Staying at home with your children may save you money
POSTED: Tuesday, November 5, 2013 - 5:00pm
UPDATED: Wednesday, November 6, 2013 - 4:01pm
BATON ROUGE, LA (NBC33) — The average Louisiana family pays nearly 10% of their income on childcare according to CNN Money.
For many parents, it may make more sense for one of them to stay at home than to work.
Erin Sutton stays at home with her 10-month-old daughter Natalie. She recently left her job because instead of saving her money, it actually didn't help at all.
"I was working full-time and still with the taxes and childcare getting taken out of that, I was only making enough for the gas to get over there," Erin said. "With my daughter being in daycare, it was taking a majority of the paycheck that I would make. So, being at home does save of more money especially with him being in college."
Erin lives with her husband Patrick. She figured working would help out, but now she babysits other kids from home and is making more money.
"If I'm not making enough money to help Patrick pay bills or anything, then what's the point of working because a majority of my money does go to daycare," Erin said. "With Patrick going to school and working, it's so much on him, that I was trying to get out there and help support us because this is my family too."
The average cost for full-time childcare is $5,500 for an infant in Louisiana for a year, which equals nearly the same as a year of tuition at a state university like Southeastern, according to Child Care Aware of America.
"If you had a job like I was and you're not like in an actual career field and you're just working, it would be cheaper just to stay at home," Erin said. "If you're not making an excessive amount to take up for that daycare, there's no point in it."
The report shows center-based child care costs rose an average of 3% nationwide. To figure out whether you should stay at home with your kids or work, you can go to childcareaware.org.