Childcare Costs More Than My Mortgage

[Anonymous]

We have 4-5 years between the kids. Also worked like animals to more than triple our incomes over last decade from $250ish to now $700-800k. Also in Bethesda. Suck it up. You’ll be fine.

Anonymous wrote:How is it that childcare costs more than my mortgage? I live in Bethesda and have an infant and toddler. 9-6 care at a local daycare center is 5k/month for both! What do people do? Quit working and parent FT? Stop saving for retirement? Raid their savings? Move to a LCOL?

[Anonymous]

Anonymous wrote:We have 4-5 years between the kids. Also worked like animals to more than triple our incomes over last decade from $250ish to now $700-800k. Also in Bethesda. Suck it up. You’ll be fine.

Anonymous wrote:How is it that childcare costs more than my mortgage? I live in Bethesda and have an infant and toddler. 9-6 care at a local daycare center is 5k/month for both! What do people do? Quit working and parent FT? Stop saving for retirement? Raid their savings? Move to a LCOL?

Working “like an animal” doesn’t usually increase earnings like that unless you’re in law or finance.

[Anonymous]

Don’t do this. You won’t be vilified but you won’t be competitive when you try to re-enter the job market.

Anonymous wrote:

Anonymous wrote:DH made much more than I did, so basically my $100k would have gone 100% to childcare, so we decided I would stay home. Made things much less stressful.

When I shared this same scenario recently I was told “you should’ve gotten another higher paying job”. When you stay home instead of work you will be vilified by all!

[Anonymous]

We just got back our spending and saving (other than 401ks), knowing that it was temporary.

[Anonymous]

We are neither. Yes, it does work if you’re smart and make sacrifices.

Anonymous wrote:

Anonymous wrote:We have 4-5 years between the kids. Also worked like animals to more than triple our incomes over last decade from $250ish to now $700-800k. Also in Bethesda. Suck it up. You’ll be fine.

Anonymous wrote:How is it that childcare costs more than my mortgage? I live in Bethesda and have an infant and toddler. 9-6 care at a local daycare center is 5k/month for both! What do people do? Quit working and parent FT? Stop saving for retirement? Raid their savings? Move to a LCOL?

Working “like an animal” doesn’t usually increase earnings like that unless you’re in law or finance.

[Anonymous]

Anonymous wrote:We just got back our spending and saving (other than 401ks), knowing that it was temporary.

"cut" back our spending.

[Anonymous]

Anonymous wrote:

Anonymous wrote:$5k a month for TWO kids isn’t bad, honestly.

I have a friend who just had a baby in Manhattan and her daycare is 3600 a month.

It always strikes me as strange that people think childcare shouldn’t cost much money, when your children are probably the most important, precious things in your life. Why would you cheap out on that?

That’s the take-home pay for around a 60k salary. For 1 kid. How is the “average” person supposed to afford it?

The "average" person does not live in Manhattan. They live in queens or the bronx or NJ and they put their kids in an in-home daycare for less or have family help.

[Anonymous]

We just contributed to the retirement match until child entered K.

[Anonymous]

Anonymous wrote:We have 4-5 years between the kids. Also worked like animals to more than triple our incomes over last decade from $250ish to now $700-800k. Also in Bethesda. Suck it up. You’ll be fine.

Anonymous wrote:How is it that childcare costs more than my mortgage? I live in Bethesda and have an infant and toddler. 9-6 care at a local daycare center is 5k/month for both! What do people do? Quit working and parent FT? Stop saving for retirement? Raid their savings? Move to a LCOL?

Only 1% or less households in the US make what your household did. Most people will never make that much no matter how hard they work.

[Anonymous]

And to join the real 1% of wealth in this country we could work our entire lives and still not hit the $60 million plus minimum to join those ranks. So what?

Anonymous wrote:

Anonymous wrote:We have 4-5 years between the kids. Also worked like animals to more than triple our incomes over last decade from $250ish to now $700-800k. Also in Bethesda. Suck it up. You’ll be fine.

Anonymous wrote:How is it that childcare costs more than my mortgage? I live in Bethesda and have an infant and toddler. 9-6 care at a local daycare center is 5k/month for both! What do people do? Quit working and parent FT? Stop saving for retirement? Raid their savings? Move to a LCOL?

Only 1% or less households in the US make what your household did. Most people will never make that much no matter how hard they work.

[Anonymous]

Our full Spanish immersion in Rockville is 4k for a 3 year old and infant from 8-6. The in home we used to use would have been about $3300 and included all meals for the toddler. You have to shop around and make compromises.

[Anonymous]

Yeah you need a less expensive house although it’s a bad time to move thanks to interest rates. Here’s the thing: even when older gets in school you will need aftercare and summer/break camps. Those are around 500 a week. Plus you should be starting the 529’s. So really the lcol area or cheaper house (townhouse/apt?) is what you need. I’m constantly surprised at how over leveraged people are with housing considering cost of kids. It’s a recipe for stress and disaster.

[Anonymous]

Anonymous wrote:Yeah you need a less expensive house although it’s a bad time to move thanks to interest rates. Here’s the thing: even when older gets in school you will need aftercare and summer/break camps. Those are around 500 a week. Plus you should be starting the 529’s. So really the lcol area or cheaper house (townhouse/apt?) is what you need. I’m constantly surprised at how over leveraged people are with housing considering cost of kids. It’s a recipe for stress and disaster.

Yes camps are certainly in that range ($500/week/kid),but not aftercare. That's usually $400-500/MONTH per kid. Still significant, to be sure.

[Anonymous]

Childcare costs more than your mortgage and children are worth way more than your house. Get some perspective.

It's not society's responsibility to help you afford your children, it's your responsibility to plan your life according to what you can afford rather than what you think you deserve.

[Anonymous]

Anonymous wrote:We are neither. Yes, it does work if you’re smart and make sacrifices.

Anonymous wrote:

Anonymous wrote:We have 4-5 years between the kids. Also worked like animals to more than triple our incomes over last decade from $250ish to now $700-800k. Also in Bethesda. Suck it up. You’ll be fine.

Anonymous wrote:How is it that childcare costs more than my mortgage? I live in Bethesda and have an infant and toddler. 9-6 care at a local daycare center is 5k/month for both! What do people do? Quit working and parent FT? Stop saving for retirement? Raid their savings? Move to a LCOL?

Working “like an animal” doesn’t usually increase earnings like that unless you’re in law or finance.

Dont be so smug. Good for you but not everyone can land an $800k HHI simply by working hard or being smart.