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Apr 25, 2012    |       18 comments

Childcare Costs

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With summer approaching, I’m once again moved to think about the costs of summer childcare.  This is such an issue for us and while I certainly do not want to rush the kids aging…I will be happy when childcare is something of the past.

For the first time, we are comfortable with the boys staying alone BUT we still aren’t willing to leave them alone for more than 30 minutes at a time–and never with the youngest child at home with them.  We’ve done a couple of 30 minute runs to the store and all has gone well….but longer than that just isn’t in our comfort zone yet.  They’ve done nothing to worry us mind you–this is more our adjustment to the concept I think.  As for the 7-year-old–we definitely need all day care for her throughout the summer.

I’ve done just about every arrangment you can think of and am fortunate to have help from family for at least part of each summer.  For the last three summers I have created an online calendar for my ex and I to access.  We then fill in the weeks with various options–his parents always take one week for Vacation Bible School and my parents take another week…sometimes a sibling of his or a sibling of mine takes another week…we each take a week of vacation…and then the rest is usually filled by summer day camps but those do not come cheap!  So, this year we are trying something new.  We are going to have someone come to the house on the weeks we need care and my ex and I will be splitting the fees.  My friend is actually semi-retired and is not looking to make a lot of money. We will each pay $100 per week.  I know this sounds like a lot but summer camps are running $150 to $250 per week and the lower end is only 9 am to 3 pm–it is about $30-$40 additional per week if we need morning or afternoon care.  By having someone at home, this will allow some indirect supervision of the boys–they’re allowed to ride bikes in our neighborhood and go to the neighborhood pool (lifeguard all summer and over age 12 can go without an adult) and I like the idea of someone being at “home base” for them to check in with throughout the day.  My son also has boy scout camp and will be volunteering at least half days at the nursing home my Aunt resides at.  The youngest one will have various low cost (girl scouts) and free events to attend that the sitter will take her to and from.   That is a HUGE help that I am willing to pay for—to have someone run the kids here and there all summer b/c the time I  lose at the office really adds up by mid-June!  I will supply the vehicle and the gas but everything is nearby and the sitter is fully aware of our budget constraints–so I’m hoping that works.  Looking at 12 weeks of summer–we hope to arrange free childcare for 5, possibly 6, weeks of that timeframe.  It is a logistical challenge but the kids are at least not stuck in one place in front of a television for the entire summer.  The other aspect that ALWAYS impacts is the amount of food that is consumed when they are home…something to think about and start planning for NOW.

We pay $200/month right now for afterschool care for the youngest.  While I am sick of paying even that, I am glad the diaper/preschool days are over…that was running $600/month for just one.  I don’t know how young families are doing that these days.  If there are 2 kids in day care that’s easily $1000 a month in Texas…I’m sure it is more in other parts of the country.  That’s just crazy!

Apr 24, 2012    |       9 comments

Room to Breathe

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The end of April will mark a full 4 months that we have been following our spending and putting limits on ourselves.  We took some time to look back over those 4 months and are pretty pleased with the results.  January was ugly–no two ways about it.  We knew it was going to be but to look back and see that we paid “insufficient fund fees” is not only alarming…in many ways it is like looking at people we do not know.  Now we are ending April in a much better place.  As some of you read in a comment I made recently, we rent out the house my husband owned before we married.  Before March 2012, we were in hot water if that rent check did not come in.  Now, not only do we have breathing room that eliminates the panic around the first of the month—but we also learned that USAA offers “Rent Replacement” coverage on the homeowners’ policy if the renters skip town.  Adding this to the policy was such a minimal amount (less than $90 a year) we figured it was worth it given our current financial situation.  Our renters have been great but you never know what might happen.  In addition to not desperately needing that rent check, we have an emergency fund that will just about cover the monthly mortgage (and that is our goal–to reach $1600 in the emergency savings so that we have that payment if needed).  Additionally, we have erased a couple of petty debts and were able to consolidate obscene interest rate debt into a lower rate loan.

Now, before you think I’m throwing my shoulder out patting myself on the back–please know that I am painfully aware of just how far we have to go.  I anticipate speedbumps along the way and pray that we have the fortitude to dust ourselves off and start again.  I haven’t faced too many moments of discouragement because the adjustments to our lifestyle are yielding tangible results.  While we are sometimes forced to deny ourselves in ways we have not denied ourselves before—with momentary discomfort—the rewards of finding breathing room and seeing  a savings account grow are definitely worth it.

There is a long road ahead but comparing how we are living life now with how we were living life then is a good exercise.  I do not ever want to have to worry about there being enough money in my checking account.  I’ve lived life too long like that and the energy and time the worry of that has taken from me is already too, too much.  Financial freedom is critical for our overall well-being.  I can’t get over how long it took me to get that!  I guess many people never do…and I’m thankful for seeing that reality while I still have time to do something about it.

 

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