As parents, it’s easy to meet single professionals in their late 20’s who are well on their way to an early retirement (or already living the dream) and think two things: “Darn, I wish we would have started earlier” and, “But they don’t have kids!” FIRE envy aside, one big question working families with kids must tackle is how to deal with childcare expenses.
If we both work full-time, how can we minimize childcare expenses? Should one of us cut back to part-time or fully stay at home? What other sources of income can we create to offset these costs? What is best for our kids and our family right now?
These are all questions we’ve asked and over the years, we’ve tried quite a few different arrangements with work and childcare to find the right balance between finances and what is best for our family.
Here’s our experience and tips for managing costs. Continue reading