A modest bundle of joy can swell your expenditures considerably. One such huge expense is preschool.
The short answer to that question is that preschool can cost thousands of dollars. Although preschool is obviously expensive, knowing the cost estimate in advance can help you budget effectively.
In this text, we will cover topics such as: How much preschool is, what factors the price, and how might new parents prepare for this additional cost. Moreover, we will discuss ways you can save on preschool expenses through alternative methods.
What is the cost for preschool dependent on?
The cost of preschool can vary tremendously from city to city. The variable cost of living factors found across the country determine this expense. If you live near a major metropolitan area, you should expect to pay high charges for preschool. Those in lower cost areas may expect lower prices.
Even in cities, the type of school can affect costs. An exclusive preschool with a long waiting list can typically charge higher prices than a less popular institution.
The cost can also depend on the amount of time your child is at the boarding school. If you send your child to the boarding school only in the mornings, you could pay less than you would if you enrolled your child for the whole day.
How much does preschool cost?
How much does it cost to send a child to preschool? According to the World Population Review, preschool can cost anywhere from $5,436 to $20,913 per year, depending on the state in which you live.
That’s quite a range of costs to consider. The most expensive state for childcare is Massachusetts at $20,913. Some of the most expensive states for preschool are California, Minnesota, Connecticut, New York, Maryland, Colorado, Washington, and Virginia.
Mississippi has the lowest childcare costs in the nation, with a cost of just $5,436 per year. Alabama, Kentucky, South Dakota, Arkansas, and South Carolina have similar costs.
Another entity, the National Association of Child Care Resource & Referral Agencies (NASCRRA), averages the cost of preschool from $4,460 to $13,158 per year.
Even if you’re billed with multiple estimates, one fact is certain – the cost of preschool will be an expensive project for your spending plan.
How can new parents begin to prepare for the cost of preschool?
Preschool costs can easily reach thousands of dollars per year. However, as a new parent, you can prepare for preschool costs in advance.
Let’s take a look at the techniques you can use to prepare for this large expense.
Research costs ahead of time
So how much is preschool in your area? The best way to prepare for it is to research the price for preschool ahead of time. With time to spare, you can explore all of your options.
Another thing to consider is any cost-saving offers near the area. Depending on your circumstances, you could possibly discover some available government support programs to make preschool cheaper. An excellent place to begin investigating these opportunities is Childcare.gov.
When comparing centers, you should consider the quality of the care and the cost.
Start saving as soon as possible
It is unfortunate that preschool tuition often adds up quickly. Even if you find a relatively affordable option, it may cost you a great deal of money. It’s a good idea to start setting aside money for this preschool expense as early as possible.
One way to save money is to start saving a sinking fund for child care expenses. By setting aside some money every month, you’ll be better prepared to handle large expenses that preschool could cost you.
Create a new budget
Childcare costs will be a significant portion of your budget. Since you will be adding this expense to your budget, creating a brand-new budget that is specifically tailored to your lifestyle is necessary.
Your budget should reflect your goals and your values. It’s likely that raising a child will affect your budgeting goals. Starting a new phase of your life with a blank slate signals the start of a new era for your finances as well.
Need assistance creating a budget? Check out our free budgeting course to create a budget that works for you.
Choose to be a stay at home parent
This decision is a large one. You have many factors to consider. Another is the price of preschool versus what a parent can earn outside the home.
Compare your results to see where your position stands. Another motivation is staying at home with your children or working at a regular job to work toward other goals. This option requires a great deal of self-reflection before proceeding.
Ask for help from relatives
If you have an extended family nearby, their support could significantly reduce your preschool costs. Additionally, your relative will almost certainly have more fun spending time with your child.
Of course, not everyone is fortunate enough to have this option. But if you have a pal, consider getting in touch with him or her for assistance. You will likely be surprised at how willing relatives are to help.
Consider a preschool co-op
The structure of a cooperative preschool varies depending on the curriculum. But the program generally involves parents volunteering time to the preschool in order to reduce costs for every child and parent. Depending on the setup, you may have to spend multiple hours per day, week, or month.
Check Out the Preschool Co-ops That Exist in Your Area.
Check out local mom groups
Local mother groups have many uses. But one main advantage is that they can help each other out with childcare.
For example, you could exchange childcare duties with another mother in your town. You could both have time to work on other matters. But you can watch your child while hanging out with some friends.
Prepare financially for the cost of preschool!
Preschool costs are a huge problem for your budget, but a bit of ingenuity and planning can help greatly. One of the best ways to be prepared for this budget shock is to do your homework in advance. Therefore, find out how much the costs are in your area well in advance to start saving.