You remember the summers of your childhood. Those lazy days of sleeping late, playing at the pool or sprawling in front of the TV are a thing of the past. What you would not give to have off between June and September. Part of adult life is getting up each day and working to earn a living. If you have kids, the summer can be brutal.
During the school year, you can depend on the fact that your kids are safe inside a classroom making valuable use of their time. If you want that same assurance during the summer, you have to pay for quality daycare. Like many other New Mexico parents, you may find this harder to do each year. In fact, this may be the summer that devastates your finances.
Making it work
A recent study shows that more than half of parents dread the summer months because of the cost of child care. Unlike during the school year, you need to pay for care for your children for the entire day, not just before and after school. It is not unusual for parents to spend up to 20% of their income on child care during the summer months, and if you have more than one child, you know that is a considerable expense. Some parents are making difficult choices, such as:
- Cutting back on their work hours to limit the amount of child care they must pay for
- Leaving their jobs altogether so they can ensure their children are safe at home
- Changing jobs to employment with more flexible hours
- Using vacation time to stay home with the kids
You may not have these options, especially if you are a single parent, one who has recently gone through a divorce or someone who is already struggling with debt. Therefore, you may end up doing what many parents do and put the cost of summer child care on your credit card. Even with only two children, that could add up to over $3,000.
If you had no way to save a little over the past year for this summer’s child care, you are likely already struggling with debt, even without the added burden. It may be time to consider your options for debt relief. A compassionate legal professional can provide you with complete information about the options that would best suit your situation.