Reply to How do I find a nanny share or nanny that I can trust and we can afford?

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[quote=nannydebsays][quote=Anonymous]Right now I am looking at our daycare bills for our two kids (one in school already, so after school care) of $1850/mo - I don't work a very high paying job, so it's at the point where I am working to keep my skills fresh as opposed to it making financial sense for us, we just clear a few hundred each month over additional costs vs. SAHM

So (I'm looking for opinions here) do you think it would make more sense for us to get a nanny and have someone that would really spend time with our children as individuals and save us some of the afternoon stress during pickups?  How would the monthly cost compare?  How do you know you can trust your nanny? I have just never considered this and don't even know where to begin.

Thank you!!
[/quote]

If you are looking to save money by hiring a nanny, I am not sure that will work for you. Nannies are legally entitled to earn at least minimum wage, and most decent nannies earn more. Let's crunch some numbers:

Presumably you need care 40 hours a week minimum, FT for 1 child, PT for the other except in summer. You currently spend $1850/month on care. Take 10% off the top for employment taxes that you will pay leaves you with $1665 per month. Dividing $1665 by 4.3 (# of weeks in a month) and then again by 40 (assumed minimum hours of work per week), you wind up being able to afford an hourly rate of $9.68. (Weekly GROSS pay of $387.21.)

Of course, if you need more than 40 hours/week of care, that will dramatically lower the hourly rate you can afford, since nannies are paid OT after 40 hours:

45 hours/week = $8.15/hour

50 hours/week = $7.04/hour

55 hours/week = $6.19/hour

So, if you want a nanny, I think a nanny share might be the way to go, although it really won't save you much money. Plus you'll have to find a nanny who can fit 3+ kids in the back seat of her car, and who is capable of managing care for 3+ kids as well.

Nanny share rates are hotly debated here, but if you have 2 kids, you'll pay slightly more than the parents with one kid. If you do need care for 45 hours/week, then you'll be paying $8/hour with OT, and the other family might expect to pay $6. So you'd be seeking a nanny willing to work a 3 kid share for $14/hour. I don't know if you'll find a nanny with much experience willing to take that rate, but if you're willing to accept a "starter nanny", you might luck out.

IDK, OP. You might be at the point where it no longer makes financial sense for you to work. Good luck with your decision![/quote]

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