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It hurts my head to think of how much college will cost for four boys. We are saving as much as possible, but sometimes I wonder if it will be enough. Thankfully in Canada we have Registered Education Saving Plans which allows all money to grow tax free, plus the Government gives a 20% grant on everything we save. But an article from the New York Times caught my eye: Child Care Costs More than College. It claims that in many areas in the United States, the cost of Daycare is as much as tutition at a public college. In some areas like New York and Washington, DC, child care costs are almost double the cost of tution. My first reaction was to think those poor suckers, paying as much for daycare as they would for college. Then I actually tried calculating how much Daycare was costing me.
The number? $5720 for one child!! Compared to $9533 in New York, this is a bargin, but it is actually more than a year at our local university. To attend the University of Manitoba for one year, tutition is $3597! Crazy.
I love my Daycare and Ab does really well in it, but it still makes me think: for $3600 a year, my kid could be getting a Bachelor of Science, I sure hope for $5700 they are at least preparing him for the S.A.Ts.
That is a scary set of numbers to contemplate. When my son was in daycare in Dallas, we were paying about $1200 a month. If I were to multiply that out over, say, 10 years, that would make more than $140,000 on daycare in his lifetime!
That is one big reason that I am at home with the kids now; my salary wouldn’t even cover daycare with three kids.
$140K is an Ivy-League education. If they went to an in-state school, I could pay for a Bachelor’s degree and graduate work. And buy them a condo when they finish.
We have started a 529 for JDaniel. I hope it will be enough. Stopping from Mom Loop!
It’s crazy to think that daycare costs more than college. It’s mind boggling thinking how much you have to save now to pay for college later on…
WOW… 4 little boys. That is awesome. I have 4 kids of my own but now they are all teenagers. I remember the days when they were so little and cute. Still are but in a different way and I am still as busy as ever. I have 2 daughters that just graduated High School so I know the feeling of looking at College costs and I have to eventually look at the cost of Weddings…YIKES! My other two are still in High School. Keep enjoying your little ones, before you know it they are all grown up.
I stopped by from Mom Loop at Blog Frog.
Anne @ http://lessonsthrulife.com
Yes, daycare sure hurts the pockets. My children haven’t ever been to daycare, my husband and I both work from home. If for any reason any one of us ever had to work outside one of us will be at home with the children.
Visiting from the Mom Loop.
Day care consumes a huge budget here and that is why many end up doing it themselves. I understand your concerns as I have twins going to college next year and we are equally concerned in our household. The price of a College education has gone up steadily here and with the current economy, we have to keep our feet firm in the Lord and manage our resources carefully.
Stopped by from Mom Loop Comment Follow Day!
Bets wishes,
Eliz
Isn’t it crazy? I was just having this same discussion with my husband- it floors me what preschool costs at all the good schools. It’s like very close to what I payed per semester for college!!
I found you through Mom Loop Friday Follow! Thanks for joining us! I’m also your newest twitter follower:)
Totally believe it. Our kids went to a local catholic school prek thru middle school. It was reasonably priced for the area, but the full day K was less than the full day Prek- it’s insane how much you can spend. crazy!