Banking and Savings Most Popular Articles

  • cash payment
    5 Strategies to Pay for College Today
    Military.com|
    To help streamline your college banking and find the cash to pay for an education in today's economy, here are five methods and...
  • ATM
    10 Best Military Banks of 2015
    Military.com|
    A study investigated more than 30 military banks and credit unions, and came up with this top 10 list.
  • UsingATMs
    Top Five Military Banks and Credit Unions
    Military.com|
    If you're in the military or are a veteran and are looking for a bank, this list is for you.
  • 70 ways to save money
    70 Easy Ways to Save Money
    Jeff Rose
    Here are 70 ways you can save money in the four biggest budget categories: food, transportation, housing, and health.
  • Pros and Cons of Online Banking
    Military.com
    Consumers view online banking as a quick way to pay bills and check their finances. However there are a few drawbacks to online...

7 Ways to Cut Child Care Costs

Child care is very important to military families. Without good child care, spouses of deployed servicemembers may struggle to work, raise children, and manage the household. But, child care is expensive. According to a study by the National Association of Child Care Resource and Referral Agencies (NACCRRA), a family with a 4-year-old child will pay a maximum of $9,628 a year for child care fees. If you need child care for an infant, that number increases to $13,480 a year. These fees burden families who earn $18,000 a year or less, and eliminate child care from the family budget completely.

However, there are ways to cut down on the costs of child care. Here are seven ways military families can reduce the cost of child care according to Yahoofinance.com:

1) Child Care discounts: Many companies now set up special partnerships with local day care facilities to make services available to employees at a discount. This can often cut the cost of child care by 20 percent or more, depending on the arrangement your company has made with the provider. Contact your personnel office to see if they have such an arrangement -- and if they don't, encourage them to make one.

2) Telecommute: Another topic that you should discuss with your boss is the possibility of telecommuting a few days a week. With technological advances, telecommuting is much easier these days, especially if most of your work is done on the computer. Being able to telecommute may cut in half the days that the child needs to be in child care -- and also the costs.

3) Flex Hours: If a couple's employers allow flexible work hours, it may be possible for one or both to adjust their work schedule, so the children can spend less time in day care. More and more businesses are allowing flexible hours, so it is worthwhile discussing the issue with your boss.

4) Community Programs: More communities are stepping in and offering day care help and young-child activities. Be sure to check with your local community center to see if they offer any programs that could help reduce your child care costs.

5) School Programs: Check to see if there is a public school pre-Kindergarten program in your area. Some school districts offer half-day pre-K programs for 4-year-olds. Many of these programs are free, or cost a minimal amount of money. By enrolling your child, it will reduce your child care needs to a half day.

6) Use Operation Military Child Care (OMCC): OMCC provides child care fee assistance for National Guard and Reserve who are activated or deployed and whose children are enrolled in non-DoD licensed child care programs. It also provides child care fee assistance for deployed, active-duty Military (Army, Marine Corps, Navy, and Air Force) whose children are enrolled in non-DoD licensed child care programs.

7) Let Relatives Help: If a family member has offered to help watch your children, let them. Relatives that live nearby can provide a great family environment, as well as care for your kids.

For more tips on managing your family's finances, visit Military.com's Finance Center.

Military News App by Military.com

Download the new Military.com News App for Android on Google Play or for Apple devices on iTunes!

Featured VA Loan Articles

  • VA Loan Closing Costs: An Added Benefit
    Besides the advantage of requiring no down payment for qualified VA borrowers, there's also a distinct advantage for the borrow...
  • White suburban home.
    IRRRL Facts for Veterans
    Military.com
    IRRRL stands for Interest Rate Reduction Refinancing Loan,also known as a "Streamline" or a "VA to VA" loan.
  • US Map Showing High Cost Counties
    VA Loan Limits for High-Cost Counties 2017
    Military.com
    The VA loan limit for 2017 is $424,100. But it could actually be substantially more if you buy a home in a high-cost county. Se...
  • Get the FAQs on VA Home Loans
    We've answered 16 of the most frequently asked VA Loan Benefit questions. View them now to get a quick understanding of your be...
  • Top 3 VA Home Loan Tips
    There are numerous advantages to having a VA mortgage. A VA mortgage loan can be guaranteed with no money down, in some cases u...
© 2016 Military Advantage