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Marriage Kids and Money: Personal Finance for Families
25 Smart Ways to Save on Daycare
Oct 28, 2024
Rachel Lawrence, Head of Advice and Planning at Monarch, shares insights on tackling daycare costs. She presents smart strategies like starting in-home daycare services and utilizing community resources to ease financial burdens. The conversation emphasizes the necessity of collaborative budgeting for couples, aligning financial goals with shared values. Fun concepts like 'super sexy money dates' are introduced to make financial discussions enjoyable, highlighting the role of communication and emotional factors in managing family finances.
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Quick takeaways
- By shopping around and comparing daycare options, parents can identify more affordable care alternatives that fit their budget.
- Utilizing a Flexible Spending Account can significantly reduce daycare costs by allowing parents to save pre-tax dollars for dependent care expenses.
Deep dives
Save Money on Daycare
Parents face significant daycare costs, often consuming a substantial portion of their income. To alleviate these expenses, numerous strategies can be implemented, including shopping around to compare facilities' child-to-worker ratios, activity offerings, and meal policies. Understanding the local daycare market can also help identify more affordable options, such as church-based or home daycares that may offer lower prices. Additionally, hiring local teens for after-school care or asking family members to help with babysitting can lead to substantial monthly savings.
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Listen to the best highlights from the podcasts you love and dive into the full episode