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Stephanie Grassullo
Associate Editor

Summer Childcare Costs Parents $1,000 per Child, Survey Says

What’s that you hear? Just the sound of your wallet crying.
PUBLISHED ON 06/25/2019

With working mom guilt season upon us, it only seems fair to talk about the next issue on working parents’ mind: summer childcare plans. And it’s bad news for your bank account, according to a survey from Bankrate.com, a personal finance website.

The cost of childcare in the summer is $998 per child, according to Bankrate.com’s survey of nearly 4,000 adults. But one in five parents plans to spend more than $2,000 per child, with 8 percent spending $2,001 to $3,000, and 12 percent who expect to pay $3,000 or more.

Of the 59 percent of participants who say they’ll be paying with a credit card, only 25 percent will pay it off immediately, compared to 35 percent who plan to pay off the cost over time. How does this pan out? Not too great—33 percent of parents who plan to pay for summer childcare will accumulate debt.

There’s no getting around it. Raising a child is expensive. The best thing you can do is prepare your finances early on, and continue to build on that financial security for your family.

Hitting the road for some summer fun? Be sure to check out a few easy ways you can save money when traveling with your kiddos.

PHOTO: iStock