Child care is getting more expensive. Here’s how much parents are paying and ways they are coping with rising prices

Child care is one of the rising costs for American parents.

A survey shows that child care has become more expensive over the last year. Many people are concerned about whether they can afford care and what changes they will have to make.

Natalie Mayslich, general manager of consumer and enterprise for Care.com, said that rising costs of goods due to inflation is more than a double-whammy.

All sectors are being hit at the same time.

According to Care.com, the cost of nannies rose 20% over the course of the Pandemic.

More than half of parents say they spend more than 20% of their household income on child care. According to a survey by Care.com, 3,003 US adults pay for child care. The poll was held on March 24 and 30.

According to the U.S. Department of Health and Human Services, child care is affordable if families spend no more than 7 percent of their income on child care.

It's difficult for a single mother to find child care while running a small business. She told the House Ways and Means Committee that the government should help with affordability and infrastructure.

She is a member of the advocacy group MomsRising and said that they are burned out and tired.

It is so costly to feed our children that we are struggling more.

Mayslich said that inflation plays a role in the higher costs, but that it's mostly due to the Covid-19 outbreak.

There were almost 9000 child-care centers that closed during the year. Many parents are facing a two year wait list.

Parents looking for help covering non-traditional work hours have increased the demand for nannies and babysitters.

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According to a survey by Care.com, 31% of parents are considering taking on a second job in order to cope with rising costs. 26% are reducing hours at work, 25% are changing jobs and 21% are leaving the workforce completely.

The rising cost of child care is causing families to work less, and as a result of that, save less and spend less, so it is having a huge impact on the economy as a whole.

The rising cost of care is one of the reasons why more people are rethinking having another child.

Employers can also play a part in helping with affordability, infrastructure and access, according to Mayslich.

The rising cost of child care is causing families to work less, and as a result of that, save less and spend less.

More than half of employers offer child-care benefits according to a Care.com report.

More needs to be done to support families overall according to Mayslich.

Parents should analyze their situation to make sure they choose the most cost effective option. Sending more than one child to daycare may be more expensive than in- home providers. You can use Care.com's calculator to find pricing in your area.

If your employer offers a dependent care flexible-spending account, you can save pre-tax dollars in it. The savings will vary, but Care.com estimates that it is around $2,000 in tax savings if the family sets aside $5,000 in pre-tax dollars into the account.

It is possible to get a child and dependent care tax credit if you pay your caregivers legally. The American Rescue Plan Act expanded the credit by up to $600 for one child or up to $1,200 for two or more qualified dependents, but it reverted back to the old rules of up to $600 for one child or up to $1,200 for two or more qualified dependents.

The tax credit that was covered by a pre-tax flexible spending account can't be claimed. You can use the excess toward the tax credit if your expenses exceed the amount you have set aside.

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