tag:blogger.com,1999:blog-2980246226076317453.post7028454590469121171..comments2024-03-27T09:17:51.095-07:00Comments on Done by Forty: Daycare or Not DaycareDone By Fortyhttp://www.blogger.com/profile/06246597867355460723noreply@blogger.comBlogger17125tag:blogger.com,1999:blog-2980246226076317453.post-26633572986485592622019-12-31T16:36:45.385-07:002019-12-31T16:36:45.385-07:00We are in the same boat.
The reason so many famil...We are in the same boat. <br />The reason so many families move back home is because of this huge cost<br />"Closer to family" is just $$$$ in many cases.<br />Or maybe somethings are more important. gentlemansfamilyfinanceshttps://gentlemansfamilyfinances.wordpress.comnoreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-73066371065758535602019-12-30T10:00:43.820-07:002019-12-30T10:00:43.820-07:00Well said, Gentleman. And thanks for stopping by!
...Well said, Gentleman. And thanks for stopping by!<br /><br />There's certainly a benefit from childcare/preschool that we should figure in, as you said. Everything has an opportunity cost, no doubt.<br /><br />We unfortunately/fortunately don't have family close. So while we don't get that free labor, erm, childcare, at our disposal, we also enjoy the benefits of having the grandparents a suitable distance away.Done By Fortyhttps://www.blogger.com/profile/06246597867355460723noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-26518328576095313062019-12-30T09:58:43.357-07:002019-12-30T09:58:43.357-07:00That's a good approach, Cubert. I think the ru...That's a good approach, Cubert. I think the rub for us is that the thing you're describing (one person working, one at home with the kids) is complicated if I'm also the one working at home. We did that the last year and it had some plusses and minuses. Maybe an office space outside the home, even part time, would be an option.<br /><br />As you said though, some of this we'll have to just roll with and hope the balance reveals itself. The catch is that we have to save up the money ahead of time for whatever that balance costs: this is proving a hard nut to crack, financially. Done By Fortyhttps://www.blogger.com/profile/06246597867355460723noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-1990447414129486322019-12-30T09:56:37.767-07:002019-12-30T09:56:37.767-07:00Sorry for the late reply, Joe.
I like that scale ...Sorry for the late reply, Joe.<br /><br />I like that scale that you've drawn up and we could certainly budget around that, or something similar. Preschool has some options around us that we could look at, too. Thanks for that idea!Done By Fortyhttps://www.blogger.com/profile/06246597867355460723noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-19177295530687556452019-12-24T14:50:40.014-07:002019-12-24T14:50:40.014-07:00A topic close to my heart.
I would suggest that fo...A topic close to my heart.<br />I would suggest that focusing on the time added to FI is one way of looking at the cost but what about the value of the childcare - what are your kids (or loss centres if you think like a CEO) getting from it?<br />We've done full time SAHM, full time nanny and now full time nursery/daycare. All have their advantages (and costs).<br /><br />It's a necessary evil and you can see why for many people moving "closer to family" becomes important - finding safe, reliable, caring and nurturing childcare on the cheap ain't easy!Gentleman's Family Financeshttps://gentlemansfamilyfinances.wordpress.com/noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-10323856520235887702019-12-19T05:23:36.041-07:002019-12-19T05:23:36.041-07:00Try not to overthink this my friend. The balance w...Try not to overthink this my friend. The balance will reveal itself. I'd argue that if you can't dedicate one parent being home full time through age 5 (leading up to Kindergarten) try at least half time. Consider day care to cover the rest, or a nanny. <br />This worked amazingly well for us and left no regrets about time spent during those pre-K years. Now that the twins are off to the races and in school all day long, we embrace the evenings and weekends for bonding. Mrs. Cubert volunteers in their classrooms twice a week for a little extra "air time".<br />Best as you make your calculations my friend. Good thing is if one of you retires early, the childcare problem is solved right off the bat.Cuberthttps://www.blogger.com/profile/05284434513106168111noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-18364041578773501302019-12-18T23:06:16.874-07:002019-12-18T23:06:16.874-07:00I retired when our son was 18 months old. We start...I retired when our son was 18 months old. We started him in preschool about a year later. <br />2 years old - 2 days/week.<br />3 yrs old - 3 days/week.<br />4 yrs old - 4 days/week. <br />5 yrs old - full time kindergarten at our public school. <br />Luckily, there are flexible programs in our area so it was too expensive. The preschool was good for our son. retirebyfortyhttps://www.blogger.com/profile/02180702594001358403noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-37227620373479628782019-12-17T18:30:30.775-07:002019-12-17T18:30:30.775-07:00Well I don't think the delta is three to five ...Well I don't think the delta is three to five years (the charts show two years and two month), and half a percent on SWR would be quite a lot more than what you're estimating. But I think I hear what you're saying.<br /><br />We've certainly talked about one of us working full time and one of us staying home with the kids, but the kind of FI life we're imagining doesn't mesh well with that.<br /><br />Thanks for stopping by.<br />Done By Fortyhttps://www.blogger.com/profile/06246597867355460723noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-90044852815421569132019-12-17T14:45:41.091-07:002019-12-17T14:45:41.091-07:00I'd say there a lot of other options. What if...I'd say there a lot of other options. What if one of you FIRE'd to stay home with the kids, saving $2,000 a month, thus reducing the expense, but still having one income. <br />Could either of you work from home or work 10 hour shifts 4 days a week? This would save 1 day or potential multiple days of daycare, thus reducing the amount.<br />What if you just upped your FIRE percent to 4% and then did some side hustling after retirement to make up any shortfall? Half a percent in a side hustle for you would be like what $180 a month???<br /><br />Seems like there are a lot of ways to make it work without sacrificing 3-5 extra years in the job force. FIRE asap and spend that time with your kids. You won't regret it!shaystrhttps://www.blogger.com/profile/08141674607227344332noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-68427110298788702812019-12-17T09:57:10.018-07:002019-12-17T09:57:10.018-07:00Hey there, Tin!
