Can I Afford to Hire a Nanny?

Childcare services have become essential for many parents who work full-time. For most parents, maternity leave comes to an end, and they need to return to the office. When this happens, you need to find a reliable form of child care to look after your little one while you’re working.

Very few people are lucky enough to be able to rely on family to look after their child. Equally, dropping your kid off at a child care center may not work for you, or you may not be able to find a place at reputable center in your area. So, hiring a nanny may seem like the best option. However, this obviously comes with a significant. So, can you afford to hire a nanny?

Should You Hire a Nanny?

If you want or need to return to work, you probably have two options — find a place for your child at a daycare center or hire a nanny who can look after your child when you are not home. Aside for the difficulties you may experience in finding a place for your kid at a good childcare center, hiring a nanny has many advantages.

They come to your home, so you don’t need to deal with the logistical nightmare of dropping your child off and picking them up as part of your commute. Additionally, your child will be able to enjoy the familiar environment of being at home. However, this will depend on your budget, though it may surprise you how affordable hiring a nanny can be.

How Much Does it Cost to Hire a Nanny?

The cost of hiring a nanny depends on your individual needs and expectations. Factors like how old your child is, what tasks you assign to the nanny, and how many hours a week they need to work all impact on the total amount you’ll need to pay. 

On average, a nanny makes $612 per week for babysitting one child. They may increase the rate depending on the number of children they need to look after and the work requirements.

Let’s check out the factors that affect the cost of hiring a nanny.

Location

Where you live plays an important role in the amount you’ll spend on childcare services. Metropolitan cities with a higher cost of living translate into higher salaries, including in the childcare industry. In the US, for example, the rates for nannies vary by state. Parents in California and New York pay very high rates for  nannies.

On the otherhand, Ohio is the cheapest state for childcare services with an average cost of less than $15 per hour to hire a nanny. Ideally, you should look for a babysitter located nearby so that you don’t have to pay for their transportation. 

Qualifications and Experience

Qualifications and experience can also greatly impact on how much a nanny will charge for their services. Childcare professionals with additional qualifications and significant experience will charge more than those just starting out. Furthermore, nannies with special skills, such as those specializing in tutoring and nursing will quote a higher price than standard rates. 

You don’t necessarily have to hire someone with years of experience or extensive qualifications, though they should have basic qualifications in child care. A bachelor’s degree won’t make any difference to a nanny’s ability to take care of a toddler. However, academic qualifications are important when you expect the nanny to help your child with academic work. 

Types of Nannies

The costs involved also depend on whether you want to hire a full-time or part-time nanny. For example, you could hire a full-time live-in nanny who stays in your home and takes care of your child all day. In addition to babysitting your child, they might clean your house, cook your child’s meals, take them to school, and help them with homework. By giving them a place to live, you can offset some of the salary you pay them.

Live-out nannies can also work full-time, although their work schedule will align with your office hours. They work fewer hours than the live-in nannies and go home every day after finishing their shift.

A part-time nanny is someone who works 30 hours a week or less. If your child is school-aged, they probably don’t need a full-time nanny. A part-time nanny can pick up your kid from school and look after them until you get home from work. This can also be a good option if you or your partner work part time, so you only need child care on certain days of the week.

Other Costs to Consider

In addition to paying your nanny a salary, there may be other costs involved, including:

• Full or partial health insurance
• Nanny tax – these requirements vary depending on where you live, so check this with your accountant or your local authority
• Paid vacation and sick leave
• Transportation reimbursement 

Balance up all these costs, consider your needs, and you’ll be able to work out if you can afford to hire a nanny. Going through an agency like Koru Kids can also simplify things, as you’ll typically pay the agency a fixed rate and they’ll work out the rest!