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Credello: Childcare Costs Are Becoming Obscene. What Can Families Do?

Childcare costs have been rising for a while, even before the pandemic. Some companies subsidize those costs for their employees, but there are still thousands of parents struggling with daycare expenses. Many have chosen to remain at home rather than go back to work. Others are seeking new employment at companies that will allow them to work remotely.

Recognizing the potential for a financial fallout after 2020, hundreds of American workers pursued debt consolidation while unemployed. Those who did that are in a better position to handle rising prices in 2022. That includes childcare costs. People still carrying high-interest credit card debt will find it more difficult to make ends meet this year.

Address Your Existing Debt Now

It won’t lower the cost of daycare, but it will help you pay for it. Eliminate any outstanding debt that you currently have while interest rates remain low. You can do this by taking a personal loan to consolidate credit card debt or pulling a home equity loan from your home. Either is a better option than paying those high interest rates on credit cards.

The Federal Reserve Bank has already announced that interest rate hikes are coming. Credit card companies use variable rates that go up when the Fed rates go up. That makes purchasing with your credit cards more expensive. Pay them off, put them away, and use the debit card. That’s one of the best ways to put extra money in your pocket.

Find a Side Hustle to Make Extra Money

Being a parent and holding down a full-time job is hard enough. This year, you might need to take the extra step of finding a side hustle to make extra money. There are numerous opportunities available online that you can do from home while the kids are sleeping. They include writing, graphic design, data entry, and paid surveys.

During the pandemic, many unemployed workers started doing side hustles and turned them into full-time jobs. That’s an ideal situation for a parent. Imagine finding a source of income that you didn’t have to leave the house to tap into. More people are doing it every day. Do some online research and you just might find something that’s right for you.

Consider Starting Your Own Childcare Service

There are varying degrees of childcare. The simplest form is babysitting for friends and relatives while they’re at work. A more complex approach would be applying for the licenses and insurance you need to operate as a daycare center. It takes a special kind of person to do that. Do some soul searching to see if you might be one of them.

Childcare costs have hit a level that almost justifies staying at home instead of going to work. Running your own service makes you the recipient of those rising prices, but they are usually offset by rising costs. It’s a business that needs more good people in it. With more options for working moms and dads, perhaps prices will start to come down again.

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