I sometimes wonder if I should g...Hey there, Tin! <br /><br />I sometimes wonder if I should go get other site names. I think I'll stick with the original and just laugh about it if we miss the target.<br /><br />I agree that having family help the first few years is a huge advantage. The costs of daycare, especially for more than one kid, are just astronomical for the quality facilities.<br /><br />Agree that we have to watch out for being too isolated in retirement. That's a big risk, probably the main one. And spending time with family can be a win-win, saving on costs for care while also getting quality time in. Smart idea there, Tin.Done By Fortyhttps://www.blogger.com/profile/06246597867355460723noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-28678300961604402912019-12-17T09:06:35.960-07:002019-12-17T09:06:35.960-07:00Agreed, Stepahnie. Depending on the market entirel...Agreed, Stepahnie. Depending on the market entirely is a scary feeling now, and it's going to only be worse when money from our paychecks stops coming in.<br /><br />I agree that at least SOME money for daycare is probably a worthwhile goal. Maybe I should run another scenario where we budget half of that amount for some part time daycare or preschool.<br /><br />I suspect that the rub will be whether or not we want to trade another year or two of work for that.Done By Fortyhttps://www.blogger.com/profile/06246597867355460723noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-20711640707451592342019-12-17T09:04:41.246-07:002019-12-17T09:04:41.246-07:00Hey there, Revanche!
I think we both are people w...Hey there, Revanche!<br /><br />I think we both are people who like to have all the bases covered, just in case. I don't think I'm doing my due diligence unless I do.<br /><br />Still, FIRE is proving to be one of those tough-for-me scenarios where the closer I get to the goal, the more uncertainty there is in my situation. It's unnerving.Done By Fortyhttps://www.blogger.com/profile/06246597867355460723noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-31550880992444771222019-12-17T06:27:51.017-07:002019-12-17T06:27:51.017-07:00This topic always reminds me what a gift we had (d...This topic always reminds me what a gift we had (despite the irritations) of having my mother-in-law live with us the first four years of my kid's life. That is a HUGE financial advantage. We still used daycare, but much more sparingly.<br /><br />Looking forward, we plan to do the same for our own grandkid(s) and not check out (as some do) into our own personal travel/retirement isolated "island". In this day and age, other than paying for college, I can think of no better gift parents can do for their kids than helping them with their own childcare.<br /><br />Pro tip: donebyforties.com is, as of this morning, still available. Go grab it. Of course, that would be an additional discretionary expense...Tinhttps://www.blogger.com/profile/17710280020482764792noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-10018970264287300792019-12-16T21:06:31.063-07:002019-12-16T21:06:31.063-07:00That whole “depending on the market” is the part t...That whole “depending on the market” is the part that scares me most about retirement. Right now I’m in the “we can always make more money if we need to” mindset which makes me less worried about money.<br />I’m thinking you may want at least a little bit of daycare for the kids so you two can rest and spend time with each other and your kid(s) will still get benefit of social interactions. But yeah, it’s tricky to weigh out how much you value the earlier vs slightly delayed retirement.Stephaniehttp://graduatedlearning.wordpress.comnoreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-78999832359232707082019-12-16T14:39:51.847-07:002019-12-16T14:39:51.847-07:00"Done by Forty-Two" - May I point out th..."Done by Forty-Two" - May I point out that it has a nice Douglas Adams ring to it? <br /><br />I feel so much in the same boat as you with knowing that I can't know how I will feel about doing something totally and completely different from what I'm doing now, particularly because sometimes I'm surprised and love it and other times I'm surprised and hate it. It'd be awfully nice to know some things for sure, dangit! <br /><br />But I also make myself really unhinged trying to cover every contingency as well and that's no good.<br /><br />Revanche @ A Gai Shan Lifehttp://www.agaishanlife.comnoreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-12183997442272246072019-12-16T13:31:48.960-07:002019-12-16T13:31:48.960-07:00I love that framing, Frugalish! And it's a muc...I love that framing, Frugalish! And it's a much more reasonable number: one we can maybe hit in our timeframe for FI, too.<br /><br />Mrs. Done by Forty and I can make a new graph now. :)Done By Fortyhttps://www.blogger.com/profile/06246597867355460723noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-49574228887477516552019-12-16T07:04:07.358-07:002019-12-16T07:04:07.358-07:00Another way of looking at daycare is as a one-time...Another way of looking at daycare is as a one-time expense....so if you need 8 years of daycare in total between the two kids (for example, obviously dependent on when you start them in daycare), you actually only need 8 x $12,000 = $96,000. <br /><br />A lot of my friends who stay at home have their kids in daycare sometimes as a way to maintain an adult life as well as their sanity.Solitary Diner (Also Known as The Frugalish Physician)https://www.blogger.com/profile/01239189582752445700noreply@blogger.com