Childcare costs are hitting families hard. A new study from LendingTree finds a family may need to earn more than $400,000 a year to comfortably afford care for two kids under the federal benchmark that says child care shouldn't exceed 7% of income.
Nationwide, full-time care for two children can average more than $28,000 a year. So, how can you save?
Check if you qualify for the "Child and Dependent Care Tax Credit." It can offset thousands in expenses.
Also, ask your employer about a "Dependent Care FSA," which lets you use pre-tax dollars for childcare.
Look into nanny sharing programs where two or more families share a nanny and split costs.