Reply to Is Nanny Cheaper Than Daycare for Two Kids?

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Reply to "Is Nanny Cheaper Than Daycare for Two Kids?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Daycare is still cheaper.

A nanny for two will be $28-32hr.
Time and a half for all hours over 40 in a week
10% of nanny's gross annual income in employer taxes
$750 per year for taxes and payroll
$750 per year for workers comp policy
$0.65/mile gas reimbursement
Plus money for all the activities your kids do with the nanny[/quote]

Our twins are now 11.  When they were born, we looked into it and it would have been $20-22 for two children.  So the above it much closer to the rates for two children.  You are going to have a hard time finding an experienced nanny to take two children for under $25/hr.  You can find less experienced ones, but do you want to trust your children with a less experienced caretaker?  I wasn't.  We ended up deciding to go with daycare because there was a daycare in my wife's building.  We commuted together and I dropped all three of them off.  My wife ate her lunch at her desk while working and then would take between 30-60 min and she would go down to the daycare and spend some time there.  She could help out with our kids, which often freed up the teacher's hands for the other 4 kids in the room (two teachers for 6 children).   It really comforted my wife to be able to visit each day.  She visited 3-5 times a week for the first few months and then slowly started going down less and less.

However, the above list is not complete.  In addition, you also have to pay the employer portion of FICA which is 7.65% of the wages.  That's a lot more than $750.  For $25/hr, that comes to about $4000.  You also are likely going to need to offer at least two weeks paid leave.  There are many other optional benefits that can be offered.  Remember that good nannies are rarer and harder to find.  And you are competing with other families with higher incomes.  So you may have to offer additional perks or benefits to get a good nanny.  We originally thought of a nanny and we actually advertised and interviewed several nannies.  But we found that if we only offered the basics, like the above list that we were getting less experienced nannies.  Some more experienced nannies who we tried to contact and interview wanted more benefits to even interview (they had other leads that were offering more).  Many employers offer the use of a family car while working, cell phones, health insurance, meals (stocking the fridge with the nanny's preferred foods for lunches) and more.  After several weeks of interviewing, we opted for the daycare slots.  We weren't liking the candidates that were in the range we were comfortable spending and we couldn't really afford all the extras that the candidates we liked wanted.  For us, it was about 150% higher for a good nanny for two than even the expensive daycare center that we ended up going with.  Plus, all the work of doing the paperwork, payroll, taxes, etc.  With twins, we also didn't want to have to do that much extra work.  So, for us, the daycare center was a better option.  Obviously, everyone's mileage will vary.[/quote]

There are many experienced nannies from $20-25 per hour. Expensive nannies not always are great, some of them are lazy like the younger nannies. I prefer a mid age nanny[/quote]

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