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Filtered by Category: What is Share Care?
4 Financial Reasons to Consider Share Care
If you haven't yet heard of Share Care, you're missing out on a popular trend. Share Care is when two families share the cost of a single Nanny. This Nanny cares for the children in one or both of the family’s homes, and the families then split the cost of the Nanny’s salary. Sound good? It is. Not only is share care a great way for children to interact with each other and learn how to get along from a young age, it's a financially viable option for many families who may be unable to afford a private Nanny for their kids.
Read on to discover 4 financial benefits of Share Care.
- Salary: With hourly rates for Nannies easily topping $25, some families may be unable to pay $1,000 + per week for 40 hours of childcare, but could probably afford half the Share Care rate of $30-40/hour if they shared a Nanny with another family.
- Benefits: Most families would love to give their beloved Nanny the benefits she deserves, such as medical and dental insurance, and even make contributions to the Nanny's retirement account. But even if families have the best intentions, other financial obligations can get in the way of Nanny benefits. With Share Care, families can split the cost of these benefits for the Nanny, ensuring that she's well taken care of, yet without a significant burden on either family's bank account.
- Nanny car: Sometimes parents provide a car for the Nanny to use while taking care of the kids. If you share a Nanny with another family, it could be convenient and cost effective if one of the two families has a Nanny car available. This way, one family would reimburse the other family for half the cost of gas/wear/tear on the use of their Nanny car at the current government rates. If neither family has a Nanny car, you could split the cost of reimbursing the Nanny for costs incurred on her own vehicle if she uses it during her work hours.
- Telephone: Another expense parents sometimes forget is a Nanny phone. Whether you provide a cell phone to be used during work hours, or you reimburse your Nanny for calls and texts made on behalf of your family, splitting the cost of a phone bill with another family is just another great reason why you should consider Share Care.
Photo credit: Travis Swan/flickr