Hiring a Nanny
With the way the economy has been the past few years, the reality has now become that both parents most likely must hold a job in order to pay the bills. Working two jobs and taking care of your children all at the same time can turn into an enormous struggle so taking the step to hire a helping hand may be the solution for you.
Factors of Cost
There are many factors that must be considered when deciding if this solution is the right answer for you but the main one is the price. Deciding if your second income is substantial enough to cover the cost of a nanny could make or break your decision. So what does a nanny really cost? Some might say anywhere from $400-$1000 per week but there are some hidden costs that add to that price substantially.
To start with, the main price of a nanny depends significantly on where you live and how high of a demand a nanny is locally. If where you are currently living, the standard cost of living is on the lower end, a nanny may be more affordable; if you are living in a higher end neighborhood, your nanny will expect a higher wage which may make her less affordable for your situation.
Finding a Nanny
The means of how you find your nanny may add an extra initial cost. It can be hard to find a nanny you trust off of the street or a website such as Craiglist. Using a local agency or a website like Care.com could add an extra initial charge of up to $400. Deciding whether you want to use an agency or not could determine how reliable of a nanny you end up with and you overall satisfaction in the end.
Another added expense of a nanny that you may not realize or have even considered is a payroll service, employer’s taxes, and health insurance. Depending on your state’s guidelines you will be required to pay employers and social security taxes since you will now be an employer. Employers are also expected to provide their employees with the option of health insurance which adds a substantial cost to hiring a nanny. If you do not offer insurance then you are expected to pay higher wages which could put the cost of a nanny much over what you can afford, depending on how high paying of a job you have.
Ways To Save
One way that some parents can save money on a nanny range is offering her to live in your home. This will decrease her bills substantially, which will in return lower the income she will desire. This may not work for some families but for others, this is a great alternative to higher wages. A second thing that some families find work well for lowering the cost of a nanny is combining two families’ children for one nanny to watch over. This way you can split the costs since she will most likely not raise her charge substantially for the extra children.