- 1). Determine the exact amount for the cost of the day care, without consideration of other costs associated with it. If you are still shopping for day care centers, look at a few different options to find one that fits in your budget without straining it. Depending on the number of hours per day that you need day care and whether or not you opt for center-based or home-based care, you may pay anywhere from $300 to $2,000 monthly, according to the BabyCenter website.
- 2). Include associated costs in your budget. This might include the cost to send your child to day care with lunch, school supplies, extra clothing, toiletries, diapers, formula, mats for napping and any other requests the day care may have for each child. Failing to budget for these costs may result in budget issues once you've spent the money to get them and find you are short in other areas. You may also need to include the cost of gas to get your child to and from the day care, if it is not located conveniently to your job or home.
- 3). Generate a payment schedule for day care so you have an idea of where it falls in your budget each month. For example, some day care centers want the entire cost for the month by the first, while others allow parents to split up the costs into two-week increments. Some require payment in advance of the month, while others allow you to pay up until the last day of the current month. Find out which your day care requires so that you know where to insert it in the budget.
- 4). Determine other associated child care costs and add them to your budget accordingly. For example, if you pay the neighbor across the street to watch your children every Friday night or have after-school expenses, include these numbers in your budget as well. Fiscal responsibility consists of including every penny spent, so you have an accurate accounting of all expenses and income. Any child care expense, from babysitting to day care --- should be included.
previous post