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

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

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[quote=Anonymous]I'm a nanny.  I think the issues that most affect this (and that nobody is really mentioning) are 
1) How old is your child?
2) How easily can you find replacement care?

If your child is very young (under 18 months) then going from full-time nanny to mom or dad to part-time, cheap at-home daycare to a new nanny could be realy hard on your kid--yes, different kids have different personalities, and if your nanny only ever worked 40 hours per week, the. The bond there is different from nannies who work 60 hours per week, etc., but I would be thinking about that as I budgeted.  E.g., I would at least have 2 months of nanny salary saved, plus 2 months worth of part time care costs so that if I were laid off but found work quickly we wouldn't need to put the kid through that.  If I were out of work for 6 months, that's a lot more time to space out all of those adjustments.

The second consideration is how easily you could find replacement care.  If both you and your spouse have daycares at work, then if either of you lost your job, the kids could go to the other spouse's daycare--if your kids are old enough that the transition wouldn't be a huge deal, then go for it!  Save 6 months of daycare costs rather than nanny wages, and you are set.  If you both work odd hours, have no real backup care, travel regularly, etc., then you may very well "need" a nanny and should save accordingly.[/quote]

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