Is the cost of childcare a huge percentage of your budget? The answer is probably yes. The Economic Policy Institute recently released the results of a study that revealed the annual cost of childcare exceeded the average price of a year of in-state tuition at a public 4-year college in many states. The study found the average cost of full-time daycare for kids up to age 4 climbed to $9,589.00 per year exceeding the average cost of in-state college tuition which is $9,410.00. We all want the best for our children, and it is well established that high-quality childcare and education are important in intellectual growth of the child. The hard part is finding affordable and high-quality care.
What is Affordable Childcare?
According to the Department of Health and Human Services, childcare is affordable if it costs 10% or less of a family’s income. The study revealed that the cost of childcare exceeded the 10% level in all 10 places it studied. As parents, you struggle day in and day out to be able to provide a good home, plenty to eat, clothing and good childcare. If you don’t have adequate childcare, you cannot work and pay for the essentials.
The presidential candidates have made affordable childcare one of their platforms in the ensuing election. Because of the coverage this topic is receiving, it is evident the struggle most families have being able to pay for childcare and the rest of their bills. If you have debts and creditors are calling you to collect, please contact one of our Bond and Botes offices for a free consultation. We can help relieve some of the debt so that you can afford good childcare.
Heather Ellis Banks is an Associate Attorney at the Bond & Botes Law Offices in Knoxville, Tennessee. She holds a Bachelor of Science from the University of Tennessee Knoxville, and a Juris Doctorate from the University of Memphis, Cecil.C. Humphreys School of Law. She has been helping consumers to navigate through the bankruptcy process since 2005. Read her full bio here.