional tax breaks for children generally or child care specifically.
While none of these reduce the cost of child care directly, they effectively subsidize your child care costs by giving you various tax breaks for incurring those expenses.
Summer educational programs
When I hear the term “summer school,” I immediately think of classes to help students catch up on academic skills they did not gain during the traditional school term. Your child’s school probably offers this option; if they could benefit, be sure to sign them up!
Schools in many areas also offer breakfast and lunch programs throughout the summer, even for students not enrolled in summer school. Check with your child’s school to see if this is available.
But that is not where summer school ends. Summer education camps can run the gamut from a one-day faith camp to a three-day filmmaking camp to a week-long science camp to a summer-long sleepaway camp. (For high school or college students, being a camp counselor can be a great way to spend your summer!) Athletes might be interested in sports camps. Older students may wish to consider a pre-college camp if postsecondary education is on the horizon. History buffs will want to check out the residential and online programs available through the National History Academy. National Geographic offers various student travel experiences, camps, and at-home family camps. You are only limited by your imagination. Many of these camps even have programs to help defray costs for families otherwise unable to attend. Be sure to ask.
Some of the registration fees may be eligible expenses for the child and dependent care credit or might be reimbursable from a dependent-care flexible spending account.
To put a twist on the traditional summer-school option, take some classes at the local college. Not only will the college have classes that are not otherwise available, you can earn dual high school and college credit at a fraction of the cost. You can even take advantage of dual enrollment during the school year.
I took introductory chemistry at the local junior college during the summer between my junior and senior years of high school rather than taking a year-long course as a senior. I also had an early-release schedule that year, allowing me to take philosophy one semester and sociology another semester. Neither of these was offered by my high school, and I was still able to get back in time for cross country and track. I was delighted after meeting with my academic advisor during my freshman year of college to find out that each class met a general-education requirement towards my degree!
Community programs
Other options for students with time to spend over the summer include joining a sports league (usually costs money), volunteering (costs no money), or working a part-time job (earns money).
Many communities also offer family-friendly activities throughout the summer at little or no cost (or reduced costs for families in need), such as museum day programs or tours that appeal to kids of all ages. I remember taking city-sponsored buses to the beach nearly every week during the summer. It was a relatively hassle-free way for my mom to occupy my brothers and I for an entire day, and breakfast and lunch was included.
Check with your local recreation department and other community groups to see what is available. You will probably be surprised at what you find!
Comments