Parents In The Twin Cities Pay The Price For Quality Pre- K Education
Childcare costs have steadily increased with no end in sight. Coupled with very little increase in pay for most people, the task of finding affordable childcare has become difficult and quite overwhelming. Residents in Minneapolis, MN particularly feel the burn, especially since Minnesota was ranked the fifth most expensive state in the U.S. for infant care, according to the national Child Care Aware organization’s 2017 report. The same organization calculated annual childcare costs of $18,512 for infant care and $16,016 for toddler care, both at accredited daycare centers. Take into consideration that costs are always slightly higher for metropolitan citizens, it’s safe to assume many parents in Minneapolis are looking for ways to reduce the amount they have to shell out for childcare, without skimping on the quality.
Is it Possible to Save on Such a Necessary Expense?
Some parents are fortunate enough to have family members and/or friends that not only have the free time to watch their precious little one(s), but that won’t charge them an arm and a leg to do so. For parents that don’t have that luxury, it may feel that the only option is to pay whatever price their child’s center in charging. You can start a search online for any day care center minneapolis mn.These may seem like the only options, but there are ways parents can save money, or cut childcare costs altogether.
Employee Benefits Save Parents More Than Just Medical Bills
Most companies offer some form of benefits to their employees, including Medical and dental. Another benefit that an employer may offer is a Flexible Spending Account or FSA. A Dependent Care FSA provides a pre-tax benefit account that can be used to pay for childcare services. Parents are able to set aside up to $5,000, pre-taxed for dependent care expenses with funds deducted from the parent’s paycheck. Parents are typically able to enroll in their company’s FSA program as a new hire, or during the company’s open enrollment for benefits.
The State Can Help with Costs
The Minnesota Department of Human Services can also help parents offset the costs of childcare. Residents must meet specific income guidelines and are required to a co-payment. There is currently a waitlist for Hennepin County with no estimated time for when funds will become available.
Home School May Be an Option
For some parents, homeschool may provide relief to rising childcare costs. Depending on the family’s financial situation, having a parent stay home with the children can not only save money, but there are also potential benefits for the child’s development. The National Home Education Research Institute’s website provides a compelling argument for parent-led education.