Too low?

[Anonymous]

$4500 is low but I can guarantee there is someone out there willing to take the job.

It may not be the dynamic, energetic candidate you want. But, if she provides meals, make sure all kids are safe, has a good attitude and heart, I think that is all that children need. A lot of people have good attitude and heart... they just don't know how to interact with kids or run a household-- something that higher paid nannies can do.

Also, are you talking gross or after tax???? Someone mentioned $13 above. I haven't done the math but $13 take home is $16 gross.

If it is someone lacking experience, or you are not sure about, I would get some Nest cams and put it in the contract that they will be working on camera. It'll give you some piece of mind and know the quality of care you are getting.

[Anonymous]

PP here. just doing the math now.

So you have $4500 total, you want to have a nanny for 2 kids and then continue to pay $1500 for the older child and use the rest for nanny? Why?

Most people who have nanny send their kids to morning only preschool program, for about 3-4 hours. It comes out to far less than $1500. Depends on the program but between $400-700.

That'll get you enough money to get whatever kind of nanny you want.

[Anonymous]

OP here - so I guess I'm confused about pricing? If I end up paying a nanny 4,500 a month (pre-tax) for three kids: almost 4, 2 and a newborn it'll be $1,500 each. But if I offered $3k for two everyone says it's way low?

[Anonymous]

I probably wasn't clear that I have three kids! One in daycare (3.5 year old) and we pay $1,500 a month for him. I can't go over $4,500 a month because it wouldn't be worth me working anymore because I'd only bring home like $1k extra a month and we need it for expenses. If money wasn't an object of course I'd pay more but at some point it's just not cost effective.... Unfortunately

[Anonymous]

Or maybe I should just quit my job and become a full time nanny.... Clearly seems to be more profitable than many career paths....

[Anonymous]

Anonymous wrote:Or maybe I should just quit my job and become a full time nanny.... Clearly seems to be more profitable than many career paths....

Well, usually the people hiring nannies are making good money, not limiting their budget to $4000 a month. Maybe it would make more sense for you to be a stay at home mom.

[Anonymous]

Anonymous wrote:OP here - so I guess I'm confused about pricing? If I end up paying a nanny 4,500 a month (pre-tax) for three kids: almost 4, 2 and a newborn it'll be $1,500 each. But if I offered $3k for two everyone says it's way low?

Day care pricing is per child, and that doesn't translate well to nanny care costs, which are based on hourly pay.

45 hour weeks = 47.5 hours of pay per week x 52 = 2470 hours worked a year.
4500 per month = 54K a year. Minus your employer expenses that's 48K gross a year.
48000/2470 = 19.43/hour straight time, 29.15/hour OT.

OTOH, take the same hours but offer 36K per year, 32K gross after employer costs.
32000/2470 = 12.96/hour straight time, 19.44/hour OT.

OP, if you have to keep your oldest in the expensive preschool, you will limit your choice of nannies because few independent workers can live on 32K a year. If you can move to a more moderately priced preschool, and offer more money to a nanny, you might find you get more potential candidates. If the 18K for preschool is non-negotiable, you might be better off choosing daycare or preschool for your 2 younger kids as well.

[Anonymous]

It just seems like I would need to make over $200k a year to afford a nanny and childcare for three kids. I do make six figures but with our other expenses it just doesn't work to pay more. It's good to hear perspective and I guess we will figure it out.

[Anonymous]

Yep a nanny is a luxury. It doesn't always fit the budget.

[Anonymous]

Anonymous wrote:It just seems like I would need to make over $200k a year to afford a nanny and childcare for three kids. I do make six figures but with our other expenses it just doesn't work to pay more. It's good to hear perspective and I guess we will figure it out.

Yes, having more kids requires a greater HHI. Are you a single mom?

[Anonymous]

Our household income (gross) is $180k. Our basic monthly expenses are about $4,000 so that leaves us with $5,500 a month. So you can see how I can't go more than $4,500 a month for childcare for three kiddos.

I just need to someone or a center where I can average $1,500 a kid. Maybe an Au Pair is best for our budget.

[Anonymous]

Anonymous wrote:Our household income (gross) is $180k. Our basic monthly expenses are about $4,000 so that leaves us with $5,500 a month. So you can see how I can't go more than $4,500 a month for childcare for three kiddos.

I just need to someone or a center where I can average $1,500 a kid. Maybe an Au Pair is best for our budget.

Look into it, OP. Although au pairs are not suggested for newborns. But a live in situation might be the way to go for you.

Your plight is not unusual. A good, experienced and educated nanny is expensive and decent daycares are hard to find and costly for three children.

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP here - so I guess I'm confused about pricing? If I end up paying a nanny 4,500 a month (pre-tax) for three kids: almost 4, 2 and a newborn it'll be $1,500 each. But if I offered $3k for two everyone says it's way low?

Day care pricing is per child, and that doesn't translate well to nanny care costs, which are based on hourly pay.

45 hour weeks = 47.5 hours of pay per week x 52 = 2470 hours worked a year.
4500 per month = 54K a year. Minus your employer expenses that's 48K gross a year.
48000/2470 = 19.43/hour straight time, 29.15/hour OT.

OTOH, take the same hours but offer 36K per year, 32K gross after employer costs.
32000/2470 = 12.96/hour straight time, 19.44/hour OT.

OP, if you have to keep your oldest in the expensive preschool, you will limit your choice of nannies because few independent workers can live on 32K a year. If you can move to a more moderately priced preschool, and offer more money to a nanny, you might find you get more potential candidates. If the 18K for preschool is non-negotiable, you might be better off choosing daycare or preschool for your 2 younger kids as well.

OT takes up a lot of that budget OP. If you can try to avoid that through adjusted schedules or hiring a really part time nanny for a few hours you can save a lot of money. Because honestly paying a normally $12 an hour nanny almost $20 for OT is pretty dumb. It's not like she's suddenly a better worker.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP here - so I guess I'm confused about pricing? If I end up paying a nanny 4,500 a month (pre-tax) for three kids: almost 4, 2 and a newborn it'll be $1,500 each. But if I offered $3k for two everyone says it's way low?

Day care pricing is per child, and that doesn't translate well to nanny care costs, which are based on hourly pay.

45 hour weeks = 47.5 hours of pay per week x 52 = 2470 hours worked a year.
4500 per month = 54K a year. Minus your employer expenses that's 48K gross a year.
48000/2470 = 19.43/hour straight time, 29.15/hour OT.

OTOH, take the same hours but offer 36K per year, 32K gross after employer costs.
32000/2470 = 12.96/hour straight time, 19.44/hour OT.

OP, if you have to keep your oldest in the expensive preschool, you will limit your choice of nannies because few independent workers can live on 32K a year. If you can move to a more moderately priced preschool, and offer more money to a nanny, you might find you get more potential candidates. If the 18K for preschool is non-negotiable, you might be better off choosing daycare or preschool for your 2 younger kids as well.

OT takes up a lot of that budget OP. If you can try to avoid that through adjusted schedules or hiring a really part time nanny for a few hours you can save a lot of money. Because honestly paying a normally $12 an hour nanny almost $20 for OT is pretty dumb. It's not like she's suddenly a better worker.

Overtime is the law, PP. Like it or not. And not just for nannies.

OP - my advice is to look into less expensive daycares or daycares that offer reduced rates for multiple children. Quality childcare is expensive and not feasible for all families.