Day Care vs. Nanny Share: Which is Most Cost Effective?
Daycare Vs. Nanny Care Which is more cost effective?
March 1, 2019
What to do about childcare? It can be one of the toughest decisions working parents have to make. Leaving your child during the day unleashes an emotional process, especially for new moms who are going back to work after maternity leave.
It’s not easy to find good quality, affordable childcare. In fact, according to recent survey results at the Pew Research Center, around 62% of parents with infants or preschool-age children admit that it’s difficult to find both good quality and affordability in childcare, even across various income groups. Not everyone has a willing family who lives close enough to watch the kids. If you’re having trouble making a decision, you’re not alone.
The choice of where is best to take your children for childcare will dictate how your child spends his or her time and ultimately how he or she grows and develops as a person. There are pros and cons of both daycares and nanny shares. What’s best for you and your children depends on a few different factors.
What is a nanny share?
No explanation is needed for daycare since they’ve been so popular throughout the last few decades. But what exactly is a nanny share? And what are the perks? A nanny share is just what it sounds like—a nanny, or babysitter, who typically keeps your children at your home or theirs. With a nanny share, families with children around the same age often go in together in order to share a nanny. If you have multiple children, one nanny may keep all of your children.
Nanny shares are becoming more popular because the perks of having a more personal experience often outweigh dropping the kids off at daycare. With a nanny share, your kids get to know the nanny and receive one-on-one attention. This means you can be more involved in dictating what activities your kids are involved in during the day and you can exercise more parental control over the curriculum.
You can also set the hours with a nanny share according to your personal hourly needs. With the shared cost of having a nanny watch more than one child, whether it’s split between your children or another family, it can save money in the long run. Plus, it can be more convenient to have a nanny who comes to your home each morning rather than having to schlep the kids to and from.
What are the perks of daycare?
Daycares offer some perks that nanny shares can’t. A larger social experience at daycare is often beneficial for children to learn more interactive social skills. Daycares typically have a set schedule and curriculum with additional resources for children. Multiple teachers can be another benefit to having your child in daycare. Often, daycare teachers rely on years of experience in education and are active in following a tested curriculum. Daycares also comply with state regulations and accreditations, so you can be sure the standards are up to par.
For one child, daycare can be more cost effective than paying for a nanny to provide one-on-one attention and direction.
There’s no one way fits all when it comes to childcare. All families have different needs for their children. If you’re looking for a more social experience for your only child, or a set curriculum, daycare is a great option and may be more cost-effective. But if you have more than one child or another family that is willing to share a sitter, a nanny share may be a better solution for your money. You don’t necessarily have to know the other family ahead of time, either. Nannies often have several families in mind who are willing to share services.
You can search for a nanny share near you on www.care.com or you can scroll through daycares accredited by the National Association for the Education of Young Children at www.nayec.org.
As an exclusive Give Your Kid a Million agency partner and an independent insurance agency, we can help you find a cost-effective life insurance policy that will give you peace of mind knowing that your family’s financial future is secure. Talk to one of our experienced, friendly and knowledgeable agents today.