Raising kids is one of life’s greatest joys. It’s also one of the most expensive. Think about how much you fork over for the cost of daycare every month and you’ll know what I mean. With rising prices, it’s getting more and more difficult to find ways to save on daycare.
A study by Care.com found that almost half of families in the US are spending at least 15% of their income on childcare costs. But what’s interesting is that the US government defines “affordable care” as 7% or less of household income.
So how can you save on daycare to make it more affordable? It depends on where you live, whether you have family nearby, and how old your kids are.
Saving money on daycare is possible. Here’s how to do it.
Our question of the month comes in from Wes from Virginia:
I’ve been married for 5 years and have a 2 ½-year-old daughter.
My wife and I have paid off $40,000 in debt but we still have $100,000 in student loans to go.
I want to find a side hustle to help us accelerate our debt pay off, but with my responsibilities at home, I’m looking for a work-at-home opportunity that pays $30 or more per hour to be worth my time to spend away from my family.
I’m willing to put in a little work upfront to learn some new skills and even open up a new business if needed.
I wanted to know your opinion on where I should focus my efforts. Thank you for your time and keep up the good work!
This is one of my favorite times of the year. Every 50 episodes, I have the extreme pleasure of interviewing the most important people in my world … my family. With it being episode 150 (woo hoo!), I didn’t want to pass up the chance.
We’ll start things off with my daughter Zoey. We’ll be chatting about summer, sports and how she likes to use her chore money.
My son Calvin Hill will be next and we’re going to briefly discuss Spider-man, learning to ride his bike and why we give our money to charities.
Last but not least, my final interview will be with my wife of almost 10 years, Nicole Hill. By popular demand from the MKM Community, we’ll be chatting about how embracing minimalism allows us to have a happier and less stressed home life.
Here’s an abbreviated transcript of our conversation below. Enjoy!
Homeschooling is the practice of educating kids at home or out in the world instead of traditional schooling. While the concept might be different or even radical for some, it’s on the rise. Since 2012, homeschooling has grown consistently by 3-8% per year.
Our second question of the month comes in from Allison from Missouri:
You’ve said that Nicole keeps you balanced with actually living life while still trying to reach your financial goals. How do you balance kids’ activities and optional expenses?
My kids are 4 and 1, and we have just started to branch out into formal activities like swimming lessons and gymnastics classes. I know that parents can go nuts with fun and enriching activities and kid events, easily spending hundreds of dollars a month. I’m not interested in being a tightly scheduled family or spending tons of money on activities, but I also don’t want to lean too far into “living in a cardboard box” territory. I’d love to hear your perspective on how your family balances kids’ activities and expenses.
Audi of America took a bold stance this weekend with a Super Bowl commercial focused on the importance of gender equality.
The :60 spot entitled “Daughter” shows a father watching his daughter in a boxcar race where she’s competing mostly against other young boys. The father contemplates how he’ll teach his daughter that she is worthy and equal in this world despite all of the obstacles, biases and prejudices that exist. In the end, she wins the aggressive boxcar race (of life) and she and her father confidently walk off into the sunset.
Being a Stay-at-Home Mom can be incredibly difficult. Long days, no contact with adults and repetitive tasks that feel like rearranging the deck chairs on the Titanic can make you lose your marbles. Yes, it is incredibly rewarding and you develop an unbreakable bond with your children, but raising small kids can be physically, mentally and emotionally draining.