Saving money on childcare - AmericaNowNews.com

Saving money on childcare

The average cost for center-based childcare in America tops $11,000 a year. If you're in that group, here are some ideas that could help you save money.

If your employer offers a flex spending account, use it. The beauty of those accounts is that they dramatically lower your tax liability. You can set aside up to $2500 for childcare expenses as an individual or $500 if your married and file jointly.

If your employer doesn't offer a flex pending account, make sure you claim the childcare tax credit. It allows you to itemize up to $300 worth of expenses per child per year.

It's worth a call to Human Resources to see if your employer offers any discounts at local daycare's. Some companies also offer "childcare reimbursements" to employees.

Remember to factor in transportation cost when you're choosing childcare. Finding a center that's close to work but slightly more expensive could be worth it if you save money on gas.

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