Where the money goes

Where the money goes

Where the money goes Before you can budget, you need to know where the money is going. "The top five expenses for working families are housing, child care, health insurance, food and clothing," says Yasmina Vinci, executive

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  1. #1
    Liss
    Guest

    Default Where the money goes

    Where the money goes

    Before you can budget, you need to know where the money is going.



    "The top five expenses for working families are housing, child care,

    health insurance, food and clothing," says Yasmina Vinci, executive

    director of the National Association of Child Care Resource &

    Referral Agencies in Washington, D.C



    Child care, ranked the second-highest cost, consumes an average 9

    percent of

    America's working families' monthly income, according to a study

    released by

    the Urban Institute last year.



    The harsh reality is that the cost of child care is directly related

    to its

    quality.



    "Parents have less money when their children are young, and that's

    when the

    costs for care are so high," says Vinci. "Even so, this is not the

    place to

    cut corners. Our children are an important investment. We know that 90

    percent of the brain's development takes place before age 5."



    What's a mom to do?

    Examine carefully all your options. Weigh safety, kindness and

    professional

    attitudes of caregivers, ratio of children to teachers and the

    happiness

    factor when making your decision. Visit several centers before

    placing your

    child. Do your research and be flexible to maximize savings.



    Talk to local experts

    Find and talk to your local child-care specialists. Child-Care

    Awareness is a

    nonprofit initiative that helps parents find quality care in their

    communities. This organization will help you sort out your options,

    from the

    cost to the quality. Plus, they'll help determine whether you qualify

    for

    government subsidies or other financial grants if your income is

    borderline.



    Talk to your employer

    Many companies offer a flexible spending account for dependent care.

    Flexible

    spending accounts allow you to deduct up to $5,000 in pretax dollars

    annually

    from your paychecks. You can withdraw this money to pay for licensed

    child-care expenses.



    Your employer may have a partnership with a day-care facility that

    provides

    discounted rates to its employees. Again, quality before cost

    savings! Make

    sure you're comfortable with your child's care.



    More employers are offering flexible scheduling. Ask about flexible

    hours,

    job-sharing or telecommuting. Arrange your work schedule to alternate

    with

    your spouse's or relative's to reduce the amount of time your child

    will have

    to spend in daycare.



    Do you know a co-worker with similar backgrounds and parenting styles?

    Perhaps you can split the cost of home child care.



    Take the pre-K initiative

    If your public school district offers a half-day pre-K program for

    4-year-olds, enroll your child. It's free and reduces child-care

    costs to

    half-day rates.



    Another pre-K initiative, Head Start, offers early learning child-

    care for

    100-percent poverty level and special-needs children. They often have

    a

    working collaboration with child-care facilities for additional hours.












  2. #2
    Lori Morgan
    Guest

    Default Where the money goes

    Amen to this! My childcare bill for a 3-year-old plus after school

    care for my kindergartener is $1000 a month--more than my mortgage!!

    Lori

    Dallas



    --- In Budget101_@yahoogroups.com, "Liss" <liss@...> wrote:

    >

    > Where the money goes

    > Before you can budget, you need to know where the money is going.

    >

    > "The top five expenses for working families are housing, child care,

    > health insurance, food and clothing," says Yasmina Vinci, executive

    > director of the National Association of Child Care Resource &

    > Referral Agencies in Washington, D.C

    >










 

 

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