New Jersey parents: You're paying more this year for child care. Here are some ways to save.
Parents! Here’s something your bank account already knows: you're paying more this year for child care.
“We know that child care costs are up about 3.2% year over year and up about 5.9% since the beginning of the pandemic,” says Caleb Silver, with Investopedia. “In the state of New Jersey, infant care alone costs about $13,000 per year or over $1,000 per month. Child care about $10,855 per year or about $900 per month, so very expensive.
For some families in New Jersey, the average cost of child care can cost you over 14% of your annual income, which the Economic Policy Institute estimates is twice what they recommend as being affordable.
The website, Money Management International, says a few ways to save besides comparing the costs of various day care centers in your neighborhood include:
Consider sharing or trading child care with other parents you trust.
Consider joining or forming a babysitting cooperative to arrange a no-cost exchange for babysitting services. There are apps like babysitting co-op or sitting around that can help.
Also, may be eligible for subsidized child care through school, your employer or because of military service.