SO: If you have a nanny do you save 6 months of her salary for her in case you are unemployed?

[Anonymous]

Isn't childcare an expense? Would the answer be different if it were daycare?

[Anonymous]

It's not about saving for the "nanny" it's saving for WHATEVER your living expenses are. Isn't that obvious, OP? I sense you're probably that other OP who is looking to furlough her nanny because she herself is furloughed (or at least you became invested in that thread). The service that the nanny provides for you and your children (and yes, they should be a consideration here) is something you need to determine if you must have continuously, or need to ensure that you will have those services when you need her. Make your own decisions based on your needs and priorities. Don't assume your priorities will match up with other humans upon who you depend and vice versa.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:How come corporations don't do this for their workers?

+1

excellent point. also, anyone taking a job working for an individual and not a corporation realizes the risks involved here and is willing to take these risks, as they are inherent to the type of position. I am not talking just nannies... do you think if someone worked as a personal assistant for someone who then lost their job that the personal assistant would still have a job? no of course not. the personal assistant would be let go. MAYBE they would get a week or two notice, but in tough times you do what you have to do.

and yes or course it is smart to have a safety net of funds saved for a rainy day, but it is also smart to cut costs when times get tough - and childcare is one of them, unfortunately.

Sorry, childcare and the mortgage are not on the table when I'm cutting costs. Either I need to be ready to work at a moment's notice, like after the shutdown, or I need to have the flexibility to look for work. If you don't make enough money to save six months of expenses, including child care, you probably can't afford a nanny. (Personal assistant should get two weeks notice if you are a decent human being.)

Logically this doesn't make sense but emotionally maybe.

Logically if you are NOT working then you will be watching the kids therefore it would be one of the first things to cut.

+1 - of course everyone would love to be a good employer and keep the nanny or childcare... but childcare is also a HUGE expense, and if you don't currently need it and cannot afford it then it has to go!

Well, sure, but if you plan to go back to work in short order, like after the shutdown, it's much more difficult to hire and refire a nanny. And it could be a real disruption for your children. And if you're actively looking for work, who watches the kids while you're interviewing and networking? It's not really cost effective to drop your childcare unless you think you're going to be unemployed and not looking for some months.

[Anonymous]

We put a years worth of our manny's salary in its own account. He will be given the interest with his holiday bonus and if we both lost our jobs dh and I both have backup work we could easily pick up so so we would keep him on through the end of the year at least.

[Anonymous]

Anonymous wrote:We put a years worth of our manny's salary in its own account. He will be given the interest with his holiday bonus and if we both lost our jobs dh and I both have backup work we could easily pick up so so we would keep him on through the end of the year at least.

somehow I think I am getting trolled here.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We put a years worth of our manny's salary in its own account. He will be given the interest with his holiday bonus and if we both lost our jobs dh and I both have backup work we could easily pick up so so we would keep him on through the end of the year at least.

somehow I think I am getting trolled here.

Why? Too good to be true, that some people can, and do, plan ahead?

[Anonymous]

Anonymous wrote:

Anonymous wrote:We put a years worth of our manny's salary in its own account. He will be given the interest with his holiday bonus and if we both lost our jobs dh and I both have backup work we could easily pick up so so we would keep him on through the end of the year at least.

somehow I think I am getting trolled here.

[Anonymous]

We have a nanny, and yes, our emergency fund / savings could cover 6 months of our living expenses, including the nanny's salary.

Seriously, why is this so hard to understand?

If you lost your job tomorrow could you not pay your mortgage ? For food? Assuming that if you lost your job you would want to be looking for another one that then you will need child care.
So it's another built in expense.

Now if I knew that I would be out of work for 3 months + I can see considering letting a nanny go and finding a new one after that period. But if this is about the shutdown, we are talking about 1 week. If you can't survive for a week without a paycheck and you have a nanny, well, I'm a bit surprised that you cut things so close given that less expensive childcare options are likely (but not necessarily) available.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We put a years worth of our manny's salary in its own account. He will be given the interest with his holiday bonus and if we both lost our jobs dh and I both have backup work we could easily pick up so so we would keep him on through the end of the year at least.

somehow I think I am getting trolled here.

Nope. That's what we do. He's great with our kid, we are super busy and he part of the stability and glue for our family.

[Anonymous]

I wouldn't have a nanny if I didn't have a decent amount saved up. I would go with lower cost childcare.

[Anonymous]

We have had a nanny for years but if my husband or I were laid off we would let the nanny go w/ her annual bonus as severance. Our nanny is our second biggest expense and it makes no sense for us to keep paying for a service we no longer need. Although we are not in fields were we will be furloughed I would keep the nanny during a furlough b/c it is unlikely to last more than a month. We also kept our nanny during my maternity leave w/ our second b/c we knew it would be temporary. In my mind a layoff is completely different b/c you have no clue how long it will last and I believe it would be irresponsible for our family not to cut costs to the bare bones.

[Anonymous]

We had to let our nanny go but helped her with a large severance and then rehired her a year later. She's been back with us for 2 years.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:How come corporations don't do this for their workers?

+1

excellent point. also, anyone taking a job working for an individual and not a corporation realizes the risks involved here and is willing to take these risks, as they are inherent to the type of position. I am not talking just nannies... do you think if someone worked as a personal assistant for someone who then lost their job that the personal assistant would still have a job? no of course not. the personal assistant would be let go. MAYBE they would get a week or two notice, but in tough times you do what you have to do.

and yes or course it is smart to have a safety net of funds saved for a rainy day, but it is also smart to cut costs when times get tough - and childcare is one of them, unfortunately.

Sorry, childcare and the mortgage are not on the table when I'm cutting costs. Either I need to be ready to work at a moment's notice, like after the shutdown, or I need to have the flexibility to look for work. If you don't make enough money to save six months of expenses, including child care, you probably can't afford a nanny. (Personal assistant should get two weeks notice if you are a decent human being.)

+1 if I was furloughed or laid off I would down grade every aspect of my life before I got rid of my childcare. It is as essential to me as housing as I have no family or friends who live locally who could help.

[Anonymous]

I think there is a difference between keeping day care and a nanny when times get tough. The reality is that having a nanny costs us $4k a month and I could find much cheaper child care options if needed. If it is between paying the mortgage and a nanny for 6 months or letting the nanny go and paying the mortgage for a year I am going to guarantee I can pay the mortgage.

[Anonymous]

I agree with 8:14. A nanny is the most premium type of childcare (well, at least in terms of cost). Facing a layoff situation, premium-level expenditures have to go. That means a lot of things, including the most premium type of childcare. A daycare or home daycare can be had for a fraction of the cost, and that's what I'd do. I know there are people on this board who literally cannot fathom having anything other than a nanny as childcare, but I am not one of them, especially if it means I can stretch out my 9 month emergency fund even further